Remodeled Duplex with Private
For Sale
$409,000
704 / 706 S Gretchen Ave, Lehigh Acres, FL 33973
Split-bedroom interiors pair updated finishes with direct backyard access.
Property Size2,238 SF
Price / SF$182.75
Days on Market9
Property Features for 704 / 706 S Gretchen Ave
General Information
Standard status
Active
Size
2,238 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2007
Listing Agency:
Cachon Realty Group. LLC
(239) 298-1991
Listed By:
Medway Realty
(941) 375-2456
Source:
Movetosarasotafl
Added: Sep 16
Changed: Sep 23
Last Checked: Sep 22 at 4:52PM
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 Cachon Realty Group. LLC
Investment Insights
Based on property information with market context.
Built in 2007, this duplex has been updated with newer cabinetry in one kitchen, brand new cabinets in the other, fresh interior paint, a recently painted exterior, and tile flooring throughout. Each residence includes a split-bedroom arrangement, a kitchen with windows and substantial cabinet storage, sliding-door access to the backyard, and a one-car garage.
The property is located at 704 / 706 Gretchen Avenue S in Lehigh Acres, within walking distance of nearby plazas and stores. Major roads, schools, gas stations, shopping, and additional amenities are also readily accessible from the property.
The property is located at 704 / 706 Gretchen Avenue S in Lehigh Acres, within walking distance of nearby plazas and stores. Major roads, schools, gas stations, shopping, and additional amenities are also readily accessible from the property.
Key Highlights
- Remodeled duplex with newer cabinets in one kitchen and brand new cabinets in the other
- Tile flooring throughout both residences
- Split‑bedroom layouts with primary suites separated from additional bedrooms
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
$29,623
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
7.24%
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%
$592,460
$592.5K
Cap Rate 7%
$423,186
$423.2K
Cap Rate 9%
$329,144
$329.1K
Market Conditions
NOI Build-Up for 2,238 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
$44.3K $19.80/SF
− Vacancy
−$2.0K −$0.89/SF
EGI
$42.3K $18.91/SF
− OpEx
−$12.7K −$5.67/SF
NOI
$29.6K $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%
$592,460
Cap Rate 7%
$423,186
Cap Rate 9%
$329,144
Alternative Uses
Best Use
Multifamily LT 5
$423.2K
$370.3K – $493.7K
NOI $29,623 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$392.2K
$343.2K – $457.5K
NOI $27,452 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$704.4K
$616.4K – $821.8K
NOI $49,308 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
98
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 - Split-bedroom interiors pair updated finishes with direct backyard access.
Where is this duplex located?
The property is located at 704 / 706 S Gretchen Ave Lehigh Acres, FL.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Remodeled duplex with newer cabinets in one kitchen and brand new cabinets in the other; Tile flooring throughout both residences; Split‑bedroom layouts with primary suites separated from additional bedrooms
