Renovated
New
For Sale
$295,000
304 S ADELLE AVENUE, Deland, FL 32720
DELAND, FL
Property Size1,664 SF
Price / SF$177.28
Days on Market3
Property Features for 304 S ADELLE AVENUE
General Information
Property type
Residential Multi Family
Property subtype
Single Family Attached
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 6, Bedroom 5, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 3
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: Oct 1
Last Checked: Oct 3 at 10:06AM
MLS# 1231334
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, built in 1945, contains two three-bedroom, one-bathroom apartments. Both units have been renovated. The upper apartment is vacant, and the lower apartment is occupied under a lease. The property is being offered as-is. Building updates include a 2017 roof, replacement windows from 2013, partial electrical work completed in 2013, and partial plumbing updates.
The property sits at 304 S Adelle Avenue in DeLand, with access to I-4. Places of worship are within walking distance; restaurants, stores, entertainment, and government buildings are a short drive away. The beach is approximately 25 minutes away, and Orlando is approximately 40 minutes away.
The parcel is described as an extra-large, L-shaped lot. Additional building options may be possible, subject to confirmation with the City. The building has two electric meters and one water meter.
The property sits at 304 S Adelle Avenue in DeLand, with access to I-4. Places of worship are within walking distance; restaurants, stores, entertainment, and government buildings are a short drive away. The beach is approximately 25 minutes away, and Orlando is approximately 40 minutes away.
The parcel is described as an extra-large, L-shaped lot. Additional building options may be possible, subject to confirmation with the City. The building has two electric meters and one water meter.
Key Highlights
- Two apartments, each with 3 bedrooms and 1 bathroom
- 1,664 square feet; built in 1945
- Upper apartment is vacant; lower apartment is rented on a lease
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 - Separate electric meters serve the two apartments, while both share one water meter.
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 apartments, each with 3 bedrooms and 1 bathroom; 1,664 square feet; built in 1945; Upper apartment is vacant; lower apartment is rented on a lease
