5-Unit Apartment
For Sale
Under Contract
$420,000
402 E MAIN Street, Dundee, FL 33838
Commercial Sale, DUNDEE, FL
Property Size3,352 SF
Lot Size0.21 Acres
Price / SF$125.30
Days on Market124
Property Features for 402 E MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1A
Appliances
Refrigerator
Subdivision
DUNDEE
Directions
FROM 27 SOUTH TURN LEFT ON MAIN STREET GO THRU TRAFFIC LIGHT ABOUT 3 BLOCKS PROPERTY WILL BE ON THE RIGHT SIGN OUT FRONT.
Standard status
Active Under Contract
APN
27-28-28-836000-014091
Size
3,352 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DUNDEE PB 1 PG 86 BLK 14 LOT 9 N 75 FT & N 75 FT OF 10 & THAT PORTION OF SR 17 RD R/W LYING ADJACENT TO LOT 10 DESC AS COMM AT NW COR LOT 10 RUN E 9.32 FT FOR POB RUN N 3 FT E 34.5 FT S 3 FT W 34.5 FT TO POB
Tax Annual Amount
5889
Legal Description
DUNDEE PB 1 PG 86 BLK 14 LOT 9 N 75 FT & N 75 FT OF 10 & THAT PORTION OF SR 17 RD R/W LYING ADJACENT TO LOT 10 DESC AS COMM AT NW COR LOT 10 RUN E 9.32 FT FOR POB RUN N 3 FT E 34.5 FT S 3 FT W 34.5 FT TO POB
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Heating system
Electric (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
window A/C units
Building Details
Year built
1946
Floors in Building
2
Number of units
5
Building materials
Block
Roof type
Shingle
Listing Agency:
REAL ESTATE BROKERS USA, INC.
(863) 242-6624
Listed By:
Debbie Bradbury · License #3231911
(863) 242-6624
Added: Apr 24
Changed: Aug 24
Last Checked: Aug 25 at 5:06AM
MLS# P4938541
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.
This 3,352-square-foot, two-story apartment building contains five units on a 0.21-acre corner parcel in Dundee. Each residence includes one bedroom, one bathroom, a bonus room, kitchen, and living area. Window or wall-mounted air-conditioning units serve the apartments, while electric heating is provided. Construction is block with a shingle roof, and the property was built in 1946.
Each unit has its own electric meter. The property uses public water and a septic tank, with the septic system approximately 10 years old. Tenants pay their own electric service, while water and trash are included in the current rent structure. A storage area offers the possibility of conversion into shared laundry space. The property is located at 402 E Main Street in Dundee, near Downtown Dundee, and is zoned R-1A.
Each unit has its own electric meter. The property uses public water and a septic tank, with the septic system approximately 10 years old. Tenants pay their own electric service, while water and trash are included in the current rent structure. A storage area offers the possibility of conversion into shared laundry space. The property is located at 402 E Main Street in Dundee, near Downtown Dundee, and is zoned R-1A.
Key Highlights
- Five‑unit apartment building totaling 3,352 square feet
- 0.21‑acre corner parcel at 402 E Main Street, Dundee, FL 33838
- Each unit includes 1 bedroom, 1 bathroom, bonus room, kitchen, and living area
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
$31,750
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
7.56%
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%
$635,000
$635.0K
Cap Rate 7%
$453,571
$453.6K
Cap Rate 9%
$352,778
$352.8K
Market Conditions
NOI Build-Up for 3,352 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
$61.5K $18.36/SF
− Vacancy
−$3.8K −$1.14/SF
EGI
$57.7K $17.22/SF
− OpEx
−$26.0K −$7.75/SF
NOI
$31.7K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /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%
$635,000
Cap Rate 7%
$453,571
Cap Rate 9%
$352,778
Alternative Uses
Best Use
Apartment 5plus
$453.6K
$396.9K – $529.2K
NOI $31,750 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$805.5K
$704.8K – $939.8K
NOI $56,386 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Explore this area
Business Placement
Demographics for 33838, FL
5,243
Population
2,162
Households
2.4
Avg Household Size
38
Median Age
9%
College-Educated
80%
High-School Grad
7.3 sq mi
ZIP Area
718
Density / Sq Mi
$44,514
Median Household Income
$28,286
Median Earnings
$1,600
Median Rent
$230,100
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-story multifamily property with separate electric meters and individually configured residential units.
Where is this apartment building located?
The property is located at 402 E MAIN Street Dundee, FL.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Five‑unit apartment building totaling 3,352 square feet; 0.21‑acre corner parcel at 402 E Main Street, Dundee, FL 33838; Each unit includes 1 bedroom, 1 bathroom, bonus room, kitchen, and living area
