Renovated Duplex with Separate
New
For Sale
$279,900
2307 MISPAH Avenue, Leesburg, FL 34748
MULTI_FAMILY - LEESBURG, FL
Property Size1,536 SF
Lot Size0.18 Acres
Price / SF$182.23
Days on Market6
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
Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
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
Active
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: Aug 10
Last Checked: Aug 12 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 768-square-foot units, each configured with two bedrooms and one bathroom, for a combined 1,536 square feet of living area. Both residences include wood cabinetry, refrigerators, ranges, microwaves, vinyl plank flooring, and refreshed bathrooms. Interior and exterior painting was completed during December 2024 and January 2025, with additional renovations completed across 12/2024 and 01/2025. The roof dates to 2019, while electrical updates were completed in 2015. New hot water heaters are scheduled for July 2026.
The property occupies 0.18 acres in Leesburg and carries R-2 zoning. Each unit has its own driveway, and the divided shed provides separate storage areas. Public water and public sewer serve the property, and utilities are separately metered. Both units are currently leased. The property is near schools, shopping, restaurants, Historic Nature Park, and Lake Griffin, with access to 441/US27/I75.
The property occupies 0.18 acres in Leesburg and carries R-2 zoning. Each unit has its own driveway, and the divided shed provides separate storage areas. Public water and public sewer serve the property, and utilities are separately metered. Both units are currently leased. The property is near schools, shopping, restaurants, Historic Nature Park, and Lake Griffin, with access to 441/US27/I75.
Key Highlights
- Two 768‑square‑foot units provide 4 bedrooms and 2 bathrooms across 1,536 square feet
- Renovations completed in 12/2024 and 01/2025, including flooring, paint, and bathroom updates
- Both units are currently leased with utilities separately metered
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
Property Profile
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
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 rental units feature separate utility meters, private parking areas, and individual storage space.
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 768‑square‑foot units provide 4 bedrooms and 2 bathrooms across 1,536 square feet; Renovations completed in 12/2024 and 01/2025, including flooring, paint, and bathroom updates; Both units are currently leased with utilities separately metered
