Single-Story Apartment
For Sale
Contact for pricing
33230 Ryan Drive, Leesburg, FL 34788
Garden-style rental community with varied floor plans, patios, laundry facilities, and on-site management and maintenance.
Property Size40,320 SF
Lot Size6.57 Acres
Price / SF$213.29
Days on Market41
Property Features for 33230 Ryan Drive
General Information
Standard status
Active
Size
40,320 SF
Net Rentable
40,320 SF
Class
B
Lot size
6.57 Acres
Property subtype
Multifamily
Occupancy
95%
Investment Type
Stabilized
Net Operating Income
$573,633
Units
Unit Mix
64 x 1BR/1BA, 2 x 2BR/1BA, 2 x 2BR/2BA
Multifamily Units
68
Additional Details
Highway Access
Yes
Amenities
air conditioning
washer/dryer hookups
dishwashers
storage space
semi-private patios
laundry facilities
on-site management
on-site maintenance
Building Details
Year Built
1985
Buildings
8
Stories
1
Units
68
Construction
garden-style
Listing Agency:
Colliers - Tampa, Florida
Listed By:
Luis Baez · License #FL BK3038581
(813) 470-4330
Source:
Crexi
Added: Aug 4
Changed: Sep 11
Last Checked: Sep 13 at 5:48AM
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 Colliers - Tampa, Florida
Investment Insights
Based on property information with market context.
This 68-unit, single-story garden-style apartment community occupies 6.57 acres and contains approximately 40,320 rentable square feet. Built in 1985, the property includes 64 one-bedroom/one-bathroom units averaging 576 square feet, two two-bedroom/one-bathroom units averaging 864 square feet, and two two-bedroom/two-bathroom units averaging 864 square feet. Individual residences feature air conditioning, washer/dryer hookups, dishwashers, storage space, and semi-private patios. Community improvements include laundry facilities, on-site management, and on-site maintenance.
The property is located in Leesburg, Florida, within Lake County’s Silver Lake area, with access to U.S. Highway 441. The surrounding area includes retail, restaurants, healthcare facilities, schools, parks, lakes, and regional employment centers. Leesburg is part of the Orlando-Kissimmee-Sanford MSA and is near The Villages and major Lake County employers across healthcare, education, retail, logistics, construction, hospitality, and service industries.
The property is located in Leesburg, Florida, within Lake County’s Silver Lake area, with access to U.S. Highway 441. The surrounding area includes retail, restaurants, healthcare facilities, schools, parks, lakes, and regional employment centers. Leesburg is part of the Orlando-Kissimmee-Sanford MSA and is near The Villages and major Lake County employers across healthcare, education, retail, logistics, construction, hospitality, and service industries.
Key Highlights
- 68‑unit apartment community on 6.57 acres
- Approximately 40,320 rentable square feet; constructed in 1985
- Unit mix includes 64 one‑bedroom/one‑bathroom units and 4 two‑bedroom units
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
$495,141
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
5.76%
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%
$9,902,820
$9.9M
Cap Rate 7%
$7,073,443
$7.1M
Cap Rate 9%
$5,501,567
$5.5M
Market Conditions
NOI Build-Up for 40,320 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
$962.8K $23.88/SF
− Vacancy
−$62.6K −$1.55/SF
EGI
$900.3K $22.33/SF
− OpEx
−$405.1K −$10.05/SF
NOI
$495.1K $12.28/SF
Area
Lake County, FL
Vacancy
6.50%
Lease Rate
$23.88 /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%
$9,902,820
Cap Rate 7%
$7,073,443
Cap Rate 9%
$5,501,567
Alternative Uses
Best Use
Apartment 5plus
$7.07M
$6.19M – $8.25M
NOI $495,141 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.47M
$10.04M – $13.39M
NOI $803,174 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
68
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 34788, FL
19,409
Population
11,294
Households
1.7
Avg Household Size
58
Median Age
20%
College-Educated
91%
High-School Grad
36.1 sq mi
ZIP Area
538
Density / Sq Mi
$57,477
Median Household Income
$35,879
Median Earnings
$1,384
Median Rent
$168,900
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 - Garden-style rental community with varied floor plans, patios, laundry facilities, and on-site management and maintenance.
Where is this apartment building located?
The property is located at 33230 Ryan Drive Leesburg, FL.
What is the asking price?
The asking price for this property is $8,600,000.
What are key features of this property?
This property features: 68‑unit apartment community on 6.57 acres; Approximately 40,320 rentable square feet; constructed in 1985; Unit mix includes 64 one‑bedroom/one‑bathroom units and 4 two‑bedroom units
