Triplex with Updated
For Sale
$335,000
Pending
5010 S RIDGEWOOD AVENUE, Port Orange, FL 32127
Fully occupied triplex with varied unit layouts, refreshed major components, and zoning that permits expansion to additional units.
Property Size1,542 SF
Days on Market474
Property Features for 5010 S RIDGEWOOD AVENUE
General Information
Standard status
Pending
Size
1,542 SF
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x studio, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$38,400
Taxes and HOA fees
Annual Taxes
$4,509
Building Details
Year Built
1946
Buildings
2
Listing Agency:
KELLER WILLIAMS RLTY FL. PARTN
(386) 281-9310
Listed By:
Brannon Owens · License #3392574
(386) 281-9310
Source:
Exitrealty
Added: May 15, 2025
Changed: Aug 31
Last Checked: Aug 30 at 3:56PM
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 KELLER WILLIAMS RLTY FL. PARTN
Investment Insights
Based on property information with market context.
This 1,542-square-foot triplex, built in 1946, includes three distinct residences. The property offers a 2-bedroom, 1-bath cottage with a new HVAC system, a studio with separate kitchen and living areas, and a 1-bedroom, 1-bath residence with an expansive kitchen and living room. Both buildings have newly installed roofs.
Located at 5010 S Ridgewood Avenue in Port Orange, the property is near the Intracoastal Waterway, beaches, shopping, dining, and parks. It is also within the Port Orange school district. Zoning allows up to 10 units, providing a documented path for additional residential capacity beyond the existing triplex configuration.
Located at 5010 S Ridgewood Avenue in Port Orange, the property is near the Intracoastal Waterway, beaches, shopping, dining, and parks. It is also within the Port Orange school district. Zoning allows up to 10 units, providing a documented path for additional residential capacity beyond the existing triplex configuration.
Key Highlights
- Three‑unit property with a 2‑bedroom cottage, studio, and 1‑bedroom residence
- 1,542 square feet on a property built in 1946
- 2‑bedroom, 1‑bath cottage includes a new HVAC system
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
$13,527
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
4.04%
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%
$270,540
$270.5K
Cap Rate 7%
$193,243
$193.2K
Cap Rate 9%
$150,300
$150.3K
Market Conditions
NOI Build-Up for 1,542 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
$21.5K $13.92/SF
− Vacancy
−$2.1K −$1.39/SF
EGI
$19.3K $12.53/SF
− OpEx
−$5.8K −$3.76/SF
NOI
$13.5K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /SF/Yr
Expense Ratio
30.00%
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%
$270,540
Cap Rate 7%
$193,243
Cap Rate 9%
$150,300
Alternative Uses
Best Use
Multifamily LT 5
$193.2K
$169.1K – $225.5K
NOI $13,527 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$167.9K
$146.9K – $195.8K
NOI $11,750 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$454.7K
$397.8K – $530.5K
NOI $31,827 @ 7.0% cap · market cap 9.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 32127, FL
29,999
Population
15,898
Households
1.9
Avg Household Size
53
Median Age
30%
College-Educated
94%
High-School Grad
14.9 sq mi
ZIP Area
2,013
Density / Sq Mi
$65,260
Median Household Income
$39,196
Median Earnings
$1,324
Median Rent
$301,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied triplex with varied unit layouts, refreshed major components, and zoning that permits expansion to additional units.
Where is this triplex located?
The property is located at 5010 S RIDGEWOOD AVENUE Port Orange, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Three‑unit property with a 2‑bedroom cottage, studio, and 1‑bedroom residence; 1,542 square feet on a property built in 1946; 2‑bedroom, 1‑bath cottage includes a new HVAC system
