Renovated Triplex with
For Sale
$369,900
220 N ADELLE AVENUE, Deland, FL 32720
Three separate residences share a courtyard, covered carport, and private porches in downtown DeLand.
Property Size1,776 SF
Lot Size0.25 Acres
Price / SF$208.28
Days on Market13
Property Features for 220 N ADELLE AVENUE
General Information
Standard status
Active
Size
1,776 SF
Lot size
0.25 Acres
Property subtype
Triplex
Zoning
05R-2
Occupancy
100%
Units
Unit Mix
1 x 2BR house, 1 x 1BR cottage, 1 x studio
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Amenities
courtyard
covered carport
private porches
Building Details
Year Built
1947
Listing Agency:
ZEMBALA GROUP
(407) 234-9744
Listed By:
Dave Zembala PA · License #3235099
Source:
Endlesssummerrealty
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 12:00PM
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 ZEMBALA GROUP
Investment Insights
Based on property information with market context.
Built in 1947, this 1,776-square-foot triplex includes a two-bedroom main house, a detached one-bedroom cottage, and a studio that has been recently renovated. The residences are arranged around a courtyard and include private porches, while a covered carport serves the property. Three separate electric meters support the individual units, and the property occupies a 10,875-square-foot lot. It is currently fully leased.
The property is located at 220 N Adelle Avenue in DeLand, within walking distance of Mainstreet, restaurants, bars, and parks. Stetson University and AdventHealth DeLand are minutes away. Blue Springs and DeLeon Springs State Parks are nearby, with Daytona Beach approximately 25 miles away and Orlando’s major attractions about an hour from the property. Zoning is 05R-2.
The property is located at 220 N Adelle Avenue in DeLand, within walking distance of Mainstreet, restaurants, bars, and parks. Stetson University and AdventHealth DeLand are minutes away. Blue Springs and DeLeon Springs State Parks are nearby, with Daytona Beach approximately 25 miles away and Orlando’s major attractions about an hour from the property. Zoning is 05R-2.
Key Highlights
- Three‑unit layout includes a 2‑bedroom house, 1‑bedroom cottage, and studio
- 1,776 SF triplex on a 10,875 sq ft lot
- Recently renovated studio 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
$15,580
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
4.21%
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%
$311,600
$311.6K
Cap Rate 7%
$222,571
$222.6K
Cap Rate 9%
$173,111
$173.1K
Market Conditions
NOI Build-Up for 1,776 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
$24.7K $13.92/SF
− Vacancy
−$2.5K −$1.39/SF
EGI
$22.3K $12.53/SF
− OpEx
−$6.7K −$3.76/SF
NOI
$15.6K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /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%
$311,600
Cap Rate 7%
$222,571
Cap Rate 9%
$173,111
Alternative Uses
Best Use
Multifamily LT 5
$222.6K
$194.8K – $259.7K
NOI $15,580 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$193.3K
$169.2K – $225.6K
NOI $13,533 @ 7.0% cap · market cap 3.66%
Theoretical Best
Office A
$523.7K
$458.2K – $611.0K
NOI $36,657 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,615
Businesses Nearby
Explore this area
Business Placement
Demographics for 32720, FL
33,568
Population
13,962
Households
2.4
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
66.3 sq mi
ZIP Area
506
Density / Sq Mi
$67,512
Median Household Income
$39,159
Median Earnings
$1,177
Median Rent
$280,600
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?
Triplex - Three separate residences share a courtyard, covered carport, and private porches in downtown DeLand.
Where is this triplex located?
The property is located at 220 N ADELLE AVENUE Deland, FL.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Three‑unit layout includes a 2‑bedroom house, 1‑bedroom cottage, and studio; 1,776 SF triplex on a 10,875 sq ft lot; Recently renovated studio unit
