Four-Unit Duplex
For Sale
$569,000
400 S 6TH STREET, Leesburg, FL 34748
Two updated duplexes on one lot offer established rental occupancy in Leesburg.
Property Size3,009 SF
Price / SF$189.10
Days on Market48
Property Features for 400 S 6TH STREET
General Information
Standard status
Active
Size
3,009 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Amenities
0.25 acres, Dimensions: 70x153
Metal, Shingle
Public Sewer
Additional parcels description:, Parcel Number: 26-19-24-1200-00A-00900, Public Survey Range: 24E, Public Survey Section: 26, Annual Amount: $3,095.52, Tax Block: 00A, Tax Book Number: 4-44, Legal Description: LEESBURG HANSON'S SUB LOT 9 BLK A S 1/2 OF CLOSED ALLEY LYING N OF LOT 9 PB 4 PG 44 HANSON'S RESUB W 3 FT OF N 17.5 FT OF LOT 5 W 3 FT OF LOT 6 S 1/2 OF CLOSED ALLEY LYING N OF W 3 FT OF LOT 6 PB 8 PG 40 ORB 6022 PG 1312, Lot: 9, Year: 2025, Zoning: R-2
Gross Income: $58,200
Central Air, Mini-Split Unit(s)
Central
Laundry Room
Listing ID: MFRO6430991, Standard Status: Active, MLS Status: Active, Property Subtype: Quadruplex, On market as of 2026-08-11, 1 day on market, Special Conditions: None
8 total bedrooms
Built in 1912, Living area: 3009, Living area units: Square Feet, Construction Materials: Vinyl Siding, Frame
Subdivision: LEESBURG HANSONS SUB, MLS Area (Major): 34748 - Leesburg, County/Parish: Lake
7 total bathrooms
Street Lights
Cable Connected, Electricity Connected, Public, Sewer Connected, Water - Multiple Meters, Water Connected, Water Source: Public, 4 separate electric meters, 4 separate water meters
Crawlspace
Electricity, Sewer, Water
Road Surface: Paved
Private Entrance
Ceiling Fans(s), Primary Bedroom Main Floor, Solid Surface Counters, Stone Counters, Thermostat
Other equipment: Private Entrance
Building Details
Year Built
1912
Buildings
2
Listing Agency:
TRIDENT REALTY
(407) 377-6839
Listed By:
Chris Olmstead · License #3236929
(407) 457-9519
Source:
Miharaandassociates
Added: Aug 11
Changed: Sep 26
Last Checked: Sep 26 at 8:25AM
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 TRIDENT REALTY
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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 STREET 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
