Triplex with Individually Metered
For Sale
Under Contract
$200,000
302 Garrett Road E, Avon Park, FL 33825
Residential, Single Story, Avon Park, FL
Property Size1,980 SF
Lot Size1.74 Acres
Price / SF$101.01
Days on Market53
Property Features for 302 Garrett Road E
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R3
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 2, Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Driveway
Pets allowed
No
Exterior features
Stucco
Appliances
Refrigerator(s), Stove(s) / Range(s) Oven(s)
Directions
From US Hwy 27 and Hammock Rd, travel north on US Hwy 27 to right on W Hal McRae Blvd, right on S Lake Blvd, left on Garrett Rd, and property will be on the left.
Standard status
Active Under Contract
APN
C-27-33-28-150-0000-078A
Size
1,980 SF
Lot size
1.74 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LACEY HILL-CONNELL UNREC SOUTH 97.02 OF WEST 795 FT OF THE NW 1/4 OF SE 1/4 LESS WEST 20 FT FULLY DESC IN OR 393-PG 857 T A NO 78A
Tax Annual Amount
7062
Legal Description
LACEY HILL-CONNELL UNREC SOUTH 97.02 OF WEST 795 FT OF THE NW 1/4 OF SE 1/4 LESS WEST 20 FT FULLY DESC IN OR 393-PG 857 T A NO 78A
Utilities
Heating system
Other (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1976
Floors in Building
1
Flooring type
Tile
Building materials
Concrete Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX REALTY PLUS · RE/MAX International
(863) 385-0077
Listed By:
C Boring III
(863) 385-0077
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 27 at 4:06PM
MLS# 326387
Copyright © 2026 Heartland Multiple Listing Service, 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 triplex features three distinct rental units, for a total of 1,980 square feet on a 1.74-acre lot. Built in 1976 with concrete block construction, stucco exterior, tile flooring, and a shingle roof, the property includes appliances such as refrigerators and ranges/ovens. Each unit is individually metered, and each unit has its own full kitchen and living room plus separate parking.
The unit mix includes Unit 302 (two bed/one bath), Unit 304 (two bed/one bath), and Unit 306 (one bed/one bath). Heating is listed as Other (Heating), and cooling is provided via wall unit(s).
The property is sold completely as-is, providing an opportunity for investors or portfolio builders to apply TLC and personalize the improvements to fit their plan. Parking is provided via driveway access for the units.
The unit mix includes Unit 302 (two bed/one bath), Unit 304 (two bed/one bath), and Unit 306 (one bed/one bath). Heating is listed as Other (Heating), and cooling is provided via wall unit(s).
The property is sold completely as-is, providing an opportunity for investors or portfolio builders to apply TLC and personalize the improvements to fit their plan. Parking is provided via driveway access for the units.
Key Highlights
- 1.74‑acre lot with 1,980 SF triplex total
- R3 zoning
- Individually metered units
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
$17,884
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
8.94%
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%
$357,680
$357.7K
Cap Rate 7%
$255,486
$255.5K
Cap Rate 9%
$198,711
$198.7K
Market Conditions
NOI Build-Up for 1,980 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
$27.3K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.5K $12.90/SF
− OpEx
−$7.7K −$3.87/SF
NOI
$17.9K $9.03/SF
Area
Highlands County, FL
Vacancy
6.50%
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%
$357,680
Cap Rate 7%
$255,486
Cap Rate 9%
$198,711
Alternative Uses
Best Use
Multifamily LT 5
$255.5K
$223.6K – $298.1K
NOI $17,884 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$237.4K
$207.7K – $277.0K
NOI $16,619 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$411.9K
$360.4K – $480.6K
NOI $28,835 @ 7.0% cap · market cap 14.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 33825, FL
24,943
Population
12,519
Households
2
Avg Household Size
49
Median Age
13%
College-Educated
83%
High-School Grad
112.8 sq mi
ZIP Area
221
Density / Sq Mi
$46,604
Median Household Income
$32,352
Median Earnings
$902
Median Rent
$152,400
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?
Triplex - Three-unit triplex in R3 zoning with individually metered units, driveway parking, stucco exterior, and included appliances.
Where is this triplex located?
The property is located at 302 Garrett Road E Avon Park, FL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 1.74‑acre lot with 1,980 SF triplex total; R3 zoning; Individually metered units
