Eustis Investment Opportunity: Quad-Plex
For Sale
Contact for pricing
Pending
422 and 426 Citrus Ave, Eustis, FL 32726
Two quad-plex buildings with storage units, generating $97,000+ annual cashflow.
Property Size5,797 SF
Lot Size0.62 Acres
Days on Market210
Property Features for 422 and 426 Citrus Ave
General Information
Standard status
Pending
Size
5,797 SF
Class
C
Total Parking Spaces
16
Lot size
0.62 Acres
Property subtype
Multifamily
Zoning
SR
Occupancy
100%
Net Operating Income
$65,089
Building Details
Year Built
1925
Year Renovated
2019
Buildings
3
Stories
2
Units
8
Listing Agency:
Rock Springs Realty
Listed By:
Joel Bornstein · License #FL 3211229
(877) 333-2811
Source:
Crexi
Added: Mar 13
Changed: Aug 10
Last Checked: Sep 9 at 5:50AM
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 Rock Springs Realty
Investment Insights
Based on property information with market context.
This offering features two quad-plex buildings located at 422 & 426 E. Citrus Avenue in the historic district of Eustis, Florida, just three blocks from downtown. This turnkey investment opportunity includes eight apartment units and four storage units, providing over $97,000 in annual cash flow. The property is currently 100% occupied with annual tenants, providing a blended 6.64% CAP rate. The two separate quadplex buildings are situated on 0.62 acres (115'x 232') with no HOA. The combined heated area is 5,203 square feet, with a total size of 5,797 square feet. Both buildings are connected to City of Eustis water and sewer services. Building 422 features three 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit, all fully remodeled in 2018. Building 426 consists of four 2-bedroom, 1-bath units, all remodeled in 2019. Building 426 also includes a detached structure with four rental storage units, each with roll-up doors, generating additional income. Each unit has two dedicated parking spaces. The property is within walking distance of Downtown Eustis, Bay Street, Lake Eustis lakefront, restaurants, shops, and city parks, and is approximately 5 minutes from the Lake County Mall, Target, Walmart, and other conveniences. The purchase price includes the properties at 422 E. Citrus Ave (Parcel ID#11-19-20-0100-076-00401, Alt Key#1759641) and 426 E. Citrus Ave (ParcelID#11-19-26-0100-076-00403, Alt. Key#1243122).
Key Highlights
- Turnkey investment opportunity boasting $97,000+ annual cash flow and a 6.64% CAP rate.
- Two quadplex buildings (8 apartment units) with 100% occupancy and annual tenants.
- Includes 4 additional storage units for extra rental income.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,318
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,546,360
$1.5M
Cap Rate 7%
$1,104,543
$1.1M
Cap Rate 9%
$859,089
$859.1K
Market Conditions
NOI Build-Up for 5,797 SF
Gross rent
$118.3K $20.40/SF
− Vacancy
−$7.8K −$1.35/SF
EGI
$110.5K $19.05/SF
− OpEx
−$33.1K −$5.72/SF
NOI
$77.3K $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 Rate 5%
$1,546,360
Cap Rate 7%
$1,104,543
Cap Rate 9%
$859,089
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$966.5K – $1.29M
NOI $77,318 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$1.02M
$889.9K – $1.19M
NOI $71,189 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,476 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
Median Home Value
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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?
Quadplex - Two quad-plex buildings with storage units, generating $97,000+ annual cashflow.
Where is this quadplex located?
The property is located at 422 and 426 Citrus Ave Eustis, FL.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Turnkey investment opportunity boasting $97,000+ annual cash flow and a 6.64% CAP rate.; Two quadplex buildings (8 apartment units) with 100% occupancy and annual tenants.; Includes 4 additional storage units for extra rental income.
