Income-Producing Multifamily Property on
For Sale
$750,000
1002 DANIELS STREET, Dundee, FL 33838
Multifamily property with 11 units on 2.68 acres.
Property Size3,606 SF
Lot Size2.68 Acres
Days on Market141
Property Features for 1002 DANIELS STREET
General Information
Standard status
Active
Size
3,606 SF
Lot size
2.68 Acres
Property subtype
Commercial
Zoning
MULTI-FAMI
Taxes and HOA fees
Annual Taxes
$10,339
Building Details
Building Size
3,606 SF
Year Built
1938
Units
11
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(856) 577-8083
Listed By:
Noman Syed · License #3410432
(856) 577-8083
Source:
Mbifloridarealty
Added: Apr 5
Changed: Aug 23
Last Checked: Aug 23 at 9:50AM
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 CHARLES RUTENBERG REALTY ORLANDO
Investment Insights
Based on property information with market context.
This multifamily property features 11 units, including 10 studios and a single-family house with 2 bedrooms and 1 bathroom, situated on a 2.68-acre lot. The property offers income-producing potential from day one and room for expansion, with allowances for up to 49 units. The main apartment building has a new roof installed in November 2023 and a new water heater installed in February 2024. The single-family house has a new roof installed in September 2024. The main apartment building was built in 1965, and the single-family house was built in 1938. The property is conveniently located with easy access to amenities, restaurants, shopping, and medical facilities, and is minutes from US Hwy Route 27. It is approximately 15 minutes from Legoland and approximately 45 minutes from Disney, Universal, Sea World, and Orlando International Airport.
Key Highlights
- Income‑producing multi‑family property with 11 units (10 studios and 1 single‑family house).
- Large 2.68‑acre property with potential to build additional units (allowed up to 49 total).
- Recent upgrades including new roofs (Nov 2023 & Sept 2024) and a new water heater (Feb 2024) for the main apartment building.
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
$34,156
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
4.55%
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%
$683,120
$683.1K
Cap Rate 7%
$487,943
$487.9K
Cap Rate 9%
$379,511
$379.5K
Market Conditions
NOI Build-Up for 3,606 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
$66.2K $18.36/SF
− Vacancy
−$4.1K −$1.14/SF
EGI
$62.1K $17.22/SF
− OpEx
−$27.9K −$7.75/SF
NOI
$34.2K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /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%
$683,120
Cap Rate 7%
$487,943
Cap Rate 9%
$379,511
Alternative Uses
Best Use
Apartment 5plus
$487.9K
$427.0K – $569.3K
NOI $34,156 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$866.6K
$758.2K – $1.01M
NOI $60,659 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 33838, FL
5,243
Population
2,162
Households
2.4
Avg Household Size
38
Median Age
9%
College-Educated
80%
High-School Grad
7.3 sq mi
ZIP Area
718
Density / Sq Mi
$44,514
Median Household Income
$28,286
Median Earnings
$1,600
Median Rent
$230,100
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 11 units on 2.68 acres.
Where is this apartment building located?
The property is located at 1002 DANIELS STREET Dundee, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Income‑producing multi‑family property with 11 units (10 studios and 1 single‑family house).; Large 2.68‑acre property with potential to build additional units (allowed up to 49 total).; Recent upgrades including new roofs (Nov 2023 & Sept 2024) and a new water heater (Feb 2024) for the main apartment building.
