Duplex with Attached
For Sale
$585,000
2129 N Pine Cone Avenue, Lecanto, FL 34461
MULTI_FAMILY - Other - Lecanto, FL
Property Size2,140 SF
Lot Size0.21 Acres
Price / SF$273.36
Days on Market208
Property Features for 2129 N Pine Cone Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MDR
Parking features
Driveway
Security features
Security
Interior features
FrenchDoorsAtriumDoors, SlidingGlassDoors
Exterior features
ConcreteDriveway
Appliances
Dryer, Dishwasher, ElectricCooktop, ElectricOven, ElectricRange, Disposal, Refrigerator
Subdivision
Flying Dutchman Est.
Lot features
Flat, Rectangular
Directions
From Norvell Bryant and Lecanto Highway, Go East on Norvell Bryant, North on Pine Cone Ave, East side of street
Standard status
Active
APN
2422947
Size
2,140 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FLYING DUTCHMAN ESTS PHASE I PB 12 PG 118 LOT 1 BLK 1
Tax Annual Amount
3507
Legal Description
FLYING DUTCHMAN ESTS PHASE I PB 12 PG 118 LOT 1 BLK 1
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
attached garage
privacy fencing
front patio
rear patio
dedicated laundry room
Building Details
Year built
2007
Number of units
2
Flooring type
Carpet, Tile
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Christine Steele · License #3639173
(402) 208-9454
Added: Jan 20
Changed: Aug 15
Last Checked: Aug 16 at 4:06PM
MLS# 851506
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 2007 duplex contains 2,140 square feet across two residential units. Each unit has 2 bedrooms and 2 bathrooms, along with a living room, dining area, kitchen, dedicated laundry room, front and rear patios, an attached garage, and privacy fencing. The property includes central air, heat-pump heating, public water, asphalt shingle roofing, and a concrete driveway. The roof and water heaters were replaced in 2024.
Located at 2129 N Pine Cone Avenue in Lecanto, the property is near Shoppes at Black Diamond, Black Diamond Ranch, Suncoast Parkway, and additional area amenities. It is zoned MDR, has no HOA, and is not in a flood zone. Each unit is separately configured for residential occupancy, with tile and carpet flooring and kitchen appliances including an electric range, refrigerator, dishwasher, and disposal.
The 0.21-acre site provides two-unit residential income property functionality with individual private outdoor areas and attached garage space.
Located at 2129 N Pine Cone Avenue in Lecanto, the property is near Shoppes at Black Diamond, Black Diamond Ranch, Suncoast Parkway, and additional area amenities. It is zoned MDR, has no HOA, and is not in a flood zone. Each unit is separately configured for residential occupancy, with tile and carpet flooring and kitchen appliances including an electric range, refrigerator, dishwasher, and disposal.
The 0.21-acre site provides two-unit residential income property functionality with individual private outdoor areas and attached garage space.
Key Highlights
- 2,140‑square‑foot duplex built in 2007
- Each unit includes 2 bedrooms, 2 bathrooms, a kitchen, dining area, and dedicated laundry room
- Front and rear patios, privacy fencing, and an attached garage for each unit
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
$19,535
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
3.34%
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%
$390,700
$390.7K
Cap Rate 7%
$279,071
$279.1K
Cap Rate 9%
$217,056
$217.1K
Market Conditions
NOI Build-Up for 2,140 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
$29.5K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$27.9K $13.04/SF
− OpEx
−$8.4K −$3.91/SF
NOI
$19.5K $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%
$390,700
Cap Rate 7%
$279,071
Cap Rate 9%
$217,056
Alternative Uses
Best Use
Multifamily LT 5
$279.1K
$244.2K – $325.6K
NOI $19,535 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$256.0K
$224.0K – $298.7K
NOI $17,923 @ 7.0% cap · market cap 3.06%
Theoretical Best
Specialty Retail
$480.9K
$420.8K – $561.0K
NOI $33,660 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 34461, FL
11,388
Population
5,552
Households
2.1
Avg Household Size
58
Median Age
23%
College-Educated
92%
High-School Grad
45.8 sq mi
ZIP Area
249
Density / Sq Mi
$60,795
Median Household Income
$33,825
Median Earnings
$1,190
Median Rent
$287,200
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 residential units offer private patios, dedicated laundry rooms, attached garages, and fenced outdoor areas.
Where is this duplex located?
The property is located at 2129 N Pine Cone Avenue Lecanto, FL.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 2,140‑square‑foot duplex built in 2007; Each unit includes 2 bedrooms, 2 bathrooms, a kitchen, dining area, and dedicated laundry room; Front and rear patios, privacy fencing, and an attached garage for each unit
