Listing Agency: BEE REALTY CORP Show Phone

Listed By: Bee Powell · License #3259106 Show Phone

Source: Exprealty

Added: Apr 13 Changed: Oct 7 Last Checked: Oct 13 at 2:19AM

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Investment Insights

Based on property information with market context.

This two-unit duplex property at 429-431 W Rich Ave contains 2,848 square feet and offers distinct two-story layouts. One residence includes three bedrooms and 2.5 baths, while the other provides two bedrooms and 1.5 baths. Both units feature open living areas, kitchens, ground-floor powder rooms, upper-level bedrooms, front porches, and access to a spacious backyard. A covered carport serves the property, with the laundry room accessible from that area.

The roof was replaced in 2018. HVAC work includes replacement of the air-conditioning system serving one unit in 2014, along with air-handler replacement in the other unit in 2002 and interior-unit replacement in 2009. The property is in DeLand’s downtown historic district, near Stetson University and the Volusia County School Board, with access to SR 44 and SR 92.

Key Highlights

• Two‑unit duplex property totaling 2,848 square feet
• Unit mix includes one three‑bedroom, 2.5‑bath residence and one two‑bedroom, 1.5‑bath residence
• Two‑story layouts with front porches and spacious backyard

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,984

Cap Rate

4.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$499,680 $499.7K

Cap Rate 7%

$356,914 $356.9K

Cap Rate 9%

$277,600 $277.6K

Market Conditions

NOI Build-Up for 2,848 SF

Gross rent

$39.6K $13.92/SF

− Vacancy

−$4.0K −$1.39/SF

EGI

$35.7K $12.53/SF

− OpEx

−$10.7K −$3.76/SF

NOI

$25.0K $8.77/SF

Area

Volusia County, FL

Vacancy

9.97%

Lease Rate

$13.92 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$499,680

Cap Rate 7%

$356,914

Cap Rate 9%

$277,600

Alternative Uses

Best Use

Multifamily LT 5

$356.9K

$312.3K – $416.4K (±1% cap)

NOI $24,984 @ 7.0% cap · market cap 4.76%

Second Best

Apartment 5plus

$310.0K

$271.3K – $361.7K (±1% cap)

NOI $21,702 @ 7.0% cap · market cap 4.13%

Theoretical Best

Office A

$839.8K

$734.8K – $979.7K (±1% cap)

NOI $58,783 @ 7.0% cap · market cap 11.20%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Storage Facility Auto Parts Store Daycare Center Home Appliance Store Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,727

Businesses Nearby

Explore this area Business Placement

Demographics for 32724, FL

40,559

Population

18,555

Households

2.2

Avg Household Size

45

Median Age

31%

College-Educated

92%

High-School Grad

83.8 sq mi

ZIP Area

484

Density / Sq Mi

$72,729

Median Household Income

$41,204

Median Earnings

$1,184

Median Rent

$283,100

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Well-maintained residential income property with porches, backyard space, and separate two-story floor plans.

Where is this duplex located?

The property is located at 429-431 W Rich Ave Deland, FL.

What is the asking price?

The asking price for this property is $524,900.

What are key features of this property?

This property features: Two‑unit duplex property totaling 2,848 square feet; Unit mix includes one three‑bedroom, 2.5‑bath residence and one two‑bedroom, 1.5‑bath residence; Two‑story layouts with front porches and spacious backyard