Four-Unit Duplex
New
For Sale
$569,000
400 S 6TH St, Leesburg, FL 34748
Two updated duplexes on one lot offer established rental occupancy in Leesburg.
Property Size3,009 SF
Days on Market3
Property Features for 400 S 6TH St
General Information
Standard status
Active
Size
3,009 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,095
Building Details
Building Size
3,009 SF
Year Built
1912
Buildings
2
Listing Agency:
(407) 457-9519
Listed By:
Chris Olmstead
(407) 457-9519
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 5:45AM
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 Chris Olmstead
Investment Insights
Based on property information with market context.
This multifamily property combines two duplex buildings on a single lot, with four rental units in total. The improvements were recently updated and are occupied by established long-term tenants, providing an existing residential rental operation rather than a vacant property requiring initial lease-up.
Constructed in 1912, the property is located at 400 S 6th Street in Leesburg, Florida. Its walk score is 10 and its bike score is 29, indicating a car-dependent setting with some bike access. The four-unit configuration creates multiple residential leases within one property and supports centralized ownership of the two-building site.
Constructed in 1912, the property is located at 400 S 6th Street in Leesburg, Florida. Its walk score is 10 and its bike score is 29, indicating a car-dependent setting with some bike access. The four-unit configuration creates multiple residential leases within one property and supports centralized ownership of the two-building site.
Key Highlights
- Two duplex buildings on one lot
- Four rental units in total
- Recently updated improvements
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
$40,133
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
7.05%
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%
$802,660
$802.7K
Cap Rate 7%
$573,329
$573.3K
Cap Rate 9%
$445,922
$445.9K
Market Conditions
NOI Build-Up for 3,009 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
$61.4K $20.40/SF
− Vacancy
−$4.1K −$1.35/SF
EGI
$57.3K $19.05/SF
− OpEx
−$17.2K −$5.72/SF
NOI
$40.1K $13.34/SF
Area
Lake County, FL
Vacancy
6.60%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
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%
$802,660
Cap Rate 7%
$573,329
Cap Rate 9%
$445,922
Alternative Uses
Best Use
Multifamily LT 5
$573.3K
$501.7K – $668.9K
NOI $40,133 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$527.9K
$461.9K – $615.9K
NOI $36,951 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$856.3K
$749.2K – $999.0K
NOI $59,939 @ 7.0% cap · market cap 10.53%
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
1,498
Businesses Nearby
Explore this area
Business Placement
Demographics for 34748, FL
45,481
Population
25,740
Households
1.8
Avg Household Size
60
Median Age
24%
College-Educated
90%
High-School Grad
39.4 sq mi
ZIP Area
1,154
Density / Sq Mi
$53,768
Median Household Income
$30,762
Median Earnings
$1,181
Median Rent
$226,200
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?
Duplex - Two updated duplexes on one lot offer established rental occupancy in Leesburg.
Where is this duplex located?
The property is located at 400 S 6TH St Leesburg, FL.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Two duplex buildings on one lot; Four rental units in total; Recently updated improvements
