Multifamily Investment in Lake
For Sale
$850,000
617 E MYERS Blvd, Mascotte, FL 34753
Eight-unit multifamily property with income potential in Mascotte, Florida.
Property Size4,388 SF
Days on Market164
Property Features for 617 E MYERS Blvd
General Information
Standard status
Active
Size
4,388 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,956
Building Details
Building Size
4,388 SF
Year Built
1973
Units
7
Listing Agency:
REMAX SUNSTATE REALTY
Listed By:
Kyler Moreland · License #3539998
(407) 496-4196
Source:
Elliman
Added: Apr 1
Changed: Sep 10
Last Checked: Sep 10 at 9:21AM
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 REMAX SUNSTATE REALTY
Investment Insights
Based on property information with market context.
This property presents an opportunity to acquire eight units in the growing Lake County market. The asset includes a mobile home attached to the property, creating a blend of multifamily and workforce housing income streams. Located in Mascotte, this established asset features seven primary rental units plus an additional attached mobile home, totaling eight income-producing units. The property offers immediate cash flow with future upside through rent optimization, cosmetic improvements, and professional management efficiencies. Positioned within one of Central Florida’s expanding workforce housing corridors, the property benefits from strong rental demand driven by proximity to Clermont, Groveland, Minneola, and the greater West Orlando growth path. Its established unit mix, accessible location, and affordable rental positioning make it an attractive long-term hold for investors focused on durable cash flow. This offering is available as part of a larger 112-unit bundled portfolio acquisition, allowing buyers to secure immediate scale, operational efficiency, and diversified rent roll exposure across multiple Central Florida communities. While this specific asset consists of 8 total units, it serves as a strategic component of the broader 112-unit portfolio opportunity. The bike score is 31, indicating it is somewhat bikeable, and the walk score is 9, indicating it is car-dependent.
Key Highlights
- Immediate cash flow from 8 income‑producing units.
- Located in the high‑growth Lake County market.
- Upside potential through rent optimization and cosmetic improvements.
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
$53,886
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
6.34%
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%
$1,077,720
$1.1M
Cap Rate 7%
$769,800
$769.8K
Cap Rate 9%
$598,733
$598.7K
Market Conditions
NOI Build-Up for 4,388 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
$104.8K $23.88/SF
− Vacancy
−$6.8K −$1.55/SF
EGI
$98.0K $22.33/SF
− OpEx
−$44.1K −$10.05/SF
NOI
$53.9K $12.28/SF
Area
Lake County, FL
Vacancy
6.50%
Lease Rate
$23.88 /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%
$1,077,720
Cap Rate 7%
$769,800
Cap Rate 9%
$598,733
Alternative Uses
Best Use
Apartment 5plus
$769.8K
$673.6K – $898.1K
NOI $53,886 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,409 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 34753, FL
6,657
Population
2,320
Households
2.9
Avg Household Size
33
Median Age
20%
College-Educated
78%
High-School Grad
4.7 sq mi
ZIP Area
1,416
Density / Sq Mi
$77,477
Median Household Income
$36,650
Median Earnings
$1,536
Median Rent
$285,100
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?
Apartment building - Eight-unit multifamily property with income potential in Mascotte, Florida.
Where is this apartment building located?
The property is located at 617 E MYERS Blvd Mascotte, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Immediate cash flow from 8 income‑producing units.; Located in the high‑growth Lake County market.; Upside potential through rent optimization and cosmetic improvements.
