Updated Vacant
For Sale
$290,000
122 S GARFIELD AVENUE, Deland, FL 32724
Three vacant residential units with refreshed interiors and a bonus room in one unit near downtown DeLand.
Property Size1,760 SF
Price / SF$164.77
Days on Market48
Property Features for 122 S GARFIELD AVENUE
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Triplex
Building Details
Year Built
1949
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
James Oxendine II · License #3473562
Source:
Dennisrealty
Added: Jul 15
Changed: Aug 30
Last Checked: Aug 30 at 5:37PM
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 LPT REALTY, LLC
Investment Insights
Based on property information with market context.
This vacant triplex contains three residential units, including two one-bedroom, one-bath layouts and a third one-bedroom, one-bath unit with an additional bonus room that may function as a second bedroom. Interior improvements include new flooring, updated cabinets, and fresh paint. The property consists of two buildings on a 0.21-acre lot, with public water and septic service.
The property is located near downtown DeLand amenities and Stetson University. All units are currently unoccupied, allowing the next owner to assess leasing or other rental strategies in accordance with applicable local requirements.
The property is located near downtown DeLand amenities and Stetson University. All units are currently unoccupied, allowing the next owner to assess leasing or other rental strategies in accordance with applicable local requirements.
Key Highlights
- Three‑unit triplex with all units currently vacant
- Two 1‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit with bonus room
- Recent flooring, cabinet, and interior paint updates
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
$15,440
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
5.32%
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%
$308,800
$308.8K
Cap Rate 7%
$220,571
$220.6K
Cap Rate 9%
$171,556
$171.6K
Market Conditions
NOI Build-Up for 1,760 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
$24.5K $13.92/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$22.1K $12.53/SF
− OpEx
−$6.6K −$3.76/SF
NOI
$15.4K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /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%
$308,800
Cap Rate 7%
$220,571
Cap Rate 9%
$171,556
Alternative Uses
Best Use
Multifamily LT 5
$220.6K
$193.0K – $257.3K
NOI $15,440 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$191.6K
$167.6K – $223.5K
NOI $13,411 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$518.9K
$454.1K – $605.4K
NOI $36,326 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,641
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?
Triplex - Three vacant residential units with refreshed interiors and a bonus room in one unit near downtown DeLand.
Where is this triplex located?
The property is located at 122 S GARFIELD AVENUE Deland, FL.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Three‑unit triplex with all units currently vacant; Two 1‑bedroom/1‑bath units plus one 1‑bedroom/1‑bath unit with bonus room; Recent flooring, cabinet, and interior paint updates
