Ocala Multifamily Investment
For Sale
$475,000
34 NW 21st Place, Ocala, FL 34475
Income-producing 4-unit property with value-add potential in Ocala.
Property Size2,695 SF
Price / SF$176.25
Days on Market166
Property Features for 34 NW 21st Place
General Information
Standard status
Active
Size
2,695 SF
Property subtype
Multi-family
Building Details
Year Built
1981
Listing Agency:
EXP REALTY LLC
(956) 337-7160
Listed By:
Tina White · License #3435934
Source:
Realtygroupfl
Added: Mar 15
Changed: Aug 25
Last Checked: Aug 26 at 9:12AM
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 income-producing 4-unit multifamily property in Ocala presents a strong cash flow and value-add opportunity. The property features a unit mix of two 2-bedroom/1-bath units and two 1-bedroom/1-bath units. One unit has been renovated with an updated kitchen, bathroom, and vinyl flooring. The remaining units offer opportunities for future upgrades and increased rental income. A new roof is planned for 2025. Landscaping is serviced weekly. All units are currently rented, providing immediate income. Tenants pay for electricity, sewer, and trash. The owner is responsible for water, which costs approximately $120 per month. The lease structure includes two long-term leases, with opportunities to adjust rents as units turn. Section 8 tenants are in place, providing consistent and reliable income. There is no HOA. The property is located in an area with a bike score of 46, indicating it is somewhat bikeable, a walk score of 16, indicating car-dependent, and a transit score of 19, indicating minimal transit.
Key Highlights
- Income‑producing 4‑unit multifamily property with immediate cash flow.
- New roof installed in 2025.
- Value‑add potential through renovation of existing 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
$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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing 4-unit property with value-add potential in Ocala.
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: Income‑producing 4‑unit multifamily property with immediate cash flow.; New roof installed in 2025.; Value‑add potential through renovation of existing units.
