Updated Duplex With Private
For Sale
$345,000
204 LOUIS Street, Leesburg, FL 34748
Residential Income, LEESBURG, FL
Property Size1,840 SF
Lot Size0.21 Acres
Price / SF$187.50
Days on Market48
Property Features for 204 LOUIS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1
Interior features
Ceiling Fans(s)
Exterior features
Fence, Private Yard
Fencing
Fenced
Subdivision
LEESBURG LAKEWOOD PARK
Directions
429 CONNECTOR
Standard status
Active
APN
27-19-24-1200-00C-01800
Size
1,840 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEESBURG LAKEWOOD PARK LOT 18 BLK C PB 12 PG 63 ORB 6123 PG 86
Tax Annual Amount
2513
Legal Description
LEESBURG LAKEWOOD PARK LOT 18 BLK C PB 12 PG 63 ORB 6123 PG 86
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
fenced in
Building Details
Year built
1954
Floors in Building
1
Building materials
Block
Roof type
Shingle, Membrane
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(407) 622-2122
Listed By:
Husain Jaffer · License #3293364
(407) 923-7642
Added: Jul 23
Changed: Sep 5
Last Checked: Sep 8 at 7:06PM
MLS# O6427592
Copyright © 2026 Stellar MLS. 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 1,840-square-foot duplex was built in 1954 and has received cosmetic updates. The property includes a main residence along with an additional bedroom arranged for studio use. Block construction, central heating and central air support the existing improvements, while a 2025 AC system and water heater add recent mechanical updates. The roof includes membrane and shingle materials.
Set on a 0.21-acre lot, the property has a fenced private yard, public water, and public sewer. R-1 zoning applies. Current leases extend through September 2027, and the occupants have expressed interest in remaining. Interior features include ceiling fans, and the property is located in Leesburg, Florida.
Set on a 0.21-acre lot, the property has a fenced private yard, public water, and public sewer. R-1 zoning applies. Current leases extend through September 2027, and the occupants have expressed interest in remaining. Interior features include ceiling fans, and the property is located in Leesburg, Florida.
Key Highlights
- 1,840‑square‑foot duplex on a 0.21‑acre lot
- Main residence plus an additional bedroom used as a studio
- Cosmetic updates, 2025 AC system, and 2025 water heater
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
$24,541
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
7.11%
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%
$490,820
$490.8K
Cap Rate 7%
$350,586
$350.6K
Cap Rate 9%
$272,678
$272.7K
Market Conditions
NOI Build-Up for 1,840 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
$37.5K $20.40/SF
− Vacancy
−$2.5K −$1.35/SF
EGI
$35.1K $19.05/SF
− OpEx
−$10.5K −$5.72/SF
NOI
$24.5K $13.34/SF
Area
Lake County, FL
Vacancy
6.60%
Lease Rate
$20.40 /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%
$490,820
Cap Rate 7%
$350,586
Cap Rate 9%
$272,678
Alternative Uses
Best Use
Multifamily LT 5
$350.6K
$306.8K – $409.0K
NOI $24,541 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$322.8K
$282.5K – $376.6K
NOI $22,596 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$523.6K
$458.2K – $610.9K
NOI $36,653 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 34748, FL
45,481
Population
25,740
Households
1.8
Avg Household Size
60
Median Age
24%
College-Educated
90%
High-School Grad
39.4 sq mi
ZIP Area
1,154
Density / Sq Mi
$53,768
Median Household Income
$30,762
Median Earnings
$1,181
Median Rent
$226,200
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 living components include a main residence and an additional bedroom configured for studio use.
Where is this duplex located?
The property is located at 204 LOUIS Street Leesburg, FL.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 1,840‑square‑foot duplex on a 0.21‑acre lot; Main residence plus an additional bedroom used as a studio; Cosmetic updates, 2025 AC system, and 2025 water heater
