Two-Unit Duplex with Vacant
New
For Sale
$429,000
325 S 2ND STREET, Leesburg, FL 34748
One residence is occupied through May 31, 2027, while the other is available for leasing or owner occupancy.
Property Size2,186 SF
Price / SF$196.25
Days on Market4
Property Features for 325 S 2ND STREET
General Information
Standard status
Active
Size
2,186 SF
Property subtype
Half Duplex
Building Details
Year Built
1910
Listing Agency:
CENTURY 21 CARIOTI
(407) 770-0322
Listed By:
Cam Carter · License #3522292
(407) 376-1001
Source:
Dennisrealty
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 16 at 4:15PM
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 CENTURY 21 CARIOTI
Investment Insights
Based on property information with market context.
This duplex contains two residential units totaling 2,186 square feet, with a combined configuration of 4 bedrooms and 4 bathrooms. Central A/C serves the property, and parking is provided by a driveway along with on-street spaces. The 6,500-square-foot lot carries R-2 zoning.
One unit is tenant occupied through May 31, 2027, while the second unit is vacant and available for a new tenant or owner occupant. Residents are responsible for their own utilities. The property is located at 325 S 2nd Street in Leesburg, near Downtown Leesburg, local dining, shopping, entertainment, Venetian Gardens, and the Ski Beach recreational area.
One unit is tenant occupied through May 31, 2027, while the second unit is vacant and available for a new tenant or owner occupant. Residents are responsible for their own utilities. The property is located at 325 S 2nd Street in Leesburg, near Downtown Leesburg, local dining, shopping, entertainment, Venetian Gardens, and the Ski Beach recreational area.
Key Highlights
- 2,186 SF duplex with 4 bedrooms and 4 bathrooms
- Two residential units with one currently vacant
- Occupied unit has tenancy through May 31, 2027
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
$29,156
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
6.80%
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%
$583,120
$583.1K
Cap Rate 7%
$416,514
$416.5K
Cap Rate 9%
$323,956
$324.0K
Market Conditions
NOI Build-Up for 2,186 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
$44.6K $20.40/SF
− Vacancy
−$2.9K −$1.35/SF
EGI
$41.7K $19.05/SF
− OpEx
−$12.5K −$5.72/SF
NOI
$29.2K $13.34/SF
Area
Lake County, FL
Vacancy
6.60%
Lease Rate
$20.40 /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%
$583,120
Cap Rate 7%
$416,514
Cap Rate 9%
$323,956
Alternative Uses
Best Use
Multifamily LT 5
$416.5K
$364.5K – $485.9K
NOI $29,156 @ 7.0% cap · market cap 6.80%
Second Best
Apartment 5plus
$383.5K
$335.6K – $447.4K
NOI $26,845 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$622.1K
$544.3K – $725.8K
NOI $43,545 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,498
Businesses Nearby
Explore this area
Business Placement
Demographics for 34748, FL
45,481
Population
25,740
Households
1.8
Avg Household Size
60
Median Age
24%
College-Educated
90%
High-School Grad
39.4 sq mi
ZIP Area
1,154
Density / Sq Mi
$53,768
Median Household Income
$30,762
Median Earnings
$1,181
Median Rent
$226,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is occupied through May 31, 2027, while the other is available for leasing or owner occupancy.
Where is this duplex located?
The property is located at 325 S 2ND STREET Leesburg, FL.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 2,186 SF duplex with 4 bedrooms and 4 bathrooms; Two residential units with one currently vacant; Occupied unit has tenancy through May 31, 2027
