Two-Story Quadplex with
For Sale
Under Contract
$850,000
46 N FAIRFAX Avenue, Winter Springs, FL 32708
Residential Income, WINTER SPRINGS, FL
Property Size3,636 SF
Lot Size0.24 Acres
Price / SF$233.77
Days on Market53
Property Features for 46 N FAIRFAX Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-3
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 5, Bathroom 1, Bathroom 5, Bedroom 8, Bedroom 4, Bathroom 4, Bedroom 7, Bathroom 8, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bathroom 6, Bathroom 7, Bedroom 2, Bathroom 2
Interior features
Ninguno
Exterior features
Courtyard
Subdivision
NORTH ORLANDO
Directions
From 17-92 go east on SR-434 for 1.3 miles and make a left on North Fairfax Ave, building is the 4th on the left.
Standard status
Active Under Contract
APN
34-20-30-507-1800-0020
Size
3,636 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 2 (LESS NLY 24 FT) & NLY 20 FT OF LOT 3 BLK 18 NORTH ORLANDO PB 12 PGS 10 & 11
Tax Annual Amount
8528
Legal Description
LOT 2 (LESS NLY 24 FT) & NLY 20 FT OF LOT 3 BLK 18 NORTH ORLANDO PB 12 PGS 10 & 11
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1981
Floors in Building
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
RE/MAX PRIME PROPERTIES · RE/MAX International
(407) 347-4512
Listed By:
Brandon McCarter · License #3426042
(407) 257-1382
Added: Jul 15
Changed: Sep 4
Last Checked: Sep 5 at 7:06AM
MLS# O6425466
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story quadplex contains four similarly configured residences, each with two bedrooms and 1.5 bathrooms. Every unit includes an in-unit washer and dryer, while appliances were updated and the interiors have received maintenance and updates within the last 12+ months. The property includes a courtyard, brick construction, central heating and central air, a shingle roof, and public water and sewer service.
Each residence has designated parking, and tenants are responsible for all utilities. Long-term leases are in place across the property. Built in 1981 on a 0.24-acre site, the building provides 3,636 square feet of residential space and is zoned R-3. The property is located a few blocks from SR-434, with Sunshine Park and the Winter Springs police department nearby. Winter Springs Town Center is approximately 3 miles east, while UCF and downtown Orlando are about 30 minutes away.
Each residence has designated parking, and tenants are responsible for all utilities. Long-term leases are in place across the property. Built in 1981 on a 0.24-acre site, the building provides 3,636 square feet of residential space and is zoned R-3. The property is located a few blocks from SR-434, with Sunshine Park and the Winter Springs police department nearby. Winter Springs Town Center is approximately 3 miles east, while UCF and downtown Orlando are about 30 minutes away.
Key Highlights
- Four‑unit quadplex with 3,636 square feet of residential space
- Each unit includes 2 bedrooms and 1.5 bathrooms
- 0.24‑acre site with courtyard and dedicated parking for each unit
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 - Fully leased residences offer updated appliances, in-unit laundry, and dedicated parking.
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 quadplex with 3,636 square feet of residential space; Each unit includes 2 bedrooms and 1.5 bathrooms; 0.24‑acre site with courtyard and dedicated parking for each unit
