Updated Villa with Modern
For Sale
$245,000
Pending
2402 SW 20TH TERRACE, Ocala, FL 34471
Charming 3-bedroom, 2-bathroom villa with modern updates and community amenities.
Property Size1,515 SF
Lot Size0.05 Acres
Days on Market623
Property Features for 2402 SW 20TH TERRACE
General Information
Standard status
Pending
Size
1,515 SF
Lot size
0.05 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$3,013
Building Details
Year Built
1997
Listing Agency:
MARK SPAIN REAL ESTATE
(407) 580-9342
Listed By:
Ashley Fulford · License #3303123
(407) 580-9342
Source:
Exitrealty
Added: Nov 27, 2024
Changed: Aug 8
Last Checked: Aug 11 at 7:04AM
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 MARK SPAIN REAL ESTATE
Investment Insights
Based on property information with market context.
This 1,515 square foot villa features 3 bedrooms and 2 bathrooms. As an end unit, the home benefits from added privacy and natural light. The property includes a spacious living area with an open-concept layout that flows into an upgraded kitchen. The kitchen features ample counter space, sleek cabinetry, and contemporary finishes. The primary suite includes an en-suite bathroom. Two additional bedrooms offer flexibility for guests, an office, or hobbies. The attached garage is equipped with an electric vehicle charger. The Homeowners Association (HOA) covers lawn care and pest control. Community amenities include a pool, a fitness center, and tennis courts.
Key Highlights
- End‑unit villa offering added privacy and abundant natural light.
- Modern, upgraded kitchen with ample counter space and sleek cabinetry.
- HOA covers lawn care and pest control for maintenance‑free living.
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
$22,017
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
8.99%
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%
$440,340
$440.3K
Cap Rate 7%
$314,529
$314.5K
Cap Rate 9%
$244,633
$244.6K
Market Conditions
NOI Build-Up for 1,515 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
$42.7K $28.20/SF
− Vacancy
−$2.7K −$1.78/SF
EGI
$40.0K $26.42/SF
− OpEx
−$18.0K −$11.89/SF
NOI
$22.0K $14.53/SF
Area
Marion County, FL
Vacancy
6.30%
Lease Rate
$28.20 /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%
$440,340
Cap Rate 7%
$314,529
Cap Rate 9%
$244,633
Alternative Uses
Best Use
Apartment 5plus
$314.5K
$275.2K – $367.0K
NOI $22,017 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$827.3K
$723.9K – $965.2K
NOI $57,911 @ 7.0% cap · market cap 23.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 34471, FL
27,632
Population
12,071
Households
2.3
Avg Household Size
43
Median Age
36%
College-Educated
93%
High-School Grad
19.8 sq mi
ZIP Area
1,396
Density / Sq Mi
$60,283
Median Household Income
$37,565
Median Earnings
$1,225
Median Rent
$292,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Charming 3-bedroom, 2-bathroom villa with modern updates and community amenities.
Where is this residential income property located?
The property is located at 2402 SW 20TH TERRACE Ocala, FL.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: End‑unit villa offering added privacy and abundant natural light.; Modern, upgraded kitchen with ample counter space and sleek cabinetry.; HOA covers lawn care and pest control for maintenance‑free living.
