DeLand Mixed-Use Investment
For Sale
$1,000,000
128 E Rich Ave, Deland, FL 32724
Mixed-use property with income potential in downtown DeLand.
Property Size10,322 SF
Price / SF$96.88
Days on Market188
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: Oct 25
Last Checked: Oct 12 at 11:43PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$78,654
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
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
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 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 12.75%
Second Best
Apartment 5plus
$1.12M
$983.2K – $1.31M
NOI $78,654 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $213,046 @ 7.0% cap · market cap 21.30%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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 $1,000,000.
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.
