Six-Unit Apartment
For Sale
Under Contract
$849,997
601 S DIXIE Avenue, Fruitland Park, FL 34731
Residential Income, FRUITLAND PARK, FL
Property Size4,856 SF
Lot Size0.68 Acres
Price / SF$175.04
Days on Market60
Property Features for 601 S DIXIE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-P
Parking features
Assigned
Subdivision
FRUITLAND PARK 1ST ADD
Lot features
Private
Directions
Fruitland Park to Palms st, RT to S dixie ave to the property.
Standard status
Active Under Contract
APN
09-19-24-1200-00C-00200
Size
4,856 SF
Lot size
0.68 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
FRUITLAND PARK 1ST ADD DREAM LAKE LOTS 2, 3 E OF HWY, BLK C PB 3 PG 13 ORB 3331 PG 1524
Tax Annual Amount
7213
Legal Description
FRUITLAND PARK 1ST ADD DREAM LAKE LOTS 2, 3 E OF HWY, BLK C PB 3 PG 13 ORB 3331 PG 1524
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1973
Floors in Building
1
Number of units
6
Building materials
Block
Roof type
Shingle
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Victor Avila · License #3372973
(407) 962-5738
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 30 at 2:06AM
MLS# S5152972
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 six-unit apartment property in Fruitland Park contains 4,856 square feet on a 0.68-acre site. The building was constructed in 1973 with block construction and includes assigned parking. Three units have been remodeled, while most air-conditioning systems have been replaced. A new shingle roof and new water heaters add to the completed capital improvements.
The property is served by public water and a septic tank, with central heating and central air. R-P zoning supports its multifamily classification. Located on S Dixie Avenue in Fruitland Park, the asset offers a compact residential income configuration with several major building-system updates already completed.
The property is served by public water and a septic tank, with central heating and central air. R-P zoning supports its multifamily classification. Located on S Dixie Avenue in Fruitland Park, the asset offers a compact residential income configuration with several major building-system updates already completed.
Key Highlights
- Six‑unit apartment property totaling 4,856 square feet
- 0.68‑acre site in Fruitland Park, FL
- Three of six units have been remodeled
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
$59,633
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
7.02%
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%
$1,192,660
$1.2M
Cap Rate 7%
$851,900
$851.9K
Cap Rate 9%
$662,589
$662.6K
Market Conditions
NOI Build-Up for 4,856 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
$116.0K $23.88/SF
− Vacancy
−$7.5K −$1.55/SF
EGI
$108.4K $22.33/SF
− OpEx
−$48.8K −$10.05/SF
NOI
$59.6K $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%
$1,192,660
Cap Rate 7%
$851,900
Cap Rate 9%
$662,589
Alternative Uses
Best Use
Apartment 5plus
$851.9K
$745.4K – $993.9K
NOI $59,633 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,732 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 34731, FL
12,111
Population
6,370
Households
1.9
Avg Household Size
50
Median Age
17%
College-Educated
95%
High-School Grad
15.8 sq mi
ZIP Area
767
Density / Sq Mi
$63,329
Median Household Income
$36,057
Median Earnings
$1,157
Median Rent
$185,900
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 updated units and recently completed roof, HVAC, and water-heater improvements.
Where is this apartment building located?
The property is located at 601 S DIXIE Avenue Fruitland Park, FL.
What is the asking price?
The asking price for this property is $849,997.
What are key features of this property?
This property features: Six‑unit apartment property totaling 4,856 square feet; 0.68‑acre site in Fruitland Park, FL; Three of six units have been remodeled
