Modern Duplex
For Sale
$249,900
1183 TURTLE ISLAND Road, Lady Lake, FL 32159
Residential, LADY LAKE, FL
Property Size1,509 SF
Lot Size0.09 Acres
Price / SF$165.61
Days on Market43
Property Features for 1183 TURTLE ISLAND Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Laundry Room, Bathroom 2, Bedroom 2, Bedroom 3
Interior features
Crown Molding
Exterior features
Sidewalk
Appliances
Dishwasher, Dryer, Range, Refrigerator, Washer
Subdivision
HAMMOCK OAKS PH 1C
Directions
From Highway 441 go West on County Road 466 then turn Left on Hammock Oaks Blvd. then turn Right on Turtle Island Road home is on Right attached to the Model Home. This home used to be a Model Home.
Standard status
Active
APN
19-18-24-0012-000-17500
Size
1,509 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HAMMOCK OAKS PHASE 1C PB 83 PG 12 LOT 175 ORB 6441 PG 64
Tax Annual Amount
8140
Legal Description
HAMMOCK OAKS PHASE 1C PB 83 PG 12 LOT 175 ORB 6441 PG 64
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
resort-style pool
clubhouse
dog park
playground
scenic walking areas
Building Details
Year built
2024
Floors in Building
1
Flooring type
Tile
Building materials
Block, Concrete
Roof type
Shingle
Listing Agency:
SOUTHERN ASSOCIATES REALTY LLC
(352) 877-3099
Listed By:
David Moore · License #3304995
(352) 877-3099
Added: Jul 14
Changed: Aug 21
Last Checked: Aug 25 at 6:06AM
MLS# OM728253
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2024, this 1,509-square-foot property offers a three-bedroom, two-bathroom configuration with an open-concept interior, quartz countertops, stainless steel appliances, tile flooring, crown molding, and abundant natural light. The attached two-car garage adds storage for vehicles and equipment, while central heating and cooling support year-round comfort. The home has never been lived in and includes a washer, dryer, range, refrigerator, and dishwasher.
Located in Lady Lake near Spanish Springs in The Villages, the property is close to shopping, dining, golf, and evening entertainment. Community features include a resort-style pool, clubhouse, dog park, playground, and walking areas. Exterior lawn care is included, and the property has public water, public sewer, a shingle roof, block and concrete construction, and a sidewalk.
Located in Lady Lake near Spanish Springs in The Villages, the property is close to shopping, dining, golf, and evening entertainment. Community features include a resort-style pool, clubhouse, dog park, playground, and walking areas. Exterior lawn care is included, and the property has public water, public sewer, a shingle roof, block and concrete construction, and a sidewalk.
Key Highlights
- Built in 2024 with 1,509 Square Feet of interior space
- Three‑bedroom, two‑bathroom layout with an attached two‑car garage
- Quartz countertops and stainless steel appliances
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
$16,339
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
6.54%
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%
$326,780
$326.8K
Cap Rate 7%
$233,414
$233.4K
Cap Rate 9%
$181,544
$181.5K
Market Conditions
NOI Build-Up for 1,509 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
$24.6K $16.32/SF
− Vacancy
−$1.3K −$0.85/SF
EGI
$23.3K $15.47/SF
− OpEx
−$7.0K −$4.64/SF
NOI
$16.3K $10.83/SF
Area
Sumter County, FL
Vacancy
5.22%
Lease Rate
$16.32 /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%
$326,780
Cap Rate 7%
$233,414
Cap Rate 9%
$181,544
Alternative Uses
Best Use
Multifamily LT 5
$233.4K
$204.2K – $272.3K
NOI $16,339 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$215.1K
$188.2K – $251.0K
NOI $15,059 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$432.0K
$378.0K – $504.0K
NOI $30,240 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 32159, FL
30,455
Population
19,670
Households
1.5
Avg Household Size
69
Median Age
29%
College-Educated
95%
High-School Grad
30.2 sq mi
ZIP Area
1,008
Density / Sq Mi
$57,536
Median Household Income
$30,723
Median Earnings
$1,370
Median Rent
$272,100
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 - Recently constructed residence with quartz counters, stainless appliances, tile flooring, and public water and sewer service.
Where is this duplex located?
The property is located at 1183 TURTLE ISLAND Road Lady Lake, FL.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Built in 2024 with 1,509 Square Feet of interior space; Three‑bedroom, two‑bathroom layout with an attached two‑car garage; Quartz countertops and stainless steel appliances
