Renovated Duplex with Separate
New
For Sale
$279,900
2307 MISPAH AVENUE A + B, Leesburg, FL 34748
Two leased units feature separately metered utilities, updated interiors, full kitchens, and dedicated parking areas.
Property Size1,536 SF
Price / SF$182.23
Days on Market5
Property Features for 2307 MISPAH AVENUE A + B
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Duplex
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1979
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
WEICHERT REALTORS HALLMARK PRO
(407) 585-0500
Listed By:
Linda Bain · License #3048162
Source:
Endlesssummerrealty
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 6:17AM
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 duplex contains two residential units, each with two bedrooms, one bathroom, and 768 square feet of living area. Together, the property provides 1,536 heated square feet. Both units include full kitchens with granite countertops, wood cabinetry, refrigerators, ranges, and microwaves. Recent work includes refreshed bathrooms, luxury vinyl plank flooring, and interior and exterior paint completed in December 2024 and January 2025.
The roof dates to 2019, while electrical improvements were completed in 2015, including work involving the service panels, lighting, switches, outlets, fans, and air-handler lines. New hot water heaters are noted for July 2026. Each residence has a separate driveway, and the divided 2025 storage shed provides dedicated storage areas. Utilities are separately metered, there are no HOA fees, and both units are currently leased. The property is located near Historic Nature Park, Lake Griffin, schools, shopping, restaurants, and access to 441, US27, and I75.
The roof dates to 2019, while electrical improvements were completed in 2015, including work involving the service panels, lighting, switches, outlets, fans, and air-handler lines. New hot water heaters are noted for July 2026. Each residence has a separate driveway, and the divided 2025 storage shed provides dedicated storage areas. Utilities are separately metered, there are no HOA fees, and both units are currently leased. The property is located near Historic Nature Park, Lake Griffin, schools, shopping, restaurants, and access to 441, US27, and I75.
Key Highlights
- Two‑unit duplex with 4 bedrooms, 2 bathrooms, and 1,536 heated Sq Ft
- Each unit provides 768 square feet with 2 beds and 1 bath
- Renovations completed 12/2024 & 01/2025, including updated baths, flooring, and paint
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 leased units feature separately metered utilities, updated interiors, full kitchens, and dedicated parking areas.
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 bathrooms, and 1,536 heated Sq Ft; Each unit provides 768 square feet with 2 beds and 1 bath; Renovations completed 12/2024 & 01/2025, including updated baths, flooring, and paint
