Eustis Investment
422 & 426 E CITRUS Ave, Eustis, FL 32726
Two quadplex buildings with storage units near downtown Eustis.
Type:Investment
Property size:
5,797 SFLot size:
0.62 AcresPrice / SF:
$169/SF- Added:
- Apr 24, 2026
- Days on Market:
- 29
- Last Refresh:
- Apr 24 at 5:40 pm
Property Features for 422 & 426 E CITRUS Ave
General Information
- Standard status
- Active
- Size
- 5,797 SF
- Lot size
- 0.62 Acres
- Property subtype
- Investment
Building Details
- Year Built
- 1925
Listing agent Joel Bornstein License #3211229 (407) 252-8092
Listing office ROCK SPRINGS REALTY, LLC (407) 252-8092
Listing date Apr 24, 2026
Source Elliman
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 ROCK SPRINGS REALTY, LLC
HighLights
- Turnkey investment opportunity with 100% occupancy and over $97,000 annual cash flow, providing an attractive 6.64% CAP rate.
- Two quadplex buildings (8 apartment units total) plus 4 storage units, all generating income.
- Fully remodeled and updated units: Building 422 in 2018 and Building 426 in 2019.
- Excellent location: Historic district of Eustis, just 3 blocks from downtown, and walking distance to amenities.
- No HOA and ample parking: .62 acres with two dedicated parking spaces for each unit.
- City water & sewer services.
Overview
Located at 422 & 426 E. Citrus Avenue in the historic district of Eustis, Florida, this property features two quadplex buildings for sale. The property is situated just three blocks from downtown and offers a turnkey investment opportunity with 100% occupancy and annual tenants. The blended capitalization rate is 6.64%. The two separate quadplex buildings are located on 0.62 acres, measuring 115'x 232', with no HOA. The combined heated area is 5,203 square feet, with a total size of 5,797 square feet. Both buildings are connected to City of Eustis water and sewer services. Building 422 contains three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, all fully remodeled in 2018. Building 426 features four 2-bedroom, 1-bath units, all remodeled in 2019. Building 426 also includes a detached structure with four rental storage units with roll-up doors, generating additional income. Each unit has two dedicated parking spaces. The property is within walking distance of Downtown Eustis, Bay Street, the Lake Eustis lakefront, restaurants, shops, and city parks. It is also located approximately 5 minutes from the Lake County Mall, Target, Walmart, and other conveniences. The annual cash flow is over $97,000.00.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$859.1K
NOI $77,318 @ 9.00% cap · cautious / downside scenario
Moderate
$1.10M
NOI $77,318 @ 7.00% cap · market / base-case scenario
Aggressive
$1.55M
NOI $77,318 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $118.3k | $20.40 |
| − Vacancy | −$7.8k | −$1.35 |
| EGI | $110.5k | $19.05 |
| − OpEx | −$33.1k | −$5.72 |
| NOI | $77.3k | $13.34 |
5,797 SF · lease $20.40/SF/yr · vacancy 6.60% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$1.10M
$966.5K – $1.29M
NOI $77,318 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$1.02M
$889.9K – $1.19M
NOI $71,189 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,476 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Eustis
- County
- Lake
- State
- Florida
- Longitude
- -81.6807305
- Latitude
- 28.8515251
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Two quadplex buildings with storage units near downtown Eustis.
Where is this quadplex located?
The property is located at 422 & 426 E CITRUS Ave Eustis, FL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Turnkey investment opportunity with 100% occupancy and over $97,000 annual cash flow, providing an attractive 6.64% CAP rate.; Two quadplex buildings (8 apartment units total) plus 4 storage units, all generating income.; Fully remodeled and updated units: Building 422 in 2018 and Building 426 in 2019.
