Newer Two-Unit
For Sale
$520,000
5209/5211 24th ST SW, Lehigh Acres, FL 33973
Matching residences feature updated finishes, individual garages, and flexible rental or owner-occupancy options.
Property Size2,488 SF
Days on Market13
Property Features for 5209/5211 24th ST SW
General Information
Standard status
Active
Size
2,488 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$6,444
Building Details
Building Size
2,488 SF
Year Built
2022
Listing Agency:
LPT Realty, LLC
Listed By:
Stephanie Barrett · License #258031847
(941) 815-0201
Source:
Kwelevate
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 24 at 3:53PM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
Completed in 2022, this duplex contains two matching residences with the same floor plan and finish package. Both units include tile flooring, tray ceilings, impact-rated windows and sliding doors, marble countertops, soft-close cabinets, under-cabinet lighting, backsplash details, and kitchen storage with two Lazy Susans and a dedicated herb drawer. Each residence has its own 1-car garage.
The property at 5209/5211 24th ST SW in Lehigh Acres is supported by two wells with an aerator system and a shared septic system. The wells and pumps were extended approximately 20 additional feet, with additional room available. 5209 is leased through January, while 5211 provides a second unit for continued rental use or owner occupancy. Recent work includes a faucet and garbage disposal at 5211, plus a water heater replacement approximately six months ago and a new stove at 5209.
The property at 5209/5211 24th ST SW in Lehigh Acres is supported by two wells with an aerator system and a shared septic system. The wells and pumps were extended approximately 20 additional feet, with additional room available. 5209 is leased through January, while 5211 provides a second unit for continued rental use or owner occupancy. Recent work includes a faucet and garbage disposal at 5211, plus a water heater replacement approximately six months ago and a new stove at 5209.
Key Highlights
- Two‑unit duplex completed in 2022
- Matching layouts and finishes across both residences
- Each unit includes a 1‑car garage
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
$32,932
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
6.33%
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%
$658,640
$658.6K
Cap Rate 7%
$470,457
$470.5K
Cap Rate 9%
$365,911
$365.9K
Market Conditions
NOI Build-Up for 2,488 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
$49.3K $19.80/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$47.0K $18.91/SF
− OpEx
−$14.1K −$5.67/SF
NOI
$32.9K $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%
$658,640
Cap Rate 7%
$470,457
Cap Rate 9%
$365,911
Alternative Uses
Best Use
Multifamily LT 5
$470.5K
$411.7K – $548.9K
NOI $32,932 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$436.0K
$381.5K – $508.6K
NOI $30,518 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$783.1K
$685.2K – $913.6K
NOI $54,816 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
308
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Matching residences feature updated finishes, individual garages, and flexible rental or owner-occupancy options.
Where is this duplex located?
The property is located at 5209/5211 24th ST SW Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Two‑unit duplex completed in 2022; Matching layouts and finishes across both residences; Each unit includes a 1‑car garage
