Triplex with Fenced
New
For Sale
$420,000
1620 Tuttle Street, Inverness, FL 34452
ResidentialIncome, Inverness, FL
Property Size2,925 SF
Lot Size0.31 Acres
Price / SF$143.59
Days on Market4
Property Features for 1620 Tuttle Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
LMD
Parking features
Driveway
Exterior features
ConcreteDriveway
Fencing
Fenced
Appliances
ElectricOven, ElectricRange, MicrowaveHoodFan, Microwave, Refrigerator
Subdivision
Inverness Heights
Lot features
Cleared
Elementary school
Pleasant Grove Elementary
Middle school
Inverness Middle
High school
Citrus High
Directions
44 (Gulf to Lake) turn on Pleasant Grove and left on Tuttle. Across from the park on left side.
Standard status
Active
APN
1761042
Size
2,925 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
INVERNESS HGTS REVISED PB 4 PG 58 LOT 5 BLK C
Tax Annual Amount
4554
Legal Description
INVERNESS HGTS REVISED PB 4 PG 58 LOT 5 BLK C
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
inside laundry hookups
stove and fridge
fully fenced back yard
Building Details
Year built
1985
Number of units
3
Flooring type
Vinyl
Building materials
Stucco
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
The Holloway Group
(352) 341-6210
Listed By:
Kathi Anderson-Moore · License #3190727
(352) 442-3332
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 2 at 10:06PM
MLS# 858266
Copyright © 2026 REALTORS Association of Citrus County, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,925-square-foot triplex contains three occupied units, each arranged with two bedrooms and one bathroom. Interiors include wood laminate flooring, open kitchens equipped with a stove and refrigerator, tub-and-shower combinations, and laundry hookups. The building was constructed in 1985, with an asphalt shingle roof installed in 2019. A fenced backyard and paved driveway provide exterior amenities, with parking for six vehicles. Public water and sewer serve the property, and heating and cooling are central electric.
The property is across the street from Bryant Park and within walking distance of Withlacoochee Technical College. Hospitals, shopping, the historic downtown district, and other services are nearby. The parcel contains 0.31 acres and is zoned LMD.
The property is across the street from Bryant Park and within walking distance of Withlacoochee Technical College. Hospitals, shopping, the historic downtown district, and other services are nearby. The parcel contains 0.31 acres and is zoned LMD.
Key Highlights
- Three occupied units, each with 2 bedrooms and 1 bathroom
- 2,925 square feet on a 0.31‑acre parcel
- Roof replaced in 2019
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
$26,701
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
6.36%
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%
$534,020
$534.0K
Cap Rate 7%
$381,443
$381.4K
Cap Rate 9%
$296,678
$296.7K
Market Conditions
NOI Build-Up for 2,925 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
$40.4K $13.80/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$38.1K $13.04/SF
− OpEx
−$11.4K −$3.91/SF
NOI
$26.7K $9.13/SF
Area
Citrus County, FL
Vacancy
5.50%
Lease Rate
$13.80 /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%
$534,020
Cap Rate 7%
$381,443
Cap Rate 9%
$296,678
Alternative Uses
Best Use
Multifamily LT 5
$381.4K
$333.8K – $445.0K
NOI $26,701 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$350.0K
$306.2K – $408.3K
NOI $24,498 @ 7.0% cap · market cap 5.83%
Theoretical Best
Specialty Retail
$657.2K
$575.1K – $766.8K
NOI $46,007 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
Explore this area
Business Placement
Demographics for 34452, FL
12,405
Population
6,353
Households
2
Avg Household Size
51
Median Age
14%
College-Educated
92%
High-School Grad
58.9 sq mi
ZIP Area
211
Density / Sq Mi
$58,199
Median Household Income
$39,339
Median Earnings
$1,182
Median Rent
$207,200
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied residences offer two-bedroom layouts, in-unit laundry hookups, and shared driveway parking.
Where is this triplex located?
The property is located at 1620 Tuttle Street Inverness, FL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Three occupied units, each with 2 bedrooms and 1 bathroom; 2,925 square feet on a 0.31‑acre parcel; Roof replaced in 2019
