Updated Duplex with New
For Sale
$475,753
4540 SW 38th PLACE, Ocala, FL 34474
Two-unit property with included kitchen appliances, fresh interior and exterior paint, and a spacious backyard.
Property Size2,496 SF
Price / SF$190.61
Days on Market14
Property Features for 4540 SW 38th PLACE
General Information
Standard status
Active
Size
2,496 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2004
Buildings
1
Listing Agency:
Remax/Premier Realty Hwy 200
(352) 433-4449
Listed By:
Alan Atchley
(941) 556-9100
Source:
Atchleyrealty
Added: Sep 9
Changed: Sep 21
Last Checked: Sep 22 at 4:40PM
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 Remax/Premier Realty Hwy 200
Investment Insights
Based on property information with market context.
This duplex contains 2,496 square feet and was built in 2004. The property includes 2 bedrooms, 2 baths, and a den/3rd bedroom, along with kitchen appliances. Interior and exterior painting has been completed, giving the building a refreshed presentation.
A new roof and new water heater were installed in 2024. The property also includes a spacious backyard with room for outdoor activities and additional use possibilities. Its two-unit configuration provides flexibility for residential occupancy or rental use.
A new roof and new water heater were installed in 2024. The property also includes a spacious backyard with room for outdoor activities and additional use possibilities. Its two-unit configuration provides flexibility for residential occupancy or rental use.
Key Highlights
- Duplex with 2,496 square feet
- 2 bedrooms, 2 baths, and a den/3rd bedroom
- New roof installed in 2024
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
$36,274
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
7.62%
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%
$725,480
$725.5K
Cap Rate 7%
$518,200
$518.2K
Cap Rate 9%
$403,044
$403.0K
Market Conditions
NOI Build-Up for 2,496 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
$70.4K $28.20/SF
− Vacancy
−$4.4K −$1.78/SF
EGI
$66.0K $26.42/SF
− OpEx
−$29.7K −$11.89/SF
NOI
$36.3K $14.53/SF
Area
Marion County, FL
Vacancy
6.30%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
45.00%
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%
$725,480
Cap Rate 7%
$518,200
Cap Rate 9%
$403,044
Alternative Uses
Best Use
Apartment 5plus
$518.2K
$453.4K – $604.6K
NOI $36,274 @ 7.0% cap · market cap 7.62%
Second Best
Multifamily LT 5
$515.3K
$450.9K – $601.2K
NOI $36,074 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,410 @ 7.0% cap · market cap 20.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 34474, FL
17,781
Population
9,207
Households
1.9
Avg Household Size
41
Median Age
31%
College-Educated
93%
High-School Grad
21.0 sq mi
ZIP Area
847
Density / Sq Mi
$62,150
Median Household Income
$36,422
Median Earnings
$1,605
Median Rent
$177,800
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?
Duplex - Two-unit property with included kitchen appliances, fresh interior and exterior paint, and a spacious backyard.
Where is this duplex located?
The property is located at 4540 SW 38th PLACE Ocala, FL.
What is the asking price?
The asking price for this property is $475,753.
What are key features of this property?
This property features: Duplex with 2,496 square feet; 2 bedrooms, 2 baths, and a den/3rd bedroom; New roof installed in 2024
