Fully Occupied Three-Unit
For Sale
$425,000
Pending
1516 Tuttle Street, Inverness, FL 34452
ResidentialIncome, Inverness, FL
Property Size2,730 SF
Lot Size0.31 Acres
Days on Market93
Property Features for 1516 Tuttle Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
LMD
Appliances
ElectricOven, ElectricRange, Refrigerator
Subdivision
Inverness Heights
Lot features
Rectangular
Directions
heading west on HWY 44 turn Left on South Blvd then Right on Tuttle St. Property located on right side
Standard status
Pending
APN
1761085
Size
2,730 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5397
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1982
Floors in Building
1
Number of units
3
Flooring type
Tile
Building materials
Stucco
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Great American Rlty & Inv.
(352) 637-3800
Listed By:
Julie Searles · License #3337806
(850) 530-5286
Added: Jun 24
Changed: Sep 12
Last Checked: Sep 24 at 7:06AM
MLS# 855621
Copyright © 2026 REALTORS Association of Citrus County, Inc. 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.
This 2,730-square-foot triplex contains three separate apartments, each arranged with two bedrooms and one bathroom. All units are occupied, creating an established residential income property with a clearly defined three-unit layout. Built in 1982, the building features stucco construction, tile flooring, shingle and asphalt roofing, and central electric heating and cooling. Appliances include electric ovens, electric ranges, and refrigerators.
The property occupies 0.31 acres at 1516 Tuttle Street in Inverness, Florida. Its downtown setting places the building near shopping, dining, parks, medical facilities, and community events. Public water and public sewer serve the property, and zoning is designated LMD.
The property occupies 0.31 acres at 1516 Tuttle Street in Inverness, Florida. Its downtown setting places the building near shopping, dining, parks, medical facilities, and community events. Public water and public sewer serve the property, and zoning is designated LMD.
Key Highlights
- Three‑unit triplex with three 2‑bedroom, 1‑bath apartments
- All three units are currently occupied
- 2,730‑square‑foot property on 0.31 acres
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
$24,921
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
5.86%
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%
$498,420
$498.4K
Cap Rate 7%
$356,014
$356.0K
Cap Rate 9%
$276,900
$276.9K
Market Conditions
NOI Build-Up for 2,730 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
$37.7K $13.80/SF
− Vacancy
−$2.1K −$0.76/SF
EGI
$35.6K $13.04/SF
− OpEx
−$10.7K −$3.91/SF
NOI
$24.9K $9.13/SF
Area
Citrus County, FL
Vacancy
5.50%
Lease Rate
$13.80 /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%
$498,420
Cap Rate 7%
$356,014
Cap Rate 9%
$276,900
Alternative Uses
Best Use
Multifamily LT 5
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$326.6K
$285.8K – $381.1K
NOI $22,865 @ 7.0% cap · market cap 5.38%
Theoretical Best
Specialty Retail
$613.4K
$536.8K – $715.7K
NOI $42,940 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 34452, FL
12,405
Population
6,353
Households
2
Avg Household Size
51
Median Age
14%
College-Educated
92%
High-School Grad
58.9 sq mi
ZIP Area
211
Density / Sq Mi
$58,199
Median Household Income
$39,339
Median Earnings
$1,182
Median Rent
$207,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three two-bedroom apartments provide a fully leased residential income configuration in downtown Inverness.
Where is this triplex located?
The property is located at 1516 Tuttle Street Inverness, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Three‑unit triplex with three 2‑bedroom, 1‑bath apartments; All three units are currently occupied; 2,730‑square‑foot property on 0.31 acres
