Two-Unit Duplex with Covered
For Sale
$524,900
431 W Rich Avenue Unit 429, Deland, FL 32720
Both units feature front-porch access, a spacious backyard, and a covered carport.
Property Size2,848 SF
Price / SF$184.30
Days on Market191
Property Features for 431 W Rich Avenue Unit 429
General Information
Standard status
Active
Size
2,848 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 3BR/2.5BA, 1 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
front porch
backyard
covered carport
laundry room
Building Details
Year Built
1983
Listing Agency:
BEE REALTY CORP
(386) 956-9498
Listed By:
Bee Powell · License #3259106
Source:
Realtygroupfl
Added: Feb 7
Changed: Aug 16
Last Checked: Aug 16 at 9:34AM
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.
Built in 1983, this 2,848-square-foot duplex includes two distinct residences with townhouse-style layouts. The 429 side offers 3 bedrooms, 2.5 baths, 1,502 square feet, an open living and dining arrangement, a kitchen, powder room, and second-floor sleeping areas. The 431 side provides 2 bedrooms, 1.5 baths, 1,350 square feet, a ground-floor living and kitchen area, powder room, and two upstairs bedrooms connected by a Jack and Jill bath.
Both residences open to a front porch and share a spacious backyard, covered carport, and laundry room accessible from the carport. The roof was replaced in 2018. The 429 unit's A/C was replaced in 2014 and serviced annually; the 431 unit's air handler was replaced in 2002 and inside unit in 2009.
The property is near downtown DeLand, Stetson University, the Volusia County School Board, and SR 44 and SR 92.
Both residences open to a front porch and share a spacious backyard, covered carport, and laundry room accessible from the carport. The roof was replaced in 2018. The 429 unit's A/C was replaced in 2014 and serviced annually; the 431 unit's air handler was replaced in 2002 and inside unit in 2009.
The property is near downtown DeLand, Stetson University, the Volusia County School Board, and SR 44 and SR 92.
Key Highlights
- 2,848‑square‑foot duplex built in 1983
- 429 W Rich Ave: 3 bedrooms, 2.5 baths, 1,502 sf
- 431 W Rich Ave: 2 bedrooms, 1.5 baths, 1,350 sqf
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
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,727
Businesses Nearby
Explore this area
Business Placement
Demographics for 32720, FL
33,568
Population
13,962
Households
2.4
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
66.3 sq mi
ZIP Area
506
Density / Sq Mi
$67,512
Median Household Income
$39,159
Median Earnings
$1,177
Median Rent
$280,600
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 - Both units feature front-porch access, a spacious backyard, and a covered carport.
Where is this duplex located?
The property is located at 431 W Rich Avenue Unit 429 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: 2,848‑square‑foot duplex built in 1983; 429 W Rich Ave: 3 bedrooms, 2.5 baths, 1,502 sf; 431 W Rich Ave: 2 bedrooms, 1.5 baths, 1,350 sqf
