8-Unit Apartment
For Sale
$1,179,000
2621 SW 33 Ave, Ocala, FL 34474
Mixed lease structures include furnished mid-term and short-term units.
Property Size4,466 SF
Price / SF$263.99
Days on Market57
Property Features for 2621 SW 33 Ave
General Information
Standard status
Active
Size
4,466 SF
Building Details
Year Built
1967
Listing Agency:
GREAT EXPECTATIONS REALTY, LLC
(352) 387-1212
Listed By:
Andrea Proeber, David Proeber · License #3157311
Source:
Livewelltampabay
Added: Jul 6
Changed: Aug 31
Last Checked: Aug 31 at 7:38PM
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 GREAT EXPECTATIONS REALTY, LLC
Investment Insights
Based on property information with market context.
Built in 1967, this 8-unit apartment property contains 4,466 square feet and is situated on a 0.42-acre parcel. The unit mix includes 6 apartments with long-term leases, 1 mid-term rental, and 1 short-term rental. The mid-term and short-term apartments convey furnished, supporting continued operation under their current rental formats.
The property is directly across from the College of Central Florida and is zoned R3. Municipal water and sewer serve the property, while an on-site well provides water for exterior activities such as vehicle washing and maintenance. The roof was replaced on March 18, 2025. Exterior features include asphalt and paved surfaces, a slab foundation, and access from a city street and a publicly maintained road.
The property is directly across from the College of Central Florida and is zoned R3. Municipal water and sewer serve the property, while an on-site well provides water for exterior activities such as vehicle washing and maintenance. The roof was replaced on March 18, 2025. Exterior features include asphalt and paved surfaces, a slab foundation, and access from a city street and a publicly maintained road.
Key Highlights
- 8‑unit apartment property with 4,466 square feet
- Unit mix includes 6 long‑term leases, 1 mid‑term rental, and 1 short‑term rental
- Mid‑term and short‑term units convey fully furnished
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
5.51%
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 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.44M
$2.13M – $2.85M
NOI $170,714 @ 7.0% cap · market cap 14.48%
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed lease structures include furnished mid-term and short-term units.
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 $1,179,000.
What are key features of this property?
This property features: 8‑unit apartment property with 4,466 square feet; Unit mix includes 6 long‑term leases, 1 mid‑term rental, and 1 short‑term rental; Mid‑term and short‑term units convey fully furnished
