Multifamily Property with Garage
For Sale
$299,999
247 W MINNESOTA, Orange City, FL 32763
Two tenant-occupied residences sit on an expansive acreage parcel with separate access and dedicated parking for the garage apartment.
Property Size1,204 SF
Days on Market9
Property Features for 247 W MINNESOTA
General Information
Standard status
Active
Size
1,204 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,863
Building Details
Building Size
1,204 SF
Year Built
1939
Units
2
Listing Agency:
Deltona Lakes Realty Inc.
Listed By:
Sheila Campbell · License #0706104
(407) 687-7900
Source:
Elliman
Added: Sep 18
Last Checked: Sep 24 at 12:38PM
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 Deltona Lakes Realty Inc.
Investment Insights
Based on property information with market context.
This multifamily property includes a main residence and a separate garage apartment, with both units occupied by long-term tenants. The apartment provides one bedroom, one bathroom, its own entrance, and a dedicated parking space, along with newer paint and flooring in the living area.
The main home offers three bedrooms, an open-plan layout, a large primary bedroom, and a full bathroom. The two additional bedrooms share a half Jack-and-Jill bath. Interior updates include newer carpeting, laminate flooring, bright kitchen cabinetry, and a newer refrigerator. Built in 1939, the property occupies over 3 acres in Orange City, with access to W Minnesota and proximity to US 17-92 and shopping.
The main home offers three bedrooms, an open-plan layout, a large primary bedroom, and a full bathroom. The two additional bedrooms share a half Jack-and-Jill bath. Interior updates include newer carpeting, laminate flooring, bright kitchen cabinetry, and a newer refrigerator. Built in 1939, the property occupies over 3 acres in Orange City, with access to W Minnesota and proximity to US 17-92 and shopping.
Key Highlights
- Two units with long‑term tenants in place
- Separate garage apartment with 1 bedroom and 1 bathroom
- Garage apartment includes a private entrance and dedicated parking space
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
$9,175
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
3.06%
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%
$183,500
$183.5K
Cap Rate 7%
$131,071
$131.1K
Cap Rate 9%
$101,944
$101.9K
Market Conditions
NOI Build-Up for 1,204 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
$18.6K $15.48/SF
− Vacancy
−$2.0K −$1.63/SF
EGI
$16.7K $13.85/SF
− OpEx
−$7.5K −$6.23/SF
NOI
$9.2K $7.62/SF
Area
Volusia County, FL
Vacancy
10.50%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
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%
$183,500
Cap Rate 7%
$131,071
Cap Rate 9%
$101,944
Alternative Uses
Best Use
Apartment 5plus
$131.1K
$114.7K – $152.9K
NOI $9,175 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$355.0K
$310.6K – $414.2K
NOI $24,851 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 32763, FL
23,391
Population
11,897
Households
2
Avg Household Size
44
Median Age
22%
College-Educated
90%
High-School Grad
20.9 sq mi
ZIP Area
1,119
Density / Sq Mi
$64,022
Median Household Income
$40,100
Median Earnings
$1,449
Median Rent
$239,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two tenant-occupied residences sit on an expansive acreage parcel with separate access and dedicated parking for the garage apartment.
Where is this multifamily property located?
The property is located at 247 W MINNESOTA Orange City, FL.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: Two units with long‑term tenants in place; Separate garage apartment with 1 bedroom and 1 bathroom; Garage apartment includes a private entrance and dedicated parking space
