Six-Unit Apartment
New
For Sale
Contact for pricing
2021 Pennsylvania Avenue, Englewood, FL 34224
The fully occupied property includes on-site laundry, block construction, and public water and sewer.
Property Size3,315 SF
Lot Size0.29 Acres
Price / SF$241.03
Days on Market4
Property Features for 2021 Pennsylvania Avenue
General Information
Standard status
Active
Size
3,315 SF
Lot size
0.29 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$62,700
Financials
Asking Price
$799,000
Cap Rate
7.84%
Gross Income
$79,200
Average Monthly Rent
$1,100
Units
Unit Mix
1 x efficiency, 2 x 1BR/1BA, 3 x 2BR/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Amenities
on-site laundry
Building Details
Construction
block
Listing Agency:
RE/MAX Masterpiece Realty
Listed By:
Marc Blair · License #SL3632546
(248) 686-4638
Source:
Crexi
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:47PM
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 RE/MAX Masterpiece Realty
Investment Insights
Based on property information with market context.
This six-unit apartment property in Englewood, Florida, contains approximately 3,315 square feet on about 0.29 acres. Block construction, public water and sewer, and on-site laundry are reported. The unit mix is one efficiency, two one-bedroom/one-bathroom units, and three two-bedroom/one-bathroom units.
The property is in the Grove City area of Englewood’s 34224 ZIP Code, in Charlotte County. Nearby destinations described for the area include beaches, shopping, dining, parks, nature preserves, boat ramps, and golf courses. The property is reported fully occupied, with an indicated 7.84% cap rate.
The property is in the Grove City area of Englewood’s 34224 ZIP Code, in Charlotte County. Nearby destinations described for the area include beaches, shopping, dining, parks, nature preserves, boat ramps, and golf courses. The property is reported fully occupied, with an indicated 7.84% cap rate.
Key Highlights
- Six units, all reported rented
- Approximately 3,315 square feet on about 0.29 acres
- Unit mix: one efficiency, two 1‑bedroom/1‑bath units, and three 2‑bedroom/1‑bath units
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
$29,267
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
3.66%
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%
$585,340
$585.3K
Cap Rate 7%
$418,100
$418.1K
Cap Rate 9%
$325,189
$325.2K
Market Conditions
NOI Build-Up for 3,315 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
$66.4K $20.04/SF
− Vacancy
−$13.2K −$3.99/SF
EGI
$53.2K $16.05/SF
− OpEx
−$23.9K −$7.22/SF
NOI
$29.3K $8.83/SF
Area
Charlotte County, FL
Vacancy
19.90%
Lease Rate
$20.04 /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%
$585,340
Cap Rate 7%
$418,100
Cap Rate 9%
$325,189
Alternative Uses
Best Use
Apartment 5plus
$418.1K
$365.8K – $487.8K
NOI $29,267 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$949.8K – $1.27M
NOI $75,980 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 34224, FL
16,379
Population
11,333
Households
1.4
Avg Household Size
63
Median Age
21%
College-Educated
94%
High-School Grad
12.8 sq mi
ZIP Area
1,280
Density / Sq Mi
$56,862
Median Household Income
$34,450
Median Earnings
$1,219
Median Rent
$262,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - The fully occupied property includes on-site laundry, block construction, and public water and sewer.
Where is this apartment building located?
The property is located at 2021 Pennsylvania Avenue Englewood, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Six units, all reported rented; Approximately 3,315 square feet on about 0.29 acres; Unit mix: one efficiency, two 1‑bedroom/1‑bath units, and three 2‑bedroom/1‑bath units
