Historic District
For Sale
$469,900
422 E Citrus Avenue, Eustis, FL 32726
Fully occupied four-unit property with annual leases, individual porches, and dedicated parking in central Eustis.
Property Size2,841 SF
Price / SF$165.40
Days on Market259
Property Features for 422 E Citrus Avenue
General Information
Standard status
Active
Size
2,841 SF
Property subtype
Multi-family
Occupancy
100%
Net Operating Income
$33,049
Financials
Cap Rate
6.74%
Gross Income
$47,220
Units
Multifamily Units
4
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1884
Buildings
1
Listing Agency:
ROCK SPRINGS REALTY,LLC
Listed By:
Joel Bornstein · License #3211229
(877) 333-2811
Source:
Realtygroupfl
Added: Jan 20
Changed: Oct 6
Last Checked: Oct 5 at 9:06PM
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,LLC
Investment Insights
Based on property information with market context.
This four-unit apartment property, built in 1884, offers a consistent residential layout across the building. Each unit includes living and dining areas, a full kitchen, a full bathroom, a primary bedroom, a bonus bedroom, and a rear porch. Two dedicated parking spaces are assigned to each unit, and the property uses City of Eustis water and sewer. There is no HOA.
The property is in Eustis’s historic district, three blocks from downtown and within walking distance of Bay Street, the Lake Eustis lakefront, restaurants, shops, and city parks. Lake County Mall, Target, Walmart, and additional conveniences are approximately five minutes away.
All units are occupied under annual leases, with the property currently producing a 6.74% cap rate. The source information also identifies additional revenue potential and states that the units are in good operating condition.
The property is in Eustis’s historic district, three blocks from downtown and within walking distance of Bay Street, the Lake Eustis lakefront, restaurants, shops, and city parks. Lake County Mall, Target, Walmart, and additional conveniences are approximately five minutes away.
All units are occupied under annual leases, with the property currently producing a 6.74% cap rate. The source information also identifies additional revenue potential and states that the units are in good operating condition.
Key Highlights
- Four‑unit apartment property built in 1884
- 100% occupied with all tenants on annual leases
- Current 6.74% cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,892
Cap Rate
8.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$757,840
$757.8K
Cap Rate 7%
$541,314
$541.3K
Cap Rate 9%
$421,022
$421.0K
Market Conditions
NOI Build-Up for 2,841 SF
Gross rent
$58.0K $20.40/SF
− Vacancy
−$3.8K −$1.35/SF
EGI
$54.1K $19.05/SF
− OpEx
−$16.2K −$5.72/SF
NOI
$37.9K $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%
$757,840
Cap Rate 7%
$541,314
Cap Rate 9%
$421,022
Alternative Uses
Best Use
Multifamily LT 5
$541.3K
$473.7K – $631.5K
NOI $37,892 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$498.4K
$436.1K – $581.5K
NOI $34,888 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$808.5K
$707.4K – $943.2K
NOI $56,593 @ 7.0% cap · market cap 12.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
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 - Fully occupied four-unit property with annual leases, individual porches, and dedicated parking in central Eustis.
Where is this quadplex located?
The property is located at 422 E Citrus Avenue Eustis, FL.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Four‑unit apartment property built in 1884; 100% occupied with all tenants on annual leases; Current 6.74% cap rate
