Updated Duplex with Attached
For Sale
$585,000
2129 N Pine Cone Avenue, Lecanto, FL 34461
ResidentialIncome, Lecanto, FL
Property Size2,140 SF
Lot Size0.21 Acres
Price / SF$273.36
Days on Market235
Property Features for 2129 N Pine Cone Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MDR
Parking features
Driveway
Security features
Security
Interior features
FrenchDoorsAtriumDoors, SlidingGlassDoors
Exterior features
ConcreteDriveway
Appliances
Dryer, Dishwasher, ElectricCooktop, ElectricOven, ElectricRange, Disposal, Refrigerator
Subdivision
Flying Dutchman Est.
Lot features
Flat, Rectangular
Directions
From Norvell Bryant and Lecanto Highway, Go East on Norvell Bryant, North on Pine Cone Ave, East side of street
Standard status
Active
APN
2422947
Size
2,140 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FLYING DUTCHMAN ESTS PHASE I PB 12 PG 118 LOT 1 BLK 1
Tax Annual Amount
3507
Legal Description
FLYING DUTCHMAN ESTS PHASE I PB 12 PG 118 LOT 1 BLK 1
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
dedicated laundry room
front and rear patios
attached garage
privacy fencing
Building Details
Year built
2007
Number of units
2
Flooring type
Tile, Carpet
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Christine Steele · License #3639173
(402) 208-9454
Added: Jan 20
Changed: Sep 11
Last Checked: Sep 12 at 8:06AM
MLS# 851506
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 2,140-square-foot duplex, built in 2007, contains two residential units with matching two-bedroom, two-bath layouts. Each side includes a living room, dining area, kitchen, dedicated laundry room, front and rear patios, an attached garage, and privacy fencing. Interior features include French doors, sliding glass doors, carpet, and tile flooring. Appliances include electric cooking equipment, refrigerators, dishwashers, disposals, and dryers. Central air and heat-pump heating serve the property, with public water service.
The 0.21-acre property is located at 2129 N Pine Cone Avenue in Lecanto, Citrus County, Florida. It is zoned MDR and has a concrete driveway, asphalt shingle roofing, and no HOA or rental restrictions stated in the property information. The roof and water heaters were replaced in 2024.
The 0.21-acre property is located at 2129 N Pine Cone Avenue in Lecanto, Citrus County, Florida. It is zoned MDR and has a concrete driveway, asphalt shingle roofing, and no HOA or rental restrictions stated in the property information. The roof and water heaters were replaced in 2024.
Key Highlights
- Two‑unit duplex totaling 2,140 square feet on 0.21 acres
- Each unit offers 2 bedrooms and 2 bathrooms
- New roof and water heaters installed in 2024
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
$19,535
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
3.34%
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%
$390,700
$390.7K
Cap Rate 7%
$279,071
$279.1K
Cap Rate 9%
$217,056
$217.1K
Market Conditions
NOI Build-Up for 2,140 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
$29.5K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$27.9K $13.04/SF
− OpEx
−$8.4K −$3.91/SF
NOI
$19.5K $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%
$390,700
Cap Rate 7%
$279,071
Cap Rate 9%
$217,056
Alternative Uses
Best Use
Multifamily LT 5
$279.1K
$244.2K – $325.6K
NOI $19,535 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$256.0K
$224.0K – $298.7K
NOI $17,923 @ 7.0% cap · market cap 3.06%
Theoretical Best
Specialty Retail
$480.9K
$420.8K – $561.0K
NOI $33,660 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 34461, FL
11,388
Population
5,552
Households
2.1
Avg Household Size
58
Median Age
23%
College-Educated
92%
High-School Grad
45.8 sq mi
ZIP Area
249
Density / Sq Mi
$60,795
Median Household Income
$33,825
Median Earnings
$1,190
Median Rent
$287,200
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 - Two residential units include private patios, laundry rooms, fencing, and attached garages.
Where is this duplex located?
The property is located at 2129 N Pine Cone Avenue Lecanto, FL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,140 square feet on 0.21 acres; Each unit offers 2 bedrooms and 2 bathrooms; New roof and water heaters installed in 2024
