Single-Story Duplex with
For Sale
$230,000
115 Tomoka Boulevard N, Lake Placid, FL 33852
Residential, Single Story, Split Floor Plan, Lake Placid, FL
Property Size1,891 SF
Lot Size0.14 Acres
Price / SF$121.63
Days on Market321
Property Features for 115 Tomoka Boulevard N
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R3FUD
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
Parking features
Garage
Pets allowed
Yes
Interior features
BB / HS Internet Available, Blinds, Cable TV Available, Cathedral Ceilings, Ceiling Fans
Exterior features
Central Irrigation, Fruit Trees, Stucco
Appliances
Dishwasher, Dryer, Microwave, Refrigerator(s), Stove(s) / Range(s) Oven(s), Washer
Directions
From 27 and Tomoka Boulevard N, to home on right
Standard status
Active
APN
C-25-36-29-140-0000-0250
Size
1,891 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
REPLAT PORT TOMOKA HEIGHTS SECS 2-3-4 + 5 PB 16-PG 23 NELY 60 FT M/L OF LOT 25
Tax Annual Amount
2966
HOA Fee
$235 Monthly
Legal Description
REPLAT PORT TOMOKA HEIGHTS SECS 2-3-4 + 5 PB 16-PG 23 NELY 60 FT M/L OF LOT 25
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Amenities
back porch
clubhouse
resort-style pool
hot tub
tennis courts
lakeside pavilion
landscaped grounds
Building Details
Year built
2001
Floors in Building
1
Flooring type
Carpet, Tile
Building materials
Concrete Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX REALTY PLUS · RE/MAX International
(863) 385-0077
Listed By:
Laura Shirley · License #693960
(863) 441-4742
Added: Oct 22, 2025
Changed: Sep 2
Last Checked: Sep 7 at 11:06AM
MLS# 319198
Copyright © 2026 Heartland Multiple Listing Service, Inc. 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 1,891-square-foot duplex in Tomoka Heights offers a two-bedroom, two-bath layout with a one-car garage and a split floor plan. The residence is partially furnished and includes tile flooring throughout the main areas, new carpet in both bedrooms, fresh paint in much of the interior and garage, and a back porch facing green space. A shingle roof installed in 2018 and an HVAC system updated in 2021 provide additional recent improvements. The kitchen includes a refrigerator, dishwasher, garbage disposal, microwave, range, washer, and dryer.
The property is within a gated 55+ community in Lake Placid, Florida. Community amenities include a clubhouse with activity rooms, resort-style pool and hot tub, tennis courts, lakeside pavilion, and landscaped grounds. Additional property features include stucco construction, central irrigation, fruit trees, central electric heating and cooling, and public sewer.
The property is within a gated 55+ community in Lake Placid, Florida. Community amenities include a clubhouse with activity rooms, resort-style pool and hot tub, tennis courts, lakeside pavilion, and landscaped grounds. Additional property features include stucco construction, central irrigation, fruit trees, central electric heating and cooling, and public sewer.
Key Highlights
- 1,891‑square‑foot duplex with 2BR/2BA layout
- One‑car garage and split floor plan
- Roof installed in 2018; HVAC system updated in 2021
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
$17,080
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
7.43%
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%
$341,600
$341.6K
Cap Rate 7%
$244,000
$244.0K
Cap Rate 9%
$189,778
$189.8K
Market Conditions
NOI Build-Up for 1,891 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
$26.1K $13.80/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$24.4K $12.90/SF
− OpEx
−$7.3K −$3.87/SF
NOI
$17.1K $9.03/SF
Area
Highlands County, FL
Vacancy
6.50%
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%
$341,600
Cap Rate 7%
$244,000
Cap Rate 9%
$189,778
Alternative Uses
Best Use
Multifamily LT 5
$244.0K
$213.5K – $284.7K
NOI $17,080 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$226.7K
$198.4K – $264.5K
NOI $15,872 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$393.4K
$344.2K – $459.0K
NOI $27,539 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
Explore this area
Business Placement
Demographics for 33852, FL
21,635
Population
12,991
Households
1.7
Avg Household Size
55
Median Age
20%
College-Educated
85%
High-School Grad
293.4 sq mi
ZIP Area
74
Density / Sq Mi
$54,841
Median Household Income
$39,658
Median Earnings
$1,063
Median Rent
$205,800
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?
Duplex - Located in a gated 55+ community with recreational amenities and landscaped outdoor areas.
Where is this duplex located?
The property is located at 115 Tomoka Boulevard N Lake Placid, FL.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 1,891‑square‑foot duplex with 2BR/2BA layout; One‑car garage and split floor plan; Roof installed in 2018; HVAC system updated in 2021
