Quadplex with New Roof and
For Sale
$385,000
161 W 2ND AVENUE, Pierson, FL 32180
Four rental units provide flexibility for owner occupancy and income-producing use.
Property Size2,870 SF
Price / SF$134.15
Days on Market11
Property Features for 161 W 2ND AVENUE
General Information
Standard status
Active
Size
2,870 SF
Property subtype
Quadruplex
Amenities
0.27 acres, Corner Lot, City Limits, Irregular Lot, Level, Oversized Lot, Paved
Metal
Septic Tank
Additional parcels description:, Parcel Number: 14-28-34-05-00-0370, Public Survey Range: 28E, Public Survey Section: 34, Annual Amount: $3,469.39, Tax Block: 00/00, Tax Book Number: 1-18, Legal Description: Portion of LOT 36 EXC W 13 FT & LOTS 37 TO 40 INC KINNELLS PIERSON PER OR 2479 PG 1908 (See Proposed Parcel 1), Lot: 36, Year: 2025, Zoning: B-1
Gross Income: $37,800
Wall/Window Unit(s)
Listing ID: MFRV4950481, Standard Status: Active, MLS Status: Active, Property Subtype: Quadruplex, On market as of 2026-07-30, 3 days on market, Special Conditions: None
Elementary School: Pierson Elem, Middle School: T. Dewitt Taylor Middle-High, High School: T. Dewitt Taylor Middle-High
Crawl Space
7 total bedrooms
Built in 1932, Living area: 2870, Living area units: Square Feet, Levels: Two, Construction Materials: Frame
Subdivision: KINNELLS PIERSON, MLS Area (Major): 32180 - Pierson, County/Parish: Volusia
4 total bathrooms
BB/HS Internet Available, Cable Available, Electricity Connected, Sewer Connected, Water Connected, Water Source: Public, 4 separate electric meters, 4 separate water meters
Pillar/Post/Pier
Close Of Escrow
Road Responsibility: Public Maintained Road, Road Surface: Asphalt, Paved
Patio/Porch Features: Covered, Front Porch, Private Entrance
Ninguno
Other equipment: Private Entrance
Building Details
Year Built
1932
Tenancy
Multi
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Debby Sommer · License #3511504
Source:
Miharaandassociates
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 9 at 5:35AM
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 EXP REALTY LLC
Investment Insights
Based on property information with market context.
Located at 161 W 2ND AVENUE in Pierson, this 2,870-square-foot quadplex includes four rental units within one residential income property. The building dates to 1932 and has received a new metal roof in 2023 and a new septic system in 2025, addressing two significant property components.
Pierson is situated in Central Florida, less than 60 miles from Orlando. The surrounding area offers access to the St. Johns River, Lake George, natural springs, parks, boating, fishing, hiking trails, nature preserves, and Florida’s Atlantic Coast. The four-unit configuration supports an owner-occupant arrangement or continued rental use, as described for the property.
Pierson is situated in Central Florida, less than 60 miles from Orlando. The surrounding area offers access to the St. Johns River, Lake George, natural springs, parks, boating, fishing, hiking trails, nature preserves, and Florida’s Atlantic Coast. The four-unit configuration supports an owner-occupant arrangement or continued rental use, as described for the property.
Key Highlights
- Four rental units in one quadplex property
- 2,870 square feet of building area
- New metal roof installed in 2023
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
$25,177
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
6.54%
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%
$503,540
$503.5K
Cap Rate 7%
$359,671
$359.7K
Cap Rate 9%
$279,744
$279.7K
Market Conditions
NOI Build-Up for 2,870 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
$40.0K $13.92/SF
− Vacancy
−$4.0K −$1.39/SF
EGI
$36.0K $12.53/SF
− OpEx
−$10.8K −$3.76/SF
NOI
$25.2K $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%
$503,540
Cap Rate 7%
$359,671
Cap Rate 9%
$279,744
Alternative Uses
Best Use
Multifamily LT 5
$359.7K
$314.7K – $419.6K
NOI $25,177 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$312.4K
$273.4K – $364.5K
NOI $21,869 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$846.2K
$740.5K – $987.3K
NOI $59,237 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
162
Businesses Nearby
Explore this area
Business Placement
Demographics for 32180, FL
3,834
Population
1,461
Households
2.6
Avg Household Size
44
Median Age
10%
College-Educated
70%
High-School Grad
90.3 sq mi
ZIP Area
42
Density / Sq Mi
$67,083
Median Household Income
$32,074
Median Earnings
$961
Median Rent
$224,100
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?
Quadplex - Four rental units provide flexibility for owner occupancy and income-producing use.
Where is this quadplex located?
The property is located at 161 W 2ND AVENUE Pierson, FL.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Four rental units in one quadplex property; 2,870 square feet of building area; New metal roof installed in 2023
