Renovated 2-Unit
New
For Sale
$295,000
304 S ADELLE AVENUE, Deland, FL 32720
DELAND, FL
Property Size1,664 SF
Price / SF$177.28
Days on Market4
Property Features for 304 S ADELLE AVENUE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
6
Rooms
Bedroom 3, Bedroom 6, Bedroom 5, Bedroom 4, Bedroom 2, Bedroom 1
Standard status
Active
Size
1,664 SF
Building Details
Year built
1945
Listing Agency:
Premier Properties · Coldwell Banker Real Estate
(386) 246-2380
Listed By:
Tina Turner · License #3058114
(386) 383-3690
Added: Sep 24
Last Checked: Sep 27 at 12:06PM
MLS# FC321648
Copyright © 2026 Coldwell Banker Schmidt REALTORS. 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 1,664-square-foot duplex in DeLand contains two three-bedroom, one-bathroom residences. Both units have been renovated, one in 2021 and the other in 2023. The building was constructed in 1945 with solid concrete-block construction, and the roof dates to 2017. Electrical work was completed in 2013 and 2024, though further updating may be needed. Some windows were replaced in 2013, and part of the plumbing has been redone. The property has two electric meters and an L-shaped lot; any additional building or parking options would require confirmation with the city.
The property is within walking distance of places of worship and has access to I-4. Restaurants, stores, entertainment, and a government building are a short drive away. The beach is approximately 25 minutes away, and Orlando is about 40 minutes away.
The property is within walking distance of places of worship and has access to I-4. Restaurants, stores, entertainment, and a government building are a short drive away. The beach is approximately 25 minutes away, and Orlando is about 40 minutes away.
Key Highlights
- Two residences, each with 3 bedrooms and 1 bathroom
- 1,664 square feet; solid concrete‑block construction
- Renovations completed in 2021 and 2023, one in each unit
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
$14,597
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
4.95%
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%
$291,940
$291.9K
Cap Rate 7%
$208,529
$208.5K
Cap Rate 9%
$162,189
$162.2K
Market Conditions
NOI Build-Up for 1,664 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
$23.2K $13.92/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$20.9K $12.53/SF
− OpEx
−$6.3K −$3.76/SF
NOI
$14.6K $8.77/SF
Area
Volusia County, FL
Vacancy
9.97%
Lease Rate
$13.92 /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%
$291,940
Cap Rate 7%
$208,529
Cap Rate 9%
$162,189
Alternative Uses
Best Use
Multifamily LT 5
$208.5K
$182.5K – $243.3K
NOI $14,597 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$181.1K
$158.5K – $211.3K
NOI $12,680 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$490.6K
$429.3K – $572.4K
NOI $34,345 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 32720, FL
33,568
Population
13,962
Households
2.4
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
66.3 sq mi
ZIP Area
506
Density / Sq Mi
$67,512
Median Household Income
$39,159
Median Earnings
$1,177
Median Rent
$280,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Solid concrete-block construction and separate electric meters serve the two residences.
Where is this duplex located?
The property is located at 304 S ADELLE AVENUE Deland, FL.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 1 bathroom; 1,664 square feet; solid concrete‑block construction; Renovations completed in 2021 and 2023, one in each unit
