Renovated Four-Unit
For Sale
$789,000
10 N FAIRFAX Ave, Winter Springs, FL 32708
Concrete-block income property with updated interiors, separate utility metering, private screened porches, and no HOA.
Property Size3,636 SF
Days on Market114
Property Features for 10 N FAIRFAX Ave
General Information
Standard status
Active
Size
3,636 SF
Property subtype
Investment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,129
Building Details
Building Size
3,636 SF
Year Built
1981
Year Renovated
2020
Buildings
1
Units
4
Construction
concrete block
Listing Agency:
JOHN SADRI & COMPANY
(407) 619-9999
Listed By:
John Sadri · License #598235
(407) 619-9999
Source:
Elliman
Added: May 9
Changed: Aug 29
Last Checked: Aug 29 at 9:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JOHN SADRI & COMPANY
Investment Insights
Based on property information with market context.
This four-unit quadplex is a solid concrete-block property in Winter Springs, with renovations completed across 2019–2020. The work included the roof, HVAC, plumbing, interiors, and appliances. Each residence contains two bedrooms, one full bathroom, one half bathroom, a screened private porch with storage, and a newer washer and dryer. Interior finishes include stainless steel appliances, granite countertops, and engineered wood flooring throughout the units, with no carpet.
Each unit has separate water and electric meters, and the property includes front parking with no HOA. The address is near Winter Springs Town Center, Central Winds Park, shopping, dining, and Seminole County schools. SunRail service is accessible through Longwood SunRail Station. The property also records a walk score of 62 and a bike score of 48.
Each unit has separate water and electric meters, and the property includes front parking with no HOA. The address is near Winter Springs Town Center, Central Winds Park, shopping, dining, and Seminole County schools. SunRail service is accessible through Longwood SunRail Station. The property also records a walk score of 62 and a bike score of 48.
Key Highlights
- Four units, each with 2 bedrooms, 1 full bath, and 1 half bath
- Renovation work completed in 2019–2020, including roof, HVAC, plumbing, interiors, and appliances
- Separate water and electric meters serve each unit
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
$48,495
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
6.15%
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%
$969,900
$969.9K
Cap Rate 7%
$692,786
$692.8K
Cap Rate 9%
$538,833
$538.8K
Market Conditions
NOI Build-Up for 3,636 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
$74.2K $20.40/SF
− Vacancy
−$4.9K −$1.35/SF
EGI
$69.3K $19.05/SF
− OpEx
−$20.8K −$5.72/SF
NOI
$48.5K $13.34/SF
Area
Seminole 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%
$969,900
Cap Rate 7%
$692,786
Cap Rate 9%
$538,833
Alternative Uses
Best Use
Multifamily LT 5
$692.8K
$606.2K – $808.3K
NOI $48,495 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$637.9K
$558.1K – $744.2K
NOI $44,651 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$1.03M
$905.4K – $1.21M
NOI $72,429 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
709
Businesses Nearby
Explore this area
Business Placement
Demographics for 32708, FL
47,045
Population
20,348
Households
2.3
Avg Household Size
41
Median Age
47%
College-Educated
96%
High-School Grad
18.5 sq mi
ZIP Area
2,543
Density / Sq Mi
$87,889
Median Household Income
$50,361
Median Earnings
$1,782
Median Rent
$352,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Concrete-block income property with updated interiors, separate utility metering, private screened porches, and no HOA.
Where is this quadplex located?
The property is located at 10 N FAIRFAX Ave Winter Springs, FL.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms, 1 full bath, and 1 half bath; Renovation work completed in 2019–2020, including roof, HVAC, plumbing, interiors, and appliances; Separate water and electric meters serve each unit
