Duplex with Updated
For Sale
$235,000
10922 W Gem St, Crystal River, FL 34428
Two rental units offer separate laundry hookups, outdoor storage, and covered parking within an out-of-city-limits setting.
Property Size1,896 SF
Price / SF$123.95
Days on Market169
Property Features for 10922 W Gem St
General Information
Standard status
Active
Size
1,896 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$27,600
Taxes and HOA fees
Annual Taxes
$2,996
Amenities
laundry hookups
outdoor storage
Building Details
Buildings
1
Listing Agency:
RE/MAX Realty One
(352) 613-4460
Listed By:
David Ivory · License #3109873
(352) 613-4460
Source:
Exprealty
Added: Mar 15
Changed: Aug 30
Last Checked: Aug 30 at 3:15AM
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 RE/MAX Realty One
Investment Insights
Based on property information with market context.
This 1,896-square-foot duplex contains two distinct residences: a three-bedroom, one-bath unit and a two-bedroom, one-bath unit. Both sides include laundry hookups, outdoor storage, and one covered parking space. Major property updates include a roof installed in 2018 and a recently replaced septic system.
The property is outside city limits, and the source information states that short-term rentals have no restrictions. Residents handle their own electricity, while water service is paid by the seller. Shopping, dining, medical facilities, schools, boat ramps, parks, and the Crystal River are all identified as nearby amenities.
The property is outside city limits, and the source information states that short-term rentals have no restrictions. Residents handle their own electricity, while water service is paid by the seller. Shopping, dining, medical facilities, schools, boat ramps, parks, and the Crystal River are all identified as nearby amenities.
Key Highlights
- 1,896‑square‑foot duplex with 3‑bedroom and 2‑bedroom units
- Unit mix includes one 3‑bedroom, 1‑bath residence and one 2‑bedroom, 1‑bath residence
- Roof installed in 2018
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
$17,308
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
7.37%
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%
$346,160
$346.2K
Cap Rate 7%
$247,257
$247.3K
Cap Rate 9%
$192,311
$192.3K
Market Conditions
NOI Build-Up for 1,896 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
$26.2K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$24.7K $13.04/SF
− OpEx
−$7.4K −$3.91/SF
NOI
$17.3K $9.13/SF
Area
Citrus County, FL
Vacancy
5.50%
Lease Rate
$13.80 /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%
$346,160
Cap Rate 7%
$247,257
Cap Rate 9%
$192,311
Alternative Uses
Best Use
Multifamily LT 5
$247.3K
$216.4K – $288.5K
NOI $17,308 @ 7.0% cap · market cap 7.37%
Second Best
Apartment 5plus
$226.9K
$198.5K – $264.7K
NOI $15,880 @ 7.0% cap · market cap 6.76%
Theoretical Best
Specialty Retail
$426.0K
$372.8K – $497.0K
NOI $29,822 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
79
Businesses Nearby
Explore this area
Business Placement
Demographics for 34428, FL
9,583
Population
5,058
Households
1.9
Avg Household Size
54
Median Age
20%
College-Educated
89%
High-School Grad
67.1 sq mi
ZIP Area
143
Density / Sq Mi
$48,185
Median Household Income
$29,589
Median Earnings
$890
Median Rent
$236,100
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?
Duplex - Two rental units offer separate laundry hookups, outdoor storage, and covered parking within an out-of-city-limits setting.
Where is this duplex located?
The property is located at 10922 W Gem St Crystal River, FL.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 1,896‑square‑foot duplex with 3‑bedroom and 2‑bedroom units; Unit mix includes one 3‑bedroom, 1‑bath residence and one 2‑bedroom, 1‑bath residence; Roof installed in 2018
