Two-Home Multifamily
For Sale
$199,000
11992 /11996 Sw 146th Pl, Dunnellon, FL 34432
Two separate residences share private well and septic infrastructure across a rural acreage setting.
Property Size1,428 SF
Lot Size1.25 Acres
Price / SF$139.36
Days on Market42
Property Features for 11992 /11996 Sw 146th Pl
General Information
Standard status
Active
Size
1,428 SF
Lot size
1.25 Acres
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1981
Buildings
2
Listing Agency:
UNLOCK REALTY GROUP INC
(352) 462-8884
Listed By:
John Amerson · License #3051727
Source:
Flflourish
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 1:05PM
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 UNLOCK REALTY GROUP INC
Investment Insights
Based on property information with market context.
This multifamily property includes two residences on 1.25 acres: a two-bedroom, one-bath home and a separate three-bedroom, two-bath home. The property is served by one well, two septic tanks, and separate utilities for each residence. Both homes were built in 1981 and are currently occupied.
Located at 11992/11996 SW 146th Pl in Dunnellon, Florida, the residences overlook a pasture and offer a country setting outside the area’s more concentrated commercial corridors. The existing configuration provides two distinct homes on one parcel, with separate utility service supporting independent household use.
Located at 11992/11996 SW 146th Pl in Dunnellon, Florida, the residences overlook a pasture and offer a country setting outside the area’s more concentrated commercial corridors. The existing configuration provides two distinct homes on one parcel, with separate utility service supporting independent household use.
Key Highlights
- Two residences on 1.25 acres
- 2‑bedroom, 1‑bath home plus separate 3‑bedroom, 2‑bath home
- One well and two septic tanks
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
$11,960
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
6.01%
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%
$239,200
$239.2K
Cap Rate 7%
$170,857
$170.9K
Cap Rate 9%
$132,889
$132.9K
Market Conditions
NOI Build-Up for 1,428 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
$23.1K $16.20/SF
− Vacancy
−$1.4K −$0.97/SF
EGI
$21.7K $15.23/SF
− OpEx
−$9.8K −$6.85/SF
NOI
$12.0K $8.38/SF
Area
Citrus County, FL
Vacancy
6.00%
Lease Rate
$16.20 /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%
$239,200
Cap Rate 7%
$170,857
Cap Rate 9%
$132,889
Alternative Uses
Best Use
Apartment 5plus
$170.9K
$149.5K – $199.3K
NOI $11,960 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$320.9K
$280.8K – $374.4K
NOI $22,461 @ 7.0% cap · market cap 11.29%
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
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 34432, FL
13,159
Population
6,899
Households
1.9
Avg Household Size
58
Median Age
20%
College-Educated
90%
High-School Grad
105.1 sq mi
ZIP Area
125
Density / Sq Mi
$47,711
Median Household Income
$30,240
Median Earnings
$1,077
Median Rent
$223,900
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?
Multifamily property - Two separate residences share private well and septic infrastructure across a rural acreage setting.
Where is this multifamily property located?
The property is located at 11992 /11996 Sw 146th Pl Dunnellon, FL.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two residences on 1.25 acres; 2‑bedroom, 1‑bath home plus separate 3‑bedroom, 2‑bath home; One well and two septic tanks
