Umatilla Investment Opportunity For
For Sale
$899,000
37415 STATE ROAD 19, Umatilla, FL 32784
Two buildings, almost fully leased, on 1.17 acres.
Property Size4,721 SF
Lot Size1.10 Acres
Price / SF$190.43
Days on Market324
Property Features for 37415 STATE ROAD 19
General Information
Standard status
Active
Size
4,721 SF
Lot size
1.10 Acres
Property subtype
Commercial
Building Details
Year Built
1953
Listing Agency:
GRIZZARD COMMERCIAL REALESTATE
(352) 787-6966
Listed By:
DANIEL TATRO · License #3190991
(352) 396-9136
Source:
Corcoran
Added: Oct 16, 2025
Changed: Jul 6
Last Checked: Sep 4 at 6:04AM
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 GRIZZARD COMMERCIAL REALESTATE
Investment Insights
Based on property information with market context.
This property presents an investment and income opportunity, featuring two buildings that are almost 100% leased. It includes a recently remodeled 7-unit apartment complex, with each unit containing 1 bedroom and 1 bathroom. Additionally, there is a commercial building with a 1,920 square foot pole barn or covered carport area. The property is located fronting State Road 19 in Umatilla, Florida, a growing area within Lake County. Situated on approximately 1.17 acres, the property is currently zoned C-2/R-6. The total property size is 4,721 square feet.
Key Highlights
- Almost 100% Leased: Provides immediate income stream.
- Two Buildings: Includes a 7‑unit apartment complex and a commercial building.
- Recently Remodeled Apartment Complex: Offers modern living spaces and potentially lower maintenance costs.
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
$57,975
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
6.45%
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%
$1,159,500
$1.2M
Cap Rate 7%
$828,214
$828.2K
Cap Rate 9%
$644,167
$644.2K
Market Conditions
NOI Build-Up for 4,721 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
$112.7K $23.88/SF
− Vacancy
−$7.3K −$1.55/SF
EGI
$105.4K $22.33/SF
− OpEx
−$47.4K −$10.05/SF
NOI
$58.0K $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%
$1,159,500
Cap Rate 7%
$828,214
Cap Rate 9%
$644,167
Alternative Uses
Best Use
Apartment 5plus
$828.2K
$724.7K – $966.3K
NOI $57,975 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,042 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
Explore this area
Business Placement
Demographics for 32784, FL
11,212
Population
4,971
Households
2.3
Avg Household Size
45
Median Age
12%
College-Educated
88%
High-School Grad
92.8 sq mi
ZIP Area
121
Density / Sq Mi
$69,633
Median Household Income
$40,247
Median Earnings
$1,082
Median Rent
$237,300
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?
Apartment building - Two buildings, almost fully leased, on 1.17 acres.
Where is this apartment building located?
The property is located at 37415 STATE ROAD 19 Umatilla, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Almost 100% Leased: Provides immediate income stream.; Two Buildings: Includes a 7‑unit apartment complex and a commercial building.; Recently Remodeled Apartment Complex: Offers modern living spaces and potentially lower maintenance costs.
