In this paper, an extensive analysis of free volume related properties of a lipid membrane is given. Using percolation theory, and comparing the free volume properties to those of a soft polymer, additional insights are obtained. The analyses are discussed within the framework of the four region model. It is concluded that the four regions have very different free volume properties. The region containing the dense part of the lipid tails resembles a soft polymer membrane to a large extent. The middle part of the membrane is more similar to a low density alkane. The consequences of the computed free volume properties on the permeation process of small penetrants are discussed.