Three-Building Mixed-Use
New
For Sale
$1,395,000
2221 S PINE AVENUE, Ocala, FL 34471
Office and residential components support a fully occupied rental profile.
Property Size5,072 SF
Price / SF$275.04
Days on Market7
Property Features for 2221 S PINE AVENUE
General Information
Standard status
Active
Size
5,072 SF
Property subtype
Triplex
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1985
Buildings
3
Tenancy
Multi
Listing Agency:
PEGASUS REALTY & ASSOC INC
(352) 629-4505
Listed By:
Sharon Will · License #3334350
Source:
Endlesssummerrealty
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 4:51AM
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 PEGASUS REALTY & ASSOC INC
Investment Insights
Based on property information with market context.
This mixed-use property includes three buildings arranged across three separate parcels, with office space and residential rental units. The improvements date to 1985 and contain a combined property size of 5,072 square feet. Units are reported as 100% occupied, with long-term tenants in place across the office and residential components.
The property is located at 2221 S Pine Avenue in Ocala, Florida, along U.S. Highway 441. Its position on South Pine Avenue places the three-parcel assemblage within the city and provides direct exposure to the highway corridor. The combination of multiple buildings, office and residential occupancy, and an established tenant base defines the property’s current mixed-use configuration.
The property is located at 2221 S Pine Avenue in Ocala, Florida, along U.S. Highway 441. Its position on South Pine Avenue places the three-parcel assemblage within the city and provides direct exposure to the highway corridor. The combination of multiple buildings, office and residential occupancy, and an established tenant base defines the property’s current mixed-use configuration.
Key Highlights
- Three buildings distributed across three parcels
- Office and residential rental units in one mixed‑use property
- 100% occupied 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
$73,711
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
5.28%
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%
$1,474,220
$1.5M
Cap Rate 7%
$1,053,014
$1.1M
Cap Rate 9%
$819,011
$819.0K
Market Conditions
NOI Build-Up for 5,072 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
$143.0K $28.20/SF
− Vacancy
−$9.0K −$1.78/SF
EGI
$134.0K $26.42/SF
− OpEx
−$60.3K −$11.89/SF
NOI
$73.7K $14.53/SF
Area
Marion County, FL
Vacancy
6.30%
Lease Rate
$28.20 /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%
$1,474,220
Cap Rate 7%
$1,053,014
Cap Rate 9%
$819,011
Alternative Uses
Best Use
Office B
$1.87M
$1.64M – $2.19M
NOI $131,162 @ 7.0% cap · market cap 9.40%
Second Best
Apartment 5plus
$1.05M
$921.4K – $1.23M
NOI $73,711 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,879 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,101
Businesses Nearby
Explore this area
Business Placement
Demographics for 34471, FL
27,632
Population
12,071
Households
2.3
Avg Household Size
43
Median Age
36%
College-Educated
93%
High-School Grad
19.8 sq mi
ZIP Area
1,396
Density / Sq Mi
$60,283
Median Household Income
$37,565
Median Earnings
$1,225
Median Rent
$292,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office and residential components support a fully occupied rental profile.
Where is this mixed-use property located?
The property is located at 2221 S PINE AVENUE Ocala, FL.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Three buildings distributed across three parcels; Office and residential rental units in one mixed‑use property; 100% occupied units
