Renovated Three-Unit
New
For Sale
$575,000
10430 CHALMER, Spring Hill, FL 34608
Updated kitchens, major mechanical improvements, and two established tenants support flexible multifamily ownership.
Property Size2,304 SF
Days on Market5
Property Features for 10430 CHALMER
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Investment
Additional Details
Cap Rate
7%
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,201
Building Details
Building Size
2,304 SF
Year Built
1986
Listed By:
Mimi McLeod
(352) 428-4296
Source:
Elliman
Added: Sep 15
Last Checked: Sep 18 at 8:17AM
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 Mimi McLeod
Investment Insights
Based on property information with market context.
Built in 1986, this triplex contains three renovated units with durable vinyl flooring, fresh interior paint, updated trim and lighting, ceiling fans, and new cabinetry. Each kitchen includes a refrigerator, stove, microwave, and dishwasher. Major improvements include a new roof installed in 2024, new water heaters, and three newly permitted HVAC units completed in 2024/2025.
Two units are occupied by long-term tenants, while the property offers the flexibility associated with a three-unit configuration. The property is located at 10430 Chalmer in Spring Hill, Florida. Walk Score is 8 and Bike Score is 28, indicating a car-dependent setting with some bike access. The stated 7% CAP rate provides an additional investment metric for evaluation.
Two units are occupied by long-term tenants, while the property offers the flexibility associated with a three-unit configuration. The property is located at 10430 Chalmer in Spring Hill, Florida. Walk Score is 8 and Bike Score is 28, indicating a car-dependent setting with some bike access. The stated 7% CAP rate provides an additional investment metric for evaluation.
Key Highlights
- Three‑unit triplex built in 1986
- Fully renovated interiors with new cabinetry, flooring, paint, lighting, and trim
- Three newly permitted HVAC units installed in 2024/2025
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
$26,239
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
4.56%
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%
$524,780
$524.8K
Cap Rate 7%
$374,843
$374.8K
Cap Rate 9%
$291,544
$291.5K
Market Conditions
NOI Build-Up for 2,304 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
$40.1K $17.40/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$37.5K $16.27/SF
− OpEx
−$11.2K −$4.88/SF
NOI
$26.2K $11.39/SF
Area
Spring Hill, FL
Vacancy
6.50%
Lease Rate
$17.40 /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%
$524,780
Cap Rate 7%
$374,843
Cap Rate 9%
$291,544
Alternative Uses
Best Use
Multifamily LT 5
$374.8K
$328.0K – $437.3K
NOI $26,239 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$347.9K
$304.4K – $405.9K
NOI $24,352 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$736.6K
$644.6K – $859.4K
NOI $51,565 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 34608, FL
34,363
Population
15,253
Households
2.3
Avg Household Size
46
Median Age
20%
College-Educated
90%
High-School Grad
15.2 sq mi
ZIP Area
2,261
Density / Sq Mi
$62,197
Median Household Income
$36,740
Median Earnings
$1,207
Median Rent
$237,400
Median Home Value
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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?
Triplex - Updated kitchens, major mechanical improvements, and two established tenants support flexible multifamily ownership.
Where is this triplex located?
The property is located at 10430 CHALMER Spring Hill, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three‑unit triplex built in 1986; Fully renovated interiors with new cabinetry, flooring, paint, lighting, and trim; Three newly permitted HVAC units installed in 2024/2025
