Renovated Triplex With
For Sale
$435,000
2387 Sheridan Road, Mount Dora, FL 32757
Three-unit multifamily property with two renovated residences and a third unit undergoing improvements.
Property Size2,500 SF
Price / SF$174
Days on Market384
Property Features for 2387 Sheridan Road
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Amenities
7
3
1
Listing Agency:
For sale by owner, please contact
Listed By:
Fizber
Source:
Compass
Added: Aug 14, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:18AM
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 For sale by owner, please contact
Investment Insights
Based on property information with market context.
Located at 2387 Sheridan Road in Mount Dora, this 2,500-square-foot triplex contains three residential units. Two units have been renovated, including one that is ready for occupancy and another leased to a long-term tenant with more than six months remaining on the current lease.
The third and largest residence is undergoing renovation, leaving work in progress for the next owner to complete. The property combines existing rental income with two distinct improvement conditions: one renovated unit ready for placement and one larger unit still being finished.
The third and largest residence is undergoing renovation, leaving work in progress for the next owner to complete. The property combines existing rental income with two distinct improvement conditions: one renovated unit ready for placement and one larger unit still being finished.
Key Highlights
- Three‑unit triplex totaling 2,500 square feet
- Two units have been renovated
- One renovated unit is rent‑ready
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
$33,344
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
7.67%
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%
$666,880
$666.9K
Cap Rate 7%
$476,343
$476.3K
Cap Rate 9%
$370,489
$370.5K
Market Conditions
NOI Build-Up for 2,500 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
$51.0K $20.40/SF
− Vacancy
−$3.4K −$1.35/SF
EGI
$47.6K $19.05/SF
− OpEx
−$14.3K −$5.72/SF
NOI
$33.3K $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%
$666,880
Cap Rate 7%
$476,343
Cap Rate 9%
$370,489
Alternative Uses
Best Use
Multifamily LT 5
$476.3K
$416.8K – $555.7K
NOI $33,344 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$438.6K
$383.8K – $511.7K
NOI $30,701 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$711.4K
$622.5K – $830.0K
NOI $49,800 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Explore this area
Business Placement
Demographics for 32757, FL
30,315
Population
14,625
Households
2.1
Avg Household Size
49
Median Age
36%
College-Educated
92%
High-School Grad
35.3 sq mi
ZIP Area
859
Density / Sq Mi
$73,327
Median Household Income
$40,565
Median Earnings
$1,474
Median Rent
$325,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit multifamily property with two renovated residences and a third unit undergoing improvements.
Where is this triplex located?
The property is located at 2387 Sheridan Road Mount Dora, FL.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Three‑unit triplex totaling 2,500 square feet; Two units have been renovated; One renovated unit is rent‑ready
