Renovated Duplex
For Sale
$279,900
Pending
2307 MISPAH Avenue, Leesburg, FL 34748
Residential Income, LEESBURG, FL
Property Size1,536 SF
Lot Size0.18 Acres
Days on Market52
Property Features for 2307 MISPAH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Assigned, Open
Interior features
Eat-in Kitchen, Solid Wood Cabinets
Exterior features
Private Yard
Appliances
Electric Water Heater, Microwave, Range, Refrigerator
Subdivision
LEESBURG BEULAH HEIGHTS
Lot features
In County, Paved
Directions
Exit I-4 onto SR-46 West, Continue on SR-46 through Sorrento, Merge onto SR-44 West toward Mount Dora / Eustis, Stay on SR-44 until it meets US-441, Take US-441 North toward Leesburg, Turn left onto CR-44 (Leesburg), Turn right onto Mispah Ave.
Standard status
Pending
APN
22-19-24-0200-00E-03100
Size
1,536 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEESBURG BEULAH HEIGHTS LOTS 31 32 BLK E PB 5 PG 74 ORB 6455 PG 2336
Tax Annual Amount
3956
Legal Description
LEESBURG BEULAH HEIGHTS LOTS 31 32 BLK E PB 5 PG 74 ORB 6455 PG 2336
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1979
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Block, Concrete, Stucco, Frame
Roof type
Shingle
Listing Agency:
WEICHERT REALTORS HALLMARK PRO
(407) 585-0500
Listed By:
Linda Bain
(407) 474-5269
Added: Aug 7
Changed: Sep 26
Last Checked: Sep 27 at 1:06AM
MLS# O6431792
Copyright © 2026 Stellar MLS. 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 duplex contains two residential units, each with 2 bedrooms, 1 bathroom, and 768 square feet of living area, for a combined 1,536 square feet. Renovations completed in 12/2024 and 01/2025 include updated bathrooms, luxury vinyl plank flooring, interior and exterior paint, wood cabinets, and kitchen appliances. The property also features central heating and cooling, a shingle roof installed in 2019, and electrical updates completed in 2015.
Each unit has a separate driveway and individually metered utilities. The divided storage shed provides dedicated space for both units, while front and rear lawn areas support outdoor use. The property is zoned R-2, has public water and sewer, and includes open assigned parking. Both units are currently leased. Access to 441, US27, and I75 provides connections to nearby schools, shopping, restaurants, Lake Griffin, and the Historic Nature Park.
Each unit has a separate driveway and individually metered utilities. The divided storage shed provides dedicated space for both units, while front and rear lawn areas support outdoor use. The property is zoned R-2, has public water and sewer, and includes open assigned parking. Both units are currently leased. Access to 441, US27, and I75 provides connections to nearby schools, shopping, restaurants, Lake Griffin, and the Historic Nature Park.
Key Highlights
- Two‑unit property with 1,536 square feet, including 768 square feet in each unit
- Each unit includes 2 bedrooms and 1 bathroom
- Renovations completed in 12/2024 and 01/2025
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
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Open 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
269
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 separately metered units offer updated interiors, private driveways, storage space, and current leases.
Where is this duplex located?
The property is located at 2307 MISPAH Avenue 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 property with 1,536 square feet, including 768 square feet in each unit; Each unit includes 2 bedrooms and 1 bathroom; Renovations completed in 12/2024 and 01/2025
