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    422 Citrus Ave Eustis, FL 32726

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    For Sale
    $980,000

    Two quad-plex buildings with storage units, generating $97,000+ annual cashflow.

    Property size:
    5,797 SF
    Lot size:
    27,084.00 Acres

    Property Features for 422 Citrus Ave

    General Information

    Standard status
    Active
    Zoning
    SR
    Size
    5,797 SF
    Lot size
    27,084.00 Acres

    Building Details

    Year built
    1925

    We can help!

    Listing Contact
    Joel Bornstein
    Source: Crexi

    Listing Agency: Rock Springs Realty Listing Agent: Joel Bornstein

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Eustis Investment Opportunity: Quad-Plex Buildings

    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).
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Eustis
    County
    Lake
    State
    Florida
    Longitude
    -81.6807305
    Latitude
    28.8515251

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    FAQs

    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 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.
    (877) 333-2811
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    422 Citrus Ave Eustis, FL 32726
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    422 Citrus Ave Eustis, FL 32726
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    Listing Contact
    Joel Bornstein
    Real Estate License ID: 3211229
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