4-Unit Multifamily
New
For Sale
$449,000
34 NW 21ST, Ocala, FL 34475
The apartment mix includes two-bedroom and one-bedroom homes, with one renovated unit and a roof replaced in 2025.
Property Size2,695 SF
Days on Market3
Property Features for 34 NW 21ST
General Information
Standard status
Active
Size
2,695 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,884
Building Details
Building Size
2,695 SF
Year Built
1981
Listing Agency:
eXp Realty LLC
Listed By:
Tina White · License #3435934
(956) 337-7160
Source:
Elliman
Added: Sep 30
Last Checked: Oct 1 at 11:31AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This four-unit multifamily property in Ocala was built in 1981. The unit mix consists of two 2-bedroom/1-bath apartments and two 1-bedroom/1-bath apartments. One apartment has an updated kitchen and bathroom, along with vinyl flooring. The roof was replaced in 2025, and landscaping receives weekly service.
Electricity, sewer, and trash are paid by tenants; water is the owner’s responsibility. The property has no HOA.
Electricity, sewer, and trash are paid by tenants; water is the owner’s responsibility. The property has no HOA.
Key Highlights
- Four apartments: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units
- Roof replaced in 2025
- One unit updated with a renovated kitchen, bathroom, and vinyl flooring
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
$39,166
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
8.72%
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%
$783,320
$783.3K
Cap Rate 7%
$559,514
$559.5K
Cap Rate 9%
$435,178
$435.2K
Market Conditions
NOI Build-Up for 2,695 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
$76.0K $28.20/SF
− Vacancy
−$4.8K −$1.78/SF
EGI
$71.2K $26.42/SF
− OpEx
−$32.0K −$11.89/SF
NOI
$39.2K $14.53/SF
Area
Marion County, FL
Vacancy
6.30%
Lease Rate
$28.20 /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%
$783,320
Cap Rate 7%
$559,514
Cap Rate 9%
$435,178
Alternative Uses
Best Use
Apartment 5plus
$559.5K
$489.6K – $652.8K
NOI $39,166 @ 7.0% cap · market cap 8.72%
Second Best
Multifamily LT 5
$556.4K
$486.9K – $649.2K
NOI $38,950 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,017 @ 7.0% cap · market cap 22.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
591
Businesses Nearby
Explore this area
Business Placement
Demographics for 34475, FL
14,780
Population
5,668
Households
2.6
Avg Household Size
38
Median Age
13%
College-Educated
84%
High-School Grad
27.8 sq mi
ZIP Area
532
Density / Sq Mi
$33,515
Median Household Income
$24,854
Median Earnings
$871
Median Rent
$170,300
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?
Quadplex - The apartment mix includes two-bedroom and one-bedroom homes, with one renovated unit and a roof replaced in 2025.
Where is this quadplex located?
The property is located at 34 NW 21ST Ocala, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Four apartments: two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units; Roof replaced in 2025; One unit updated with a renovated kitchen, bathroom, and vinyl flooring
