Four-Unit Multifamily
For Sale
$850,000
46 N FAIRFAX AVENUE, Winter Springs, FL 32708
Two-story building with updated appliances, in-unit laundry, and maintained residences.
Property Size3,636 SF
Price / SF$233.77
Days on Market47
Property Features for 46 N FAIRFAX AVENUE
General Information
Standard status
Active
Size
3,636 SF
Property subtype
Quadruplex
Occupancy
100%
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Amenities
washer and dryer inside units
Building Details
Year Built
1981
Stories
2
Listing Agency:
RE/MAX PRIME PROPERTIES
(407) 347-4512
Listed By:
Brandon McCarter · License #3426042
Source:
Endlesssummerrealty
Added: Jul 15
Changed: Aug 30
Last Checked: Aug 30 at 1:37AM
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 PRIME PROPERTIES
Investment Insights
Based on property information with market context.
Built in 1981, this two-story multifamily property contains four residences totaling 3,636 square feet. Each unit offers two bedrooms, one-and-a-half bathrooms, a washer and dryer, and the same overall layout. Appliances have been updated, and the residences have received maintenance and updates within the last 12+ months. Parking is provided for the units.
The property is fully leased, with long-term leases in place. Tenants pay all utilities, supporting a straightforward operating arrangement. The site is a few blocks from SR-434, with Sunshine Park and the Winter Springs police department nearby. Winter Springs Town Center is 3 miles east, while UCF and downtown Orlando are approximately 30 minutes away. Public schools are also located nearby.
The property is fully leased, with long-term leases in place. Tenants pay all utilities, supporting a straightforward operating arrangement. The site is a few blocks from SR-434, with Sunshine Park and the Winter Springs police department nearby. Winter Springs Town Center is 3 miles east, while UCF and downtown Orlando are approximately 30 minutes away. Public schools are also located nearby.
Key Highlights
- Four‑unit property totaling 3,636 square feet
- Each residence has 2 bedrooms and 1.5 bathrooms
- In‑unit washer and dryer in every residence
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
$48,495
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
5.71%
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%
$969,900
$969.9K
Cap Rate 7%
$692,786
$692.8K
Cap Rate 9%
$538,833
$538.8K
Market Conditions
NOI Build-Up for 3,636 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
$74.2K $20.40/SF
− Vacancy
−$4.9K −$1.35/SF
EGI
$69.3K $19.05/SF
− OpEx
−$20.8K −$5.72/SF
NOI
$48.5K $13.34/SF
Area
Seminole County, FL
Vacancy
6.60%
Lease Rate
$20.40 /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%
$969,900
Cap Rate 7%
$692,786
Cap Rate 9%
$538,833
Alternative Uses
Best Use
Multifamily LT 5
$692.8K
$606.2K – $808.3K
NOI $48,495 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$637.9K
$558.1K – $744.2K
NOI $44,651 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$1.03M
$905.4K – $1.21M
NOI $72,429 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
707
Businesses Nearby
Explore this area
Business Placement
Demographics for 32708, FL
47,045
Population
20,348
Households
2.3
Avg Household Size
41
Median Age
47%
College-Educated
96%
High-School Grad
18.5 sq mi
ZIP Area
2,543
Density / Sq Mi
$87,889
Median Household Income
$50,361
Median Earnings
$1,782
Median Rent
$352,600
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?
Quadplex - Two-story building with updated appliances, in-unit laundry, and maintained residences.
Where is this quadplex located?
The property is located at 46 N FAIRFAX AVENUE Winter Springs, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Four‑unit property totaling 3,636 square feet; Each residence has 2 bedrooms and 1.5 bathrooms; In‑unit washer and dryer in every residence
