Income Property Near
For Sale
$1,299,000
2621 SW 33 Ave, Ocala, FL 34474
Eight-unit income property near College of Central Florida.
Property Size4,466 SF
Days on Market108
Property Features for 2621 SW 33 Ave
General Information
Standard status
Active
Size
4,466 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,103
Building Details
Building Size
4,466 SF
Year Built
1967
Stories
2
Units
1
Listing Agency:
GREAT EXPECTATIONS REALTY, LLC
(352) 875-4516
Listed By:
David Proeber · License #3157311
(352) 875-4516
Source:
Elliman
Added: Apr 22
Changed: Aug 7
Last Checked: Aug 7 at 3:05AM
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 GREAT EXPECTATIONS REALTY, LLC
Investment Insights
Based on property information with market context.
This eight-unit commercial property is located directly across from the College of Central Florida. It features a diversified income stream, with six units under long-term leases, one mid-term rental, and one short-term rental. The mid-term and short-term units are being conveyed fully furnished. The property is connected to the City of Ocala water and sewer, and an on-site well is available for exterior use. The roof was replaced March 18, 2025. The property offers income stability and future upside potential through rent optimization or operational improvements. Its proximity to a major educational institution enhances long-term desirability and occupancy strength.
Key Highlights
- Prime location directly across from the College of Central Florida, ensuring high visibility and consistent rental demand.
- Diversified income streams with a mix of long‑term, mid‑term, and short‑term rentals.
- Turnkey opportunity with fully furnished mid‑term and short‑term rental units for immediate income.
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
$64,904
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
5.00%
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%
$1,298,080
$1.3M
Cap Rate 7%
$927,200
$927.2K
Cap Rate 9%
$721,156
$721.2K
Market Conditions
NOI Build-Up for 4,466 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
$125.9K $28.20/SF
− Vacancy
−$7.9K −$1.78/SF
EGI
$118.0K $26.42/SF
− OpEx
−$53.1K −$11.89/SF
NOI
$64.9K $14.53/SF
Area
Marion County, FL
Vacancy
6.30%
Lease Rate
$28.20 /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%
$1,298,080
Cap Rate 7%
$927,200
Cap Rate 9%
$721,156
Alternative Uses
Best Use
Apartment 5plus
$927.2K
$811.3K – $1.08M
NOI $64,904 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.44M
$2.13M – $2.85M
NOI $170,714 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,368
Businesses Nearby
Explore this area
Business Placement
Demographics for 34474, FL
17,781
Population
9,207
Households
1.9
Avg Household Size
41
Median Age
31%
College-Educated
93%
High-School Grad
21.0 sq mi
ZIP Area
847
Density / Sq Mi
$62,150
Median Household Income
$36,422
Median Earnings
$1,605
Median Rent
$177,800
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?
Apartment building - Eight-unit income property near College of Central Florida.
Where is this apartment building located?
The property is located at 2621 SW 33 Ave Ocala, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Prime location directly across from the College of Central Florida, ensuring high visibility and consistent rental demand.; Diversified income streams with a mix of long‑term, mid‑term, and short‑term rentals.; Turnkey opportunity with fully furnished mid‑term and short‑term rental units for immediate income.
