Four-Unit Multifamily
For Sale
$475,000
34 NW 21ST Place, Ocala, FL 34475
MULTI_FAMILY - OCALA, FL
Property Size2,695 SF
Lot Size0.23 Acres
Price / SF$176.25
Days on Market124
Property Features for 34 NW 21ST Place
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R3
Interior features
Open Floorplan
Exterior features
Private Entrance
Subdivision
NORTH ROADS PARK
Directions
Exit onto US-27 / US-301 / US-441 toward Ocala. Head south toward downtown Ocala. Turn right onto NW 10th St (State Road 40). Turn left onto NW 1st Ave. Turn right onto NW 21st Pl. Property will be on the right.
Standard status
Active
APN
2511-012-000
Size
2,695 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SEC 05 TWP 15 RGE 22 PLAT BOOK T PAGE 070 NORTH ROADS PARK LOT 12
Tax Annual Amount
4885
Legal Description
SEC 05 TWP 15 RGE 22 PLAT BOOK T PAGE 070 NORTH ROADS PARK LOT 12
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Building materials
Block
Roof type
Shingle
Listing Agency:
EXP REALTY LLC
(888) 883-8509
Listed By:
Tina White · License #3435934
(956) 337-7160
Added: Apr 15
Changed: Aug 13
Last Checked: Aug 16 at 7:06PM
MLS# TB8498558
Copyright © 2026 Stellar MLS. 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.
Income-producing four-unit multifamily property with an R3 zoning designation in Ocala. The unit mix includes two 2-bedroom/1-bath units and two 1-bedroom/1-bath units, with private entrances and an open floorplan concept reflected across the home.
Major updates include a new shingle roof installed in 2025. Central heating and central air are provided. Block construction and year-round service for landscaping (weekly service) support day-to-day operations. Water is owner responsibility (approximately $120/month), while tenants pay electricity, sewer, and trash. All units are currently rented, and two long-term leases are in place, with two additional units identified as currently vacant (Units #34 and #36). Section 8 tenants are noted as in place.
The property sits on a 0.23-acre lot and has public water and a septic tank sewer system. No HOA is reported, and the lease structure is described as providing both stability and potential for adjustments as units turn.
Major updates include a new shingle roof installed in 2025. Central heating and central air are provided. Block construction and year-round service for landscaping (weekly service) support day-to-day operations. Water is owner responsibility (approximately $120/month), while tenants pay electricity, sewer, and trash. All units are currently rented, and two long-term leases are in place, with two additional units identified as currently vacant (Units #34 and #36). Section 8 tenants are noted as in place.
The property sits on a 0.23-acre lot and has public water and a septic tank sewer system. No HOA is reported, and the lease structure is described as providing both stability and potential for adjustments as units turn.
Key Highlights
- R3 zoned four‑unit multifamily on a 0.23‑acre lot
- Two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units
- New shingle roof in 2025
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
8.25%
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 8.25%
Second Best
Multifamily LT 5
$556.4K
$486.9K – $649.2K
NOI $38,950 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,017 @ 7.0% cap · market cap 21.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
637
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 - Four-unit multifamily property in Ocala, zoned R3, with central HVAC and tenant-paid utilities.
Where is this quadplex located?
The property is located at 34 NW 21ST Place Ocala, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: R3 zoned four‑unit multifamily on a 0.23‑acre lot; Two 2‑bedroom/1‑bath units and two 1‑bedroom/1‑bath units; New shingle roof in 2025
