Updated Residential Income
For Sale
$345,000
204 LOUIS STREET, Leesburg, FL 34748
Updated duplex with fenced lot and 2025 AC and water heater, currently leased through Sept 2027.
Property Size1,840 SF
Price / SF$187.50
Days on Market21
Property Features for 204 LOUIS STREET
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Duplex
Amenities
0.21 acres, Dimensions: 75x120
Membrane, Shingle
Public Sewer
Additional parcels description:, Parcel Number: 27-19-24-1200-00C-01800, Public Survey Range: 24E, Public Survey Section: 27, Annual Amount: $2,513.15, Tax Block: 00C, Tax Book Number: 12-63, Legal Description: LEESBURG LAKEWOOD PARK LOT 18 BLK C PB 12 PG 63 ORB 6123 PG 86, Lot: 18, Year: 2025, Zoning: R-1
Gross Income: $34,800
Central Air
Central
Inside
Listing ID: MFRO6427592, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-07-23, 1 day on market, Special Conditions: None
Built in 1954, Living area: 1840, Living area units: Square Feet, Levels: One, Construction Materials: Block
Subdivision: LEESBURG LAKEWOOD PARK, MLS Area (Major): 34748 - Leesburg, County/Parish: Lake
Completed
Public, Water Source: Public
Stem Wall
Electricity, Gas, Sewer, Trash Collection, Water
Road Surface: Paved
Fence, Private Yard
Ceiling Fans(s)
Other equipment: Private Yard
Building Details
Year Built
1954
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(407) 622-2122
Listed By:
Husain Jaffer · License #3293364
Source:
Miharaandassociates
Added: Jul 23
Changed: Aug 12
Last Checked: Aug 12 at 6:44AM
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 CHARLES RUTENBERG REALTY ORLANDO
Investment Insights
Based on property information with market context.
This residential income duplex includes a main house plus an additional 4th bedroom being rented as a studio. The property has been fully updated cosmetically, and the buyer will inherit existing tenant occupancy. The home is set on a fenced lot and includes a 2025 AC and water heater, with the roof described as being in great shape.
Located at 204 Louis Street in Leesburg, Florida, the current leases are in place through Sept 2027, with tenants requesting no disturbance and appointments for showings.
The duplex offers an income-producing setup with the 4th bed configured as a studio rental alongside the main house.
Located at 204 Louis Street in Leesburg, Florida, the current leases are in place through Sept 2027, with tenants requesting no disturbance and appointments for showings.
The duplex offers an income-producing setup with the 4th bed configured as a studio rental alongside the main house.
Key Highlights
- 8.1% net income at asking with $2,900 gross per month
- Updated duplex with tenants in place; lease runs through Sept 2027
- Over 9,000 sq ft fenced lot
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 - Updated duplex with fenced lot and 2025 AC and water heater, currently leased through Sept 2027.
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: 8.1% net income at asking with $2,900 gross per month; Updated duplex with tenants in place; lease runs through Sept 2027; Over 9,000 sq ft fenced lot
