Renovated Duplex with Separate
For Sale
$279,900
2307 MISPAH AVENUE #A + B, Leesburg, FL 34748
Two updated units offer separate utilities, private driveways, storage, and leased occupancy.
Property Size1,536 SF
Price / SF$182.23
Days on Market13
Property Features for 2307 MISPAH AVENUE #A + B
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Residential Income
Zoning
R-2
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,956
Building Details
Building Size
1,536 SF
Year Built
1979
Year Renovated
2025
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
WEICHERT REALTORS HALLMARK PRO
(407) 474-5269
Listed By:
Linda Bain
(407) 474-5269
Source:
Bonjorn
Added: Aug 7
Changed: Aug 17
Last Checked: Aug 17 at 10:05PM
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 WEICHERT REALTORS HALLMARK PRO
Investment Insights
Based on property information with market context.
This R-2-zoned duplex contains two separately leased residences, each with 2 bedrooms, 1 bath, and 768 square feet of living area. The property totals 1,536 heated square feet. Interior and exterior improvements completed in December 2024 and January 2025 include fresh paint, luxury vinyl plank flooring, updated bathrooms, wood cabinetry, refrigerators, stoves, and microwaves. The roof dates to 2019, while electrical updates were completed in 2015. New hot water heaters are identified for July 2026.
Each residence has its own driveway, with ample parking area and separate utility metering. A divided shed installed in 2025 provides dedicated storage space for both units, and lawn areas are located at the front and rear. The property is near Historic Nature Park, Lake Griffin, schools, shopping, and restaurants, with access to 441, US27, and I75. Both units are currently leased.
Each residence has its own driveway, with ample parking area and separate utility metering. A divided shed installed in 2025 provides dedicated storage space for both units, and lawn areas are located at the front and rear. The property is near Historic Nature Park, Lake Griffin, schools, shopping, and restaurants, with access to 441, US27, and I75. Both units are currently leased.
Key Highlights
- Two‑unit duplex with 4 bedrooms, 2 baths, and 1,536 heated Sq Ft
- Each unit includes 2 beds, 1 bath, and 768 Square feet of living area
- Renovations completed 12/2024 & 01/2025, including flooring, paint, and updated bathrooms
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
$20,486
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
7.32%
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%
$409,720
$409.7K
Cap Rate 7%
$292,657
$292.7K
Cap Rate 9%
$227,622
$227.6K
Market Conditions
NOI Build-Up for 1,536 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
$31.3K $20.40/SF
− Vacancy
−$2.1K −$1.35/SF
EGI
$29.3K $19.05/SF
− OpEx
−$8.8K −$5.72/SF
NOI
$20.5K $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%
$409,720
Cap Rate 7%
$292,657
Cap Rate 9%
$227,622
Alternative Uses
Best Use
Multifamily LT 5
$292.7K
$256.1K – $341.4K
NOI $20,486 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$269.5K
$235.8K – $314.4K
NOI $18,863 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$437.1K
$382.5K – $510.0K
NOI $30,597 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
656
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 updated units offer separate utilities, private driveways, storage, and leased occupancy.
Where is this duplex located?
The property is located at 2307 MISPAH AVENUE #A + B Leesburg, FL.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two‑unit duplex with 4 bedrooms, 2 baths, and 1,536 heated Sq Ft; Each unit includes 2 beds, 1 bath, and 768 Square feet of living area; Renovations completed 12/2024 & 01/2025, including flooring, paint, and updated bathrooms
