Duplex With Updated
For Sale
$364,900
5113/5115 24th St SW, Lehigh Acres, FL 33973
Two separately accessed residences combine private garages, screened lanais, and open interiors with tile flooring throughout.
Property Size2,412 SF
Price / SF$151.29
Days on Market219
Property Features for 5113/5115 24th St SW
General Information
Standard status
Active
Size
2,412 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Highway Access
Yes
Building Details
Year Built
2004
Buildings
1
Tenancy
Multi
Listing Agency:
Porter Davis Real Estate
(239) 994-0012
Listed By:
R.J. Dean · License #258013461
Source:
Napleshomesearches
Added: Jan 24
Changed: Aug 31
Last Checked: Aug 31 at 5:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Porter Davis Real Estate
Investment Insights
Based on property information with market context.
Built in 2004, this 2,412-square-foot duplex contains two three-bedroom, two-bath residences. Each unit has a private one-car garage, extra-wide driveway area, tile flooring throughout, vaulted ceilings, and an open interior layout. Separate screened rear lanais extend from the units toward the shared backyard area. The roof was replaced in 2023, and both well pumps were replaced in 2024.
Both residences are occupied by tenants. The property is near schools, shopping, dining, and Fort Myers, with access to I-75 nearby. Its two-unit configuration and individual exterior amenities provide a clearly divided residential income property setup.
Both residences are occupied by tenants. The property is near schools, shopping, dining, and Fort Myers, with access to I-75 nearby. Its two-unit configuration and individual exterior amenities provide a clearly divided residential income property setup.
Key Highlights
- Two 3‑bedroom, 2‑bath units within a 2,412 SF duplex
- Built in 2004 with a roof replaced in 2023
- Both well pumps replaced in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,926
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$638,520
$638.5K
Cap Rate 7%
$456,086
$456.1K
Cap Rate 9%
$354,733
$354.7K
Market Conditions
NOI Build-Up for 2,412 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.8K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.6K $18.91/SF
− OpEx
−$13.7K −$5.67/SF
NOI
$31.9K $13.24/SF
Area
Lee County, FL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$638,520
Cap Rate 7%
$456,086
Cap Rate 9%
$354,733
Alternative Uses
Best Use
Multifamily LT 5
$456.1K
$399.1K – $532.1K
NOI $31,926 @ 7.0% cap · market cap 8.75%
Second Best
Apartment 5plus
$422.7K
$369.8K – $493.1K
NOI $29,586 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$759.2K
$664.3K – $885.7K
NOI $53,141 @ 7.0% cap · market cap 14.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 33973, FL
12,728
Population
4,286
Households
3
Avg Household Size
28
Median Age
11%
College-Educated
81%
High-School Grad
3.8 sq mi
ZIP Area
3,349
Density / Sq Mi
$57,216
Median Household Income
$34,676
Median Earnings
$1,432
Median Rent
$334,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately accessed residences combine private garages, screened lanais, and open interiors with tile flooring throughout.
Where is this duplex located?
The property is located at 5113/5115 24th St SW Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units within a 2,412 SF duplex; Built in 2004 with a roof replaced in 2023; Both well pumps replaced in 2024
