Renovated Four-Unit
New
For Sale
$679,900
Pending
4151 SE 22ND, Ocala, FL 34480
Fully leased four-unit property with remodeled interiors, updated building systems, and a new roof completed in 2021.
Property Size3,913 SF
Days on Market7
Property Features for 4151 SE 22ND
General Information
Standard status
Pending
Size
3,913 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Average Monthly Rent
$1,400
Public Transit
No
Taxes and HOA fees
Annual Taxes
$6,626
Building Details
Building Size
3,913 SF
Year Built
1981
Year Renovated
2021
Tenancy
Multi
Listing Agency:
SANCTUM REALTY PROFESSIONALS LLC
(352) 300-6913
Listed By:
Joshua Markham · License #3274496
(352) 300-6913
Source:
Elliman
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 6:29PM
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 SANCTUM REALTY PROFESSIONALS LLC
Investment Insights
Based on property information with market context.
This four-unit residential income property contains 3,870 square feet and is configured with four fully leased apartments, each offering two bedrooms and one bathroom. The units received remodeled interiors in 2021, including new flooring, cabinets, and updated finishes. That improvement program also included a replacement roof and substantial plumbing and electrical upgrades.
Built in 1981, the property is located at 4151 SE 22ND in Ocala, Florida. Current occupancy consists of four leased units, providing an established rental configuration for an investor evaluating a renovated quadplex. The property has a Walk Score of 8, a Bike Score of 40, and a Transit Score of 0.
Built in 1981, the property is located at 4151 SE 22ND in Ocala, Florida. Current occupancy consists of four leased units, providing an established rental configuration for an investor evaluating a renovated quadplex. The property has a Walk Score of 8, a Bike Score of 40, and a Transit Score of 0.
Key Highlights
- 3,870 SF quadplex with four residential units
- Four fully leased 2‑bedroom / 1‑bath units
- 2021 improvements included a new roof and remodeled interiors
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
$56,242
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
8.27%
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%
$1,124,840
$1.1M
Cap Rate 7%
$803,457
$803.5K
Cap Rate 9%
$624,911
$624.9K
Market Conditions
NOI Build-Up for 3,870 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
$109.1K $28.20/SF
− Vacancy
−$6.9K −$1.78/SF
EGI
$102.3K $26.42/SF
− OpEx
−$46.0K −$11.89/SF
NOI
$56.2K $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%
$1,124,840
Cap Rate 7%
$803,457
Cap Rate 9%
$624,911
Alternative Uses
Best Use
Apartment 5plus
$803.5K
$703.0K – $937.4K
NOI $56,242 @ 7.0% cap · market cap 8.27%
Second Best
Multifamily LT 5
$799.0K
$699.2K – $932.2K
NOI $55,932 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$2.11M
$1.85M – $2.47M
NOI $147,932 @ 7.0% cap · market cap 21.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
74
Businesses Nearby
Explore this area
Business Placement
Demographics for 34480, FL
21,709
Population
9,864
Households
2.2
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
35.2 sq mi
ZIP Area
617
Density / Sq Mi
$75,334
Median Household Income
$40,953
Median Earnings
$1,238
Median Rent
$248,400
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?
Quadplex - Fully leased four-unit property with remodeled interiors, updated building systems, and a new roof completed in 2021.
Where is this quadplex located?
The property is located at 4151 SE 22ND Ocala, FL.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: 3,870 SF quadplex with four residential units; Four fully leased 2‑bedroom / 1‑bath units; 2021 improvements included a new roof and remodeled interiors
