Remodeled Duplex with Historic
New
For Sale
$370,000
18758 NW 243rd Terrace, High Springs, FL 32643
Two residences occupy an oversized corner lot less than three-quarter mile from historic downtown High Springs.
Property Size1,442 SF
Price / SF$256.59
Days on Market4
Property Features for 18758 NW 243rd Terrace
General Information
Standard status
Active
Size
1,442 SF
Property subtype
Multi-Family
Building Details
Year Built
1935
Listing Agency:
LPT REALTY, LLC
(813) 629-0341
Listed By:
Jim Knetsch, Charlene Knetsch, P.A. · License #3015997
Source:
Flflourish
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 26 at 6:54AM
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 LPT REALTY, LLC
Investment Insights
Based on property information with market context.
This duplex property combines a remodeled 2-bedroom, 1.5-bath primary residence with a separate apartment above the detached garage and carport. The main home retains historic character through genuine wood flooring and architectural details while adding a metal roof, newer A/C, updated kitchen and bathrooms, and fresh interior and exterior paint. A wraparound porch adds usable outdoor space, and public water and sewer are connected.
The upper apartment contains 2 bedrooms and 1 bathroom and is occupied by a long-term tenant on a month-to-month arrangement. The two residences sit on an oversized corner lot less than three-quarter mile from historic downtown High Springs. The surrounding community is near the Santa Fe River and several natural springs associated with swimming, tubing, kayaking, scuba diving, and nature activities.
The upper apartment contains 2 bedrooms and 1 bathroom and is occupied by a long-term tenant on a month-to-month arrangement. The two residences sit on an oversized corner lot less than three-quarter mile from historic downtown High Springs. The surrounding community is near the Santa Fe River and several natural springs associated with swimming, tubing, kayaking, scuba diving, and nature activities.
Key Highlights
- Two residences on an oversized corner lot
- Remodeled 2‑bedroom, 1.5‑bath main home
- Detached garage and carport with 2‑bedroom, 1‑bath apartment above
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
$15,502
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
4.19%
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%
$310,040
$310.0K
Cap Rate 7%
$221,457
$221.5K
Cap Rate 9%
$172,244
$172.2K
Market Conditions
NOI Build-Up for 1,442 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
$23.4K $16.20/SF
− Vacancy
−$1.2K −$0.84/SF
EGI
$22.1K $15.36/SF
− OpEx
−$6.6K −$4.61/SF
NOI
$15.5K $10.75/SF
Area
Alachua County, FL
Vacancy
5.20%
Lease Rate
$16.20 /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%
$310,040
Cap Rate 7%
$221,457
Cap Rate 9%
$172,244
Alternative Uses
Best Use
Multifamily LT 5
$221.5K
$193.8K – $258.4K
NOI $15,502 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$204.1K
$178.6K – $238.1K
NOI $14,285 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$363.5K
$318.1K – $424.1K
NOI $25,447 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 32643, FL
12,549
Population
4,487
Households
2.8
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
112.1 sq mi
ZIP Area
112
Density / Sq Mi
$69,871
Median Household Income
$40,458
Median Earnings
$1,515
Median Rent
$254,900
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?
Duplex - Two residences occupy an oversized corner lot less than three-quarter mile from historic downtown High Springs.
Where is this duplex located?
The property is located at 18758 NW 243rd Terrace High Springs, FL.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Two residences on an oversized corner lot; Remodeled 2‑bedroom, 1.5‑bath main home; Detached garage and carport with 2‑bedroom, 1‑bath apartment above
