Renovated 16-Unit Apartment
For Sale
$1,850,000
475 UMATILLA Boulevard, Umatilla, FL 32784
Residential Income, UMATILLA, FL
Property Size10,080 SF
Lot Size0.53 Acres
Price / SF$183.53
Days on Market79
Property Features for 475 UMATILLA Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
C
Exterior features
Sidewalk
Subdivision
NORTH UMATILLA
Lot features
City Limits, Level, Oversized Lot, Sidewalk, Paved
Directions
Take 19 from Eustis into Umatilla at light 450 bear to the left on Umatilla apt building on left.
Standard status
Active
APN
12-18-26-0600-024-01800
Size
10,080 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UMATILLA, NORTH UMATILLA LOTS 18 TO 24 INCL BLK 24 PB 6 PGS 35-37 ORB 2439 PG 1247
Tax Annual Amount
21242
Legal Description
UMATILLA, NORTH UMATILLA LOTS 18 TO 24 INCL BLK 24 PB 6 PGS 35-37 ORB 2439 PG 1247
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
on-site parking
Building Details
Year built
1930
Number of units
16
Building materials
Block
Roof type
Shake
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Victor Avila · License #3372973
(407) 962-5738
Added: Jun 12
Changed: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# S5151887
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 16-unit apartment building contains 10,080 square feet on a 0.53-acre site. The unit mix includes four two-bedroom, one-bath apartments, 11 one-bedroom, one-bath apartments, and one studio. Each residence has been remodeled and includes in-unit laundry. The property is built of block construction and includes central air conditioning, heat-pump and electric heating, public water, public sewer, and a shake roof.
Capital improvements include updated electrical systems, newer HVAC units, and upgraded water heaters. On-site parking is provided, and the property includes sidewalk frontage. Built in 1930 and zoned C, the multifamily asset is suitable for short-term and long-term rental strategies.
Capital improvements include updated electrical systems, newer HVAC units, and upgraded water heaters. On-site parking is provided, and the property includes sidewalk frontage. Built in 1930 and zoned C, the multifamily asset is suitable for short-term and long-term rental strategies.
Key Highlights
- 16 units with 10,080 square feet of building area
- Unit mix includes 4 two‑bedroom/one‑bath, 11 one‑bedroom/one‑bath, and 1 studio unit
- All units remodeled with in‑unit laundry
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
$123,785
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
6.69%
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%
$2,475,700
$2.5M
Cap Rate 7%
$1,768,357
$1.8M
Cap Rate 9%
$1,375,389
$1.4M
Market Conditions
NOI Build-Up for 10,080 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
$240.7K $23.88/SF
− Vacancy
−$15.6K −$1.55/SF
EGI
$225.1K $22.33/SF
− OpEx
−$101.3K −$10.05/SF
NOI
$123.8K $12.28/SF
Area
Lake County, FL
Vacancy
6.50%
Lease Rate
$23.88 /SF/Yr
Expense Ratio
45.00%
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%
$2,475,700
Cap Rate 7%
$1,768,357
Cap Rate 9%
$1,375,389
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.06M
NOI $123,785 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.87M
$2.51M – $3.35M
NOI $200,794 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 32784, FL
11,212
Population
4,971
Households
2.3
Avg Household Size
45
Median Age
12%
College-Educated
88%
High-School Grad
92.8 sq mi
ZIP Area
121
Density / Sq Mi
$69,633
Median Household Income
$40,247
Median Earnings
$1,082
Median Rent
$237,300
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?
Apartment building - Multifamily property with remodeled interiors, in-unit laundry, and a mix of one-bedroom, two-bedroom, and studio units.
Where is this apartment building located?
The property is located at 475 UMATILLA Boulevard Umatilla, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 16 units with 10,080 square feet of building area; Unit mix includes 4 two‑bedroom/one‑bath, 11 one‑bedroom/one‑bath, and 1 studio unit; All units remodeled with in‑unit laundry
