Two-Building Quadplex
For Sale
$939,800
422 & 426 E CITRUS Avenue, Eustis, FL 32726
Residential Income, EUSTIS, FL
Property Size5,203 SF
Lot Size0.62 Acres
Price / SF$180.63
Days on Market10
Property Features for 422 & 426 E CITRUS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
SR
Bedrooms
13
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 12, Bedroom 6, Bathroom 6, Bathroom 3, Family Room, Bathroom 1, Bedroom 3, Bedroom 11, Bedroom 9, Bedroom 10, Bathroom 7, Bedroom 8, Bedroom 5, Bedroom 7, Bedroom 4, Bathroom 5, Bedroom 13, Bathroom 4, Bedroom 2, Bedroom 1, Dining Room, Bathroom 2, Bathroom 8
Parking features
Assigned, Open, Guest
Window features
Window Treatments, Wood Frames, Aluminum Frames, Blinds
Patio and Porch features
Porch, Patio
Pets allowed
Yes, Breed Restrictions, Number Limit, Size Limit
Interior features
Built-in Features, Ceiling Fans(s), Eat-in Kitchen, Kitchen/Family Room Combo, Living Room/Dining Room Combo, Primary Bedroom Main Floor, PrimaryBedroom Upstairs, Solid Wood Cabinets, Split Bedroom, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Lighting, Sidewalk, Storage
Appliances
Electric Water Heater, Gas Water Heater, Range, Range Hood, Refrigerator
Subdivision
EUSTIS
Lot features
City Limits, Landscaped, Level, Oversized Lot, Sidewalk, Paved
Elementary school
Eustis Elem
Middle school
Eustis Middle
High school
Eustis High School
Directions
From Hwy 441 in Eustis, head north on S. Bay Street (Hwy 19) for approximately 2 miles. Turn right onto Citrus Ave and properties will be down on the right.
Standard status
Active
APN
11-19-26-01000760401
Size
5,203 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EUSTIS BEG 79 FT E OF SW COR OF LOT 4 BLK 76 RUN N TO PT 44 FT S OF N LINE OF LOT 4 E 4 FT N 44 FT E 51 FT S TO S LINE LOT 4 W TO POB PB 1 PG 79 ORB 6319 PG 2114
Tax Annual Amount
7560
Legal Description
EUSTIS BEG 79 FT E OF SW COR OF LOT 4 BLK 76 RUN N TO PT 44 FT S OF N LINE OF LOT 4 E 4 FT N 44 FT E 51 FT S TO S LINE LOT 4 W TO POB PB 1 PG 79 ORB 6319 PG 2114
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
8
Flooring type
Carpet, Wood, Tile - Ceramic, Vinyl, Laminate
Building materials
Stucco, Frame, Wood Siding
Roof type
Metal, Shingle
Additional Structures
Storage
Listing Agency:
ROCK SPRINGS REALTY, LLC
(877) 333-2811
Listed By:
Joel Bornstein · License #3211229
(407) 252-8092
Added: Sep 2
Changed: Sep 11
Last Checked: Sep 11 at 5:06AM
MLS# G5117528
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 multifamily property comprises two separate quadplex buildings with eight apartment units and four detached rental storage units. The combined heated area is 5,203 square feet, with a total size of 5,797 square feet on 0.62 acres. Unit layouts include three one-bedroom, one-bath apartments and five two-bedroom, one-bath apartments. The units in 422 were remodeled in 2018, while the units in 426 were remodeled in 2019. Each apartment has two dedicated parking spaces, and the storage units feature roll-up doors.
The property includes the addresses 422 and 426 E. Citrus Avenue in Eustis’s historic district, three blocks from downtown. It is within walking distance of Bay Street, Lake Eustis lakefront, restaurants, shops, and city parks, with Lake County Mall, Target, and Walmart approximately five minutes away. The buildings use City of Eustis water and sewer services, with SR zoning, public water, and public sewer.
The property includes the addresses 422 and 426 E. Citrus Avenue in Eustis’s historic district, three blocks from downtown. It is within walking distance of Bay Street, Lake Eustis lakefront, restaurants, shops, and city parks, with Lake County Mall, Target, and Walmart approximately five minutes away. The buildings use City of Eustis water and sewer services, with SR zoning, public water, and public sewer.
Key Highlights
- Two quadplex buildings with 8 apartment units and 4 detached storage units
- 5,203 square feet of combined heated area and 5,797 square feet total size
- Unit mix includes three 1‑bedroom units and five 2‑bedroom units, all with 1 bath
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
$69,395
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
7.38%
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%
$1,387,900
$1.4M
Cap Rate 7%
$991,357
$991.4K
Cap Rate 9%
$771,056
$771.1K
Market Conditions
NOI Build-Up for 5,203 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
$106.1K $20.40/SF
− Vacancy
−$7.0K −$1.35/SF
EGI
$99.1K $19.05/SF
− OpEx
−$29.7K −$5.72/SF
NOI
$69.4K $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 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%
$1,387,900
Cap Rate 7%
$991,357
Cap Rate 9%
$771,056
Alternative Uses
Best Use
Multifamily LT 5
$991.4K
$867.4K – $1.16M
NOI $69,395 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$912.8K
$798.7K – $1.06M
NOI $63,894 @ 7.0% cap · market cap 6.80%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,644 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Eight apartment units and four storage units offer a multifamily property with dedicated parking and public utilities.
Where is this quadplex located?
The property is located at 422 & 426 E CITRUS Avenue Eustis, FL.
What is the asking price?
The asking price for this property is $939,800.
What are key features of this property?
This property features: Two quadplex buildings with 8 apartment units and 4 detached storage units; 5,203 square feet of combined heated area and 5,797 square feet total size; Unit mix includes three 1‑bedroom units and five 2‑bedroom units, all with 1 bath
