Porch and Patio Quadplex Apartment
For Sale
$490,000
422 E CITRUS Avenue, Eustis, FL 32726
MULTI_FAMILY - EUSTIS, FL
Property Size2,841 SF
Lot Size0.29 Acres
Price / SF$172.47
Days on Market181
Property Features for 422 E CITRUS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
SR
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bedroom 5, Family Room, Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 1
Parking features
RV, Guest
Window features
Window Treatments
Patio and Porch features
Porch, Patio
Pets allowed
Yes, Size Limit, Breed Restrictions, Number Limit
Interior features
Built-in Features, Ceiling Fans(s), Eat-in Kitchen, Kitchen/Family Room Combo, Primary Bedroom Main Floor, PrimaryBedroom Upstairs, Solid Wood Cabinets, Split Bedroom, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Lighting, Sidewalk
Appliances
Electric Water Heater, Range, Range Hood, Refrigerator
Subdivision
EUSTIS
Lot features
City Limits, Level, Near Public Transit, Sidewalk, Paved
Elementary school
Eustis Elem
Middle school
Eustis Middle
High school
Eustis High School
Directions
Driving Directions: From Hwy 441 in Eustis, head north on S. Bay Street (Hwy 19) for approximately 2 miles. Turn right onto Citrus Ave and follow down. Property will be down on the right.
Standard status
Active
APN
11-19-26-0100-076-00401
Size
2,841 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EUSTIS BEG 79 FT E OF SW COR OF LOT 4 BLK 76, RUN N TO PT 44 FT S OF N LINE OF LOT 4, E 4 FT, N 44 FT, E 51 FT, S TO S LINE LOT 4, W TO POB PB 1 PG 79 ORB 858 PGS 1609-1614
Tax Annual Amount
3915
Legal Description
EUSTIS BEG 79 FT E OF SW COR OF LOT 4 BLK 76, RUN N TO PT 44 FT S OF N LINE OF LOT 4, E 4 FT, N 44 FT, E 51 FT, S TO S LINE LOT 4, W TO POB PB 1 PG 79 ORB 858 PGS 1609-1614
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Water source
Public
Building Details
Year built
1884
Floors in Building
2
Number of units
4
Flooring type
Carpet, Tile - Ceramic, Laminate, Wood
Building materials
Frame
Roof type
Shingle, Metal
Listing Agency:
ROCK SPRINGS REALTY, LLC
(877) 333-2811
Listed By:
Joel Bornstein · License #3211229
(407) 252-8092
Added: Feb 17
Changed: Aug 2
Last Checked: Aug 17 at 10:06PM
MLS# G5108016
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.
This quadplex apartment building in Eustis offers a tenant-ready setup with all tenants on annual leases and 100% occupancy. The property has no HOA and is described as being in good operating condition, with City of Eustis water and sewer services. The current operating profile is noted as a 6.74% cap rate.
Set on a 0.29-acre lot, the building was built in 1884 and features frame construction with a roof made of shingle and metal. Interior details include built-in features, ceiling fans, eat-in kitchen space, walk-in closets, and temperature control via a thermostat. Kitchen and living areas are described as combining functions (including a kitchen/family room combo), with primary bedroom options listed on both main floor and upstairs. Each unit is described as including living/dining rooms, a full kitchen, a full bathroom, a primary bedroom, a bonus/bedroom two, and a rear porch, plus designated outdoor space with porch and patio features.
Exterior elements include lighting and sidewalk access, and parking is described as (2) dedicated parking spaces per unit. The property is noted as being in the historic district of Eustis and about (3) blocks from downtown.
Set on a 0.29-acre lot, the building was built in 1884 and features frame construction with a roof made of shingle and metal. Interior details include built-in features, ceiling fans, eat-in kitchen space, walk-in closets, and temperature control via a thermostat. Kitchen and living areas are described as combining functions (including a kitchen/family room combo), with primary bedroom options listed on both main floor and upstairs. Each unit is described as including living/dining rooms, a full kitchen, a full bathroom, a primary bedroom, a bonus/bedroom two, and a rear porch, plus designated outdoor space with porch and patio features.
Exterior elements include lighting and sidewalk access, and parking is described as (2) dedicated parking spaces per unit. The property is noted as being in the historic district of Eustis and about (3) blocks from downtown.
Key Highlights
- 0.29‑acre quadplex property described as 100% occupied with all tenants on annual leases
- 6.74% cap rate operating profile noted for the property
- Built in 1884 with frame construction and shingle/metal roof
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
$37,892
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
7.73%
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%
$757,840
$757.8K
Cap Rate 7%
$541,314
$541.3K
Cap Rate 9%
$421,022
$421.0K
Market Conditions
NOI Build-Up for 2,841 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
$58.0K $20.40/SF
− Vacancy
−$3.8K −$1.35/SF
EGI
$54.1K $19.05/SF
− OpEx
−$16.2K −$5.72/SF
NOI
$37.9K $13.34/SF
Area
Lake County, FL
Vacancy
6.60%
Lease Rate
$20.40 /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%
$757,840
Cap Rate 7%
$541,314
Cap Rate 9%
$421,022
Alternative Uses
Best Use
Multifamily LT 5
$541.3K
$473.7K – $631.5K
NOI $37,892 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$498.4K
$436.1K – $581.5K
NOI $34,888 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$808.5K
$707.4K – $943.2K
NOI $56,593 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
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?
Quadplex - Historic district quadplex with SR zoning, public water and sewer, and central electric heat.
Where is this quadplex located?
The property is located at 422 E CITRUS Avenue Eustis, FL.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 0.29‑acre quadplex property described as 100% occupied with all tenants on annual leases; 6.74% cap rate operating profile noted for the property; Built in 1884 with frame construction and shingle/metal roof
