DeLand Mixed-Use Investment
For Sale
$1,200,000
128 E Rich Ave, Deland, FL 32724
Mixed-use property with income potential in downtown DeLand.
Property Size10,322 SF
Price / SF$116.26
Days on Market143
Property Features for 128 E Rich Ave
General Information
Standard status
Active
Size
10,322 SF
Building Details
Year Built
1925
Listing Agency:
GREENE REALTY OF FLORIDA LLC
Listed By:
Hailey Graham · License #3385848
(386) 405-8016
Source:
Chenoregroup
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 13 at 11:33AM
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 GREENE REALTY OF FLORIDA LLC
Investment Insights
Based on property information with market context.
This mixed-use property is located in downtown DeLand, situated across two parcels in a high-traffic, highly visible corridor. The property is currently configured with 8 residential units and 2 commercial units. Two of the residential units are vacant and require renovations. The commercial spaces are suitable for retail, office, studio, or service-based businesses seeking walkability and exposure. Additional workshop and storage space provides flexible utility. An on-site parking area is available for both residential tenants and commercial customers. The property offers value-add potential for investors and business-minded buyers looking to boost rents and maximize long-term returns. It is ideal for portfolio growth, owner-user live/work vision, or repositioning. The location has a bike score of 64, indicating it is bikeable, and a walk score of 76, indicating it is very walkable.
Key Highlights
- Prime downtown DeLand location in a high‑traffic, highly visible corridor.
- Mixed‑use property with both residential and commercial units, offering diverse income streams.
- Strong in‑place income with upside potential through renovations and rent increases.
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
$78,654
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
6.55%
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%
$1,573,080
$1.6M
Cap Rate 7%
$1,123,629
$1.1M
Cap Rate 9%
$873,933
$873.9K
Market Conditions
NOI Build-Up for 10,322 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
$159.8K $15.48/SF
− Vacancy
−$16.8K −$1.63/SF
EGI
$143.0K $13.85/SF
− OpEx
−$64.4K −$6.23/SF
NOI
$78.7K $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%
$1,573,080
Cap Rate 7%
$1,123,629
Cap Rate 9%
$873,933
Alternative Uses
Best Use
Mixed Use
$1.82M
$1.59M – $2.13M
NOI $127,503 @ 7.0% cap · market cap 10.63%
Second Best
Apartment 5plus
$1.12M
$983.2K – $1.31M
NOI $78,654 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $213,046 @ 7.0% cap · market cap 17.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,775
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with income potential in downtown DeLand.
Where is this mixed-use property located?
The property is located at 128 E Rich Ave Deland, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Prime downtown DeLand location in a high‑traffic, highly visible corridor.; Mixed‑use property with both residential and commercial units, offering diverse income streams.; Strong in‑place income with upside potential through renovations and rent increases.
