Cedarwood Apartment
New
For Sale
Contact for pricing
1529 Northeast 39th Avenue, Ocala, FL 34470
Multifamily property with R3 zoning and a 1978 construction date.
Property Size53,568 SF
Price / SF$175.48
Days on Market5
Property Features for 1529 Northeast 39th Avenue
General Information
Standard status
Active
Size
53,568 SF
Property subtype
Multifamily
Zoning
R3
Net Operating Income
$734,030
Building Details
Year Built
1978
Buildings
13
Stories
1
Units
94
Abandoned
No
Listing Agency:
Marcus & Millichap - RPH Multifamily Group
Listed By:
Jason Hague · License #SL3265708
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 4:56AM
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 Marcus & Millichap - RPH Multifamily Group
Investment Insights
Based on property information with market context.
Cedarwood Apartments is an apartment building totaling 53,568 square feet. The property was constructed in 1978 and carries R3 zoning, supporting its classification as a multifamily asset.
The property is located at 1529 Northeast 39th Avenue in Ocala, Florida 34470. Its established construction date, apartment-building format, and multifamily zoning provide the core physical and land-use profile for evaluation.
The property is located at 1529 Northeast 39th Avenue in Ocala, Florida 34470. Its established construction date, apartment-building format, and multifamily zoning provide the core physical and land-use profile for evaluation.
Key Highlights
- 53,568‑square‑foot apartment building
- R3 zoning
- Constructed in 1978
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
$778,497
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
8.28%
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%
$15,569,940
$15.6M
Cap Rate 7%
$11,121,386
$11.1M
Cap Rate 9%
$8,649,967
$8.6M
Market Conditions
NOI Build-Up for 53,568 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
$1.51M $28.20/SF
− Vacancy
−$95.2K −$1.78/SF
EGI
$1.42M $26.42/SF
− OpEx
−$637.0K −$11.89/SF
NOI
$778.5K $14.53/SF
Area
Marion County, FL
Vacancy
6.30%
Lease Rate
$28.20 /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%
$15,569,940
Cap Rate 7%
$11,121,386
Cap Rate 9%
$8,649,967
Alternative Uses
Best Use
Apartment 5plus
$11.12M
$9.73M – $12.97M
NOI $778,497 @ 7.0% cap · market cap 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$29.25M
$25.60M – $34.13M
NOI $2,047,652 @ 7.0% cap · market cap 21.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 34470, FL
20,483
Population
10,121
Households
2
Avg Household Size
42
Median Age
23%
College-Educated
90%
High-School Grad
13.4 sq mi
ZIP Area
1,529
Density / Sq Mi
$49,592
Median Household Income
$36,957
Median Earnings
$1,124
Median Rent
$171,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with R3 zoning and a 1978 construction date.
Where is this apartment building located?
The property is located at 1529 Northeast 39th Avenue Ocala, FL.
What is the asking price?
The asking price for this property is $9,400,000.
What are key features of this property?
This property features: 53,568‑square‑foot apartment building; R3 zoning; Constructed in 1978
