Quadplex Apartment Building in Historic
For Sale
Under Contract
$490,000
426 E CITRUS Avenue, Eustis, FL 32726
MULTI_FAMILY - EUSTIS, FL
Property Size2,304 SF
Lot Size0.32 Acres
Price / SF$212.67
Days on Market204
Property Features for 426 E CITRUS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
SR
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 4, Dining Room, Bathroom 1, Bedroom 4
Parking features
Guest, Assigned, Open
Window features
Aluminum Frames, Blinds, Window Treatments
Patio and Porch features
Porch, Patio
Pets allowed
Size Limit, Breed Restrictions, Number Limit, Yes
Interior features
Built-in Features, Ceiling Fans(s), Living Room/Dining Room Combo, Primary Bedroom Main Floor, PrimaryBedroom Upstairs, Split Bedroom, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Outbuildings, Awning(s), Lighting, Sidewalk, Storage
Appliances
Electric Water Heater, Range, Range Hood, Refrigerator
Subdivision
EUSTIS
Lot features
City Limits, Landscaped, Level, Oversized Lot, Sidewalk, Paved
Elementary school
Eustis Elem
Middle school
Eustis Middle
High school
Eustis High School
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 Under Contract
APN
11-19-26-0100-076-00403
Size
2,304 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EUSTIS E 61.36 FT OF LOT 4 BLK 76 PB 1 PG 79 ORB 5291 PG 2443 "AND" 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 5011 PG 2109
Tax Annual Amount
3645
Legal Description
EUSTIS E 61.36 FT OF LOT 4 BLK 76 PB 1 PG 79 ORB 5291 PG 2443 "AND" 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 5011 PG 2109
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
4
Flooring type
Laminate, Vinyl, Wood
Building materials
Stucco, Frame
Roof type
Membrane
Additional Structures
Storage, Outbuilding
Listing Agency:
ROCK SPRINGS REALTY, LLC
(877) 333-2811
Listed By:
Joel Bornstein · License #3211229
(407) 252-8092
Added: Jan 26
Changed: Aug 17
Last Checked: Aug 18 at 7:06PM
MLS# G5107267
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 includes four residential units with annual leases and a unit mix featuring living/dining rooms, full kitchen, full bathroom, primary bedroom plus additional bedroom(s), and a rear porch. The property also features two dedicated parking spaces per unit and a detached four-unit storage rental building with roll-up doors. The exterior includes awnings, lighting, sidewalks, and storage.
Built in 1925, the residential units were fully remodeled and updated in 2019. The property sits on 0.32 acres and includes 2,304 square feet under the provided property size. The City of Eustis provides water and sewer services, and the property has electricity available. Reported performance is currently delivering a 6.16% cap rate. Construction materials are listed as stucco and frame, with a membrane roof. Heating is electric central, and interior features include ceiling fans, built-in features, and walk-in closets.
Zoned SR, the property is located in the historic district of Eustis, about three blocks from downtown.
Built in 1925, the residential units were fully remodeled and updated in 2019. The property sits on 0.32 acres and includes 2,304 square feet under the provided property size. The City of Eustis provides water and sewer services, and the property has electricity available. Reported performance is currently delivering a 6.16% cap rate. Construction materials are listed as stucco and frame, with a membrane roof. Heating is electric central, and interior features include ceiling fans, built-in features, and walk-in closets.
Zoned SR, the property is located in the historic district of Eustis, about three blocks from downtown.
Key Highlights
- Quadplex apartment building in the historic district of Eustis, about three blocks from downtown
- Four residential units with annual leases and rear porches
- Detached four‑unit storage rental building with roll‑up doors
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
$30,730
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
6.27%
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%
$614,600
$614.6K
Cap Rate 7%
$439,000
$439.0K
Cap Rate 9%
$341,444
$341.4K
Market Conditions
NOI Build-Up for 2,304 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
$47.0K $20.40/SF
− Vacancy
−$3.1K −$1.35/SF
EGI
$43.9K $19.05/SF
− OpEx
−$13.2K −$5.72/SF
NOI
$30.7K $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%
$614,600
Cap Rate 7%
$439,000
Cap Rate 9%
$341,444
Alternative Uses
Best Use
Multifamily LT 5
$439.0K
$384.1K – $512.2K
NOI $30,730 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$404.2K
$353.7K – $471.6K
NOI $28,294 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$655.7K
$573.7K – $764.9K
NOI $45,896 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
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 - Quadplex apartment building with annual leases, public water and sewer, and attached living units plus storage rentals.
Where is this quadplex located?
The property is located at 426 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: Quadplex apartment building in the historic district of Eustis, about three blocks from downtown; Four residential units with annual leases and rear porches; Detached four‑unit storage rental building with roll‑up doors
