Three-Unit Triplex with Separate
For Sale
Under Contract
$200,000
302 Garrett Road E, Avon Park, FL 33825
Residential, Single Story, Avon Park, FL
Property Size1,980 SF
Lot Size1.74 Acres
Price / SF$101.01
Days on Market65
Property Features for 302 Garrett Road E
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R3
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 1
Parking features
Driveway
Pets allowed
No
Exterior features
Stucco
Appliances
Refrigerator(s), Stove(s) / Range(s) Oven(s)
Directions
From US Hwy 27 and Hammock Rd, travel north on US Hwy 27 to right on W Hal McRae Blvd, right on S Lake Blvd, left on Garrett Rd, and property will be on the left.
Standard status
Active Under Contract
APN
C-27-33-28-150-0000-078A
Size
1,980 SF
Lot size
1.74 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LACEY HILL-CONNELL UNREC SOUTH 97.02 OF WEST 795 FT OF THE NW 1/4 OF SE 1/4 LESS WEST 20 FT FULLY DESC IN OR 393-PG 857 T A NO 78A
Tax Annual Amount
7062
Legal Description
LACEY HILL-CONNELL UNREC SOUTH 97.02 OF WEST 795 FT OF THE NW 1/4 OF SE 1/4 LESS WEST 20 FT FULLY DESC IN OR 393-PG 857 T A NO 78A
Utilities
Heating system
Other (Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1976
Floors in Building
1
Flooring type
Tile
Building materials
Concrete Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX REALTY PLUS · RE/MAX International
(863) 385-0077
Listed By:
C Boring III
(863) 381-1298
Added: Jul 6
Changed: Sep 2
Last Checked: Sep 8 at 6:06PM
MLS# 326387
Copyright © 2026 Heartland Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property at 302 Garrett Road E in Avon Park includes 1,980 square feet arranged as two two-bedroom, one-bath units and one one-bedroom, one-bath unit. Each residence has a full kitchen, living room, appliances, and separate driveway parking. Individual electric metering serves the units, while tile flooring, stucco exteriors, concrete block construction, shingle roofing, and wall-unit cooling are among the existing improvements. The property was built in 1976 and is offered as-is with work needed.
The 1.74-acre parcel is zoned R3 and positioned in Highlands County. Existing features include refrigerators, stove/range ovens, tile flooring, driveway parking, and separate residential accommodations within the triplex configuration.
The 1.74-acre parcel is zoned R3 and positioned in Highlands County. Existing features include refrigerators, stove/range ovens, tile flooring, driveway parking, and separate residential accommodations within the triplex configuration.
Key Highlights
- Three rental units totaling 1,980 square feet
- Unit mix includes two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Each unit is individually metered and includes a full kitchen and living room
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
$17,884
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
8.94%
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%
$357,680
$357.7K
Cap Rate 7%
$255,486
$255.5K
Cap Rate 9%
$198,711
$198.7K
Market Conditions
NOI Build-Up for 1,980 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
$27.3K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.5K $12.90/SF
− OpEx
−$7.7K −$3.87/SF
NOI
$17.9K $9.03/SF
Area
Highlands County, FL
Vacancy
6.50%
Lease Rate
$13.80 /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%
$357,680
Cap Rate 7%
$255,486
Cap Rate 9%
$198,711
Alternative Uses
Best Use
Multifamily LT 5
$255.5K
$223.6K – $298.1K
NOI $17,884 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$237.4K
$207.7K – $277.0K
NOI $16,619 @ 7.0% cap · market cap 8.31%
Theoretical Best
Office A
$411.9K
$360.4K – $480.6K
NOI $28,835 @ 7.0% cap · market cap 14.42%
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
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 33825, FL
24,943
Population
12,519
Households
2
Avg Household Size
49
Median Age
13%
College-Educated
83%
High-School Grad
112.8 sq mi
ZIP Area
221
Density / Sq Mi
$46,604
Median Household Income
$32,352
Median Earnings
$902
Median Rent
$152,400
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 - Individually metered rental units include full kitchens, appliances, and distinct living spaces.
Where is this triplex located?
The property is located at 302 Garrett Road E Avon Park, FL.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Three rental units totaling 1,980 square feet; Unit mix includes two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Each unit is individually metered and includes a full kitchen and living room
