Multifamily Property in
For Sale
$475,000
Pending
1 SMITH Ct, Deland, FL 32724
Multifamily property with five units on 2.11 acres.
Property Size2,390 SF
Lot Size2.11 Acres
Days on Market176
Property Features for 1 SMITH Ct
General Information
Standard status
Pending
Size
2,390 SF
Lot size
2.11 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,941
Building Details
Building Size
2,390 SF
Year Built
1936
Units
5
Listed By:
Barbara Girtman · License #3264315
(386) 308-9058
Source:
Elliman
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 23 at 10:16AM
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 Barbara Girtman
Investment Insights
Based on property information with market context.
This multifamily property in DeLand, Florida, features five units situated on a 2.11-acre parcel zoned for multifamily use. The units consist of three 1-bedroom/1-bathroom units, one 2-bedroom/1-bathroom unit, and a duplex with two 1-bedroom/1-bathroom units. The property is conveniently located near shopping, transportation, downtown DeLand, a hospital, and major highways. The units share a septic system and water supply, while electricity is metered separately for each unit.
Key Highlights
- Multifamily zoning on 2.11 acres offers excellent development potential.
- Five units included: three 1/1 units, one 2/1 unit, and one duplex (each side 1/1).
- Convenient location near shopping, transportation, downtown, hospital, and major highways.
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
$18,212
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
3.83%
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%
$364,240
$364.2K
Cap Rate 7%
$260,171
$260.2K
Cap Rate 9%
$202,356
$202.4K
Market Conditions
NOI Build-Up for 2,390 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
$37.0K $15.48/SF
− Vacancy
−$3.9K −$1.63/SF
EGI
$33.1K $13.85/SF
− OpEx
−$14.9K −$6.23/SF
NOI
$18.2K $7.62/SF
Area
Volusia County, FL
Vacancy
10.50%
Lease Rate
$15.48 /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%
$364,240
Cap Rate 7%
$260,171
Cap Rate 9%
$202,356
Alternative Uses
Best Use
Apartment 5plus
$260.2K
$227.7K – $303.5K
NOI $18,212 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$704.7K
$616.6K – $822.2K
NOI $49,330 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 32724, FL
40,559
Population
18,555
Households
2.2
Avg Household Size
45
Median Age
31%
College-Educated
92%
High-School Grad
83.8 sq mi
ZIP Area
484
Density / Sq Mi
$72,729
Median Household Income
$41,204
Median Earnings
$1,184
Median Rent
$283,100
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?
Multifamily property - Multifamily property with five units on 2.11 acres.
Where is this multifamily property located?
The property is located at 1 SMITH Ct Deland, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Multifamily zoning on 2.11 acres offers excellent development potential.; Five units included: three 1/1 units, one 2/1 unit, and one duplex (each side 1/1).; Convenient location near shopping, transportation, downtown, hospital, and major highways.
