North Port Triplex Investment
For Sale
Contact for pricing
Pending
438 Granada Blvd, North Port, FL 34287
Income-generating triplex near Warm Mineral Springs, North Port, Florida.
Property Size2,735 SF
Days on Market235
Property Features for 438 Granada Blvd
General Information
Standard status
Pending
Size
2,735 SF
Class
B
Property subtype
Multifamily
Zoning
RMF1
Building Details
Year Built
1964
Units
3
Listing Agency:
RE/MAX Palm Realty
(941) 525-6818
Listed By:
Regina Melman · License #FL - 3455400
Source:
Crexi
Added: Jan 6
Changed: Aug 23
Last Checked: Aug 25 at 11:16PM
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 RE/MAX Palm Realty
Investment Insights
Based on property information with market context.
This triplex presents an excellent income opportunity for investors, situated in a prime location in North Port, Florida, near Warm Mineral Springs. The property consists of three units. Two end units each feature two bedrooms, one bathroom, a kitchen, a family room, a living room, and a Florida room. The third unit includes one bedroom and one bathroom. All three units are equipped with a washer and dryer. A common-use shed is located in the back. Tenants are responsible for their own electricity expenses, as the units are individually metered. Several upgrades have been made to the major mechanical systems, including new A/C units installed within the last two years and a house electric meter. The property is not located in a flood zone and has no HOA or CDD fees. The location provides convenient access to Gulf beaches, marinas, fishing opportunities, and golf courses. North Port offers a variety of shopping and dining options, a vibrant downtown area with shops and art galleries, and numerous cultural events and festivals. Nearby nature parks and preserves include Charlotte Harbor Preserve State Park and Myakka River State Park. The property size is 2735 square feet.
Key Highlights
- Excellent income opportunity with three units: two 2‑bedroom units and one 1‑bedroom unit.
- No HOA or CDD fees.
- Located minutes away from Warm Mineral Springs.
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
$27,951
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
5.70%
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%
$559,020
$559.0K
Cap Rate 7%
$399,300
$399.3K
Cap Rate 9%
$310,567
$310.6K
Market Conditions
NOI Build-Up for 2,735 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
$44.3K $16.20/SF
− Vacancy
−$4.4K −$1.60/SF
EGI
$39.9K $14.60/SF
− OpEx
−$12.0K −$4.38/SF
NOI
$28.0K $10.22/SF
Area
Sarasota County, FL
Vacancy
9.88%
Lease Rate
$16.20 /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%
$559,020
Cap Rate 7%
$399,300
Cap Rate 9%
$310,567
Alternative Uses
Best Use
Multifamily LT 5
$399.3K
$349.4K – $465.9K
NOI $27,951 @ 7.0% cap · market cap 5.70%
Second Best
Apartment 5plus
$355.8K
$311.3K – $415.1K
NOI $24,907 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$777.3K
$680.2K – $906.9K
NOI $54,412 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 34287, FL
26,277
Population
15,713
Households
1.7
Avg Household Size
59
Median Age
23%
College-Educated
92%
High-School Grad
17.4 sq mi
ZIP Area
1,510
Density / Sq Mi
$64,229
Median Household Income
$39,509
Median Earnings
$1,296
Median Rent
$235,400
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?
Triplex - Income-generating triplex near Warm Mineral Springs, North Port, Florida.
Where is this triplex located?
The property is located at 438 Granada Blvd North Port, FL.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Excellent income opportunity with **three units: two 2‑bedroom units and one 1‑bedroom unit.**; No HOA or CDD fees.; Located minutes away from Warm Mineral Springs.
