Lakefront Multifamily
For Sale
$1,500,000
Pending
4705 Land O Lakes Boulevard LAND O LAKES, Land O Lakes, FL 34639
C-2 zoned complex with 13 income units, office, laundry, and Lake Ellis water-view units.
Property Size8,942 SF
Lot Size2.13 Acres
Days on Market122
Property Features for 4705 Land O Lakes Boulevard LAND O LAKES
General Information
Standard status
Pending
Size
8,942 SF
Lot size
2.13 Acres
Zoning
C-2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$5,253
Amenities
office
storage
laundry facility
Other
true
Mature Landscaping,Oak Trees,Trees
Sidewalk,Street Lights
18722
2.13
6 to 12 Spaces
Paved
Slab
Street Lights,Highway
8942
4
Building Details
Building Size
8,942 SF
Year Built
1950
Buildings
4
Listing Agency:
CENTURY 21 Link Realty, Inc.
(904) 569-5862
Listed By:
Teresa Eaton · License #3438101
(904) 569-5862
Source:
Movetojacksonville
Added: Apr 24
Changed: Aug 23
Last Checked: Aug 14 at 7:59AM
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 CENTURY 21 Link Realty, Inc.
Investment Insights
Based on property information with market context.
This C-2 zoned property includes an apartment building with seven units, offering a mix of one-bedroom and studio apartments. There are also three additional lakefront buildings built in 1976, providing six more one-bedroom apartments. The offering further includes office space, storage, and a laundry facility, supporting both existing on-site operations and flexibility for buyers evaluating alternate plans.
The complex sits on 2.13 acres with 303 feet of commercial frontage, with six units described as having water views of Lake Ellis. The listing provides directions from I-75N to the Land O Lakes exit, then left on 54 and right on US41, placing the property on a high-exposure corridor in Land O’ Lakes.
A buyer can choose to purchase the main building separately (cross-posted with MLS# TB8458317) or purchase all five parcels included in this listing. The listing also notes potential future uses associated with the C-2 zoning, including restaurant, coffee shop, grocery store, car wash, retail, or service-based businesses.
The complex sits on 2.13 acres with 303 feet of commercial frontage, with six units described as having water views of Lake Ellis. The listing provides directions from I-75N to the Land O Lakes exit, then left on 54 and right on US41, placing the property on a high-exposure corridor in Land O’ Lakes.
A buyer can choose to purchase the main building separately (cross-posted with MLS# TB8458317) or purchase all five parcels included in this listing. The listing also notes potential future uses associated with the C-2 zoning, including restaurant, coffee shop, grocery store, car wash, retail, or service-based businesses.
Key Highlights
- C‑2 zoned apartment complex with 13 income‑producing units on 2.13 acres with 303 ft of commercial frontage
- Includes seven units in the main building with a mix of one‑bedroom and studio apartments
- Also includes three lakefront buildings built in 1976 with 6 additional one‑bedroom apartments
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
$82,240
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
5.48%
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%
$1,644,800
$1.6M
Cap Rate 7%
$1,174,857
$1.2M
Cap Rate 9%
$913,778
$913.8K
Market Conditions
NOI Build-Up for 8,942 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
$161.0K $18.00/SF
− Vacancy
−$11.4K −$1.28/SF
EGI
$149.5K $16.72/SF
− OpEx
−$67.3K −$7.52/SF
NOI
$82.2K $9.20/SF
Area
Pasco County, FL
Vacancy
7.10%
Lease Rate
$18.00 /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%
$1,644,800
Cap Rate 7%
$1,174,857
Cap Rate 9%
$913,778
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,240 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,586 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 34639, FL
28,165
Population
11,026
Households
2.6
Avg Household Size
41
Median Age
37%
College-Educated
95%
High-School Grad
27.1 sq mi
ZIP Area
1,039
Density / Sq Mi
$99,959
Median Household Income
$48,929
Median Earnings
$1,949
Median Rent
$361,100
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?
Apartment building - C-2 zoned complex with 13 income units, office, laundry, and Lake Ellis water-view units.
Where is this apartment building located?
The property is located at 4705 Land O Lakes Boulevard LAND O LAKES Land O Lakes, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: C‑2 zoned apartment complex with 13 income‑producing units on 2.13 acres with 303 ft of commercial frontage; Includes seven units in the main building with a mix of one‑bedroom and studio apartments; Also includes three lakefront buildings built in 1976 with 6 additional one‑bedroom apartments
