Two-Unit Duplex Property with
For Sale
$524,900
429-431 W Rich Ave, Deland, FL 32724
Well-maintained residential income property with porches, backyard space, and separate two-story floor plans.
Property Size2,848 SF
Price / SF$184.30
Days on Market126
Property Features for 429-431 W Rich Ave
General Information
Standard status
Active
Size
2,848 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,765
Listing Agency:
BEE REALTY CORP
(386) 490-0915
Listed By:
Bee Powell · License #3259106
(386) 490-0915
Source:
Exprealty
Added: Apr 13
Changed: Aug 13
Last Checked: Aug 15 at 9:13AM
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 BEE REALTY CORP
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.
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 = 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
$24,984
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
4.76%
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%
$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
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
$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 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%
$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
NOI $24,984 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$310.0K
$271.3K – $361.7K
NOI $21,702 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$839.8K
$734.8K – $979.7K
NOI $58,783 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,855
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
Questions? Ask Rey
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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
