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    422 E Citrus Ave Eustis, FL 32726

    Sponsored
    For Sale
    $980,000

    Multi-Family 5+ - EUSTIS, FL

    Property size:
    5,203 SF
    Lot size:
    0.62 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 19 at 11:06 am

    Property Features for 422 E Citrus Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Smoke Detector(s)
    Zoning
    SR
    APN
    11-19-26-0100-076-00401
    Exterior features
    Paved
    Appliances
    Refrigerator
    Size
    5,203 SF
    Lot size
    0.62 Acres

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air, Ductless, Multi Units

    Building Details

    Year built
    1925
    Number of units
    8
    Flooring type
    Carpet, Laminate, Tile, Tile - Ceramic, Vinyl
    Building materials
    Frame, Stucco, Wood Siding
    Roof type
    Metal, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Joel Bornstein

    Rock Springs Realty, LLC (877) 333-2811

    Listing agent Joel Bornstein (877) 333-2811 License #3211229

    Listing date Feb 18, 2026

    MLS# G5108382 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    EUSTIS Multi-Family Investment Opportunity

    This offering features two quad-plex buildings located at 422 & 426 E. Citrus Avenue in the historic district of Eustis, Florida, just three blocks from downtown. This is a turnkey investment opportunity with 100% occupancy and annual tenants, providing a blended 6.64% CAP-RATE. The two separate buildings sit on 0.62 acres and feature a combined heated area of 5,203 square feet and a total size of 5,797 square feet. There is no HOA. Building 422 contains three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, all fully remodeled in 2018. Building 426 consists of four 2-bedroom, 1-bath units, all fully remodeled in 2019. Building 426 also includes a detached structure with four rental storage units with roll-up doors, generating additional income. Each unit has two dedicated parking spaces. The property is within walking distance of Downtown Eustis & Bay Street, Lake Eustis lakefront, restaurants, shops, and city parks, and is just 5 minutes from the Lake County Mall, Target, Walmart, and other conveniences. The property generates over $97,000.00 in annual cash flow. The buildings are on City of Eustis water & sewer services.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Eustis
    County
    Lake
    State
    Florida
    Longitude
    -81.680758
    Latitude
    28.851437

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    FAQs

    What type of property is this?
    Apartment building - Two quad-plex buildings with storage units in Eustis, Florida.
    Where is this apartment building located?
    The property is located at 422 E Citrus Ave Eustis, FL.
    What is the asking price?
    The asking price for this property is $980,000.
    What are key features of this property?
    This property features: - Turnkey investment opportunity with **100% occupancy and $97,000+ in annual cash flow.**; - Two quad-plex buildings (8 apartment units) plus 4 storage units included in the sale.; - Blended 6.64% CAP rate.
    (877) 333-2811
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    422 E Citrus Ave Eustis, FL 32726
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    Eustis, FL 32726
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    422 E Citrus Ave Eustis, FL 32726
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    We can help!
    Listing Contact
    Joel Bornstein
    Real Estate License ID: 3211229
    (877) 333-2811 (407) 252-8092
    Learn more
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