5-Unit Apartment
For Sale
$364,900
480 S Jefferson St, Monticello, FL 32344
Three occupied units provide current rental use, while two vacant apartments require updating and repairs before re-leasing.
Property Size2,750 SF
Price / SF$132.69
Days on Market26
Property Features for 480 S Jefferson St
General Information
Standard status
Active
Size
2,750 SF
Property subtype
Multi-Family
Occupancy
60%
Additional Details
Highway Access
Yes
Multifamily Units
5
Building Details
Year Built
1920
Listing Agency:
Keller Williams Town & Country
(850) 800-9108
Listed By:
Chip Williams · License #3144939
Source:
Hopegainesrealestate
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 29 at 2:23PM
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 Keller Williams Town & Country
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains 2,750 square feet, with a total of 6 bedrooms and 5 bathrooms. Three units are occupied, while two units are vacant and require updating and repairs. Each vacant apartment has 1 bedroom and 1 bathroom, providing a defined renovation scope within the existing layout. The property was built in 1920.
Located at 480 S Jefferson St in Monticello, the building is near local businesses, shopping, and dining. Interstate access is also nearby, adding a transportation convenience for residents. The combination of occupied units and two apartments requiring work creates a mixed operating profile within an established in-town setting.
Located at 480 S Jefferson St in Monticello, the building is near local businesses, shopping, and dining. Interstate access is also nearby, adding a transportation convenience for residents. The combination of occupied units and two apartments requiring work creates a mixed operating profile within an established in-town setting.
Key Highlights
- 5‑unit apartment property with 6 bedrooms and 5 bathrooms
- 2,750‑square‑foot property built in 1920
- Three units are occupied; two units are vacant
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
$25,047
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
6.86%
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%
$500,940
$500.9K
Cap Rate 7%
$357,814
$357.8K
Cap Rate 9%
$278,300
$278.3K
Market Conditions
NOI Build-Up for 2,750 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
$49.5K $18.00/SF
− Vacancy
−$4.0K −$1.44/SF
EGI
$45.5K $16.56/SF
− OpEx
−$20.5K −$7.45/SF
NOI
$25.0K $9.11/SF
Area
Jefferson County, FL
Vacancy
8.00%
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%
$500,940
Cap Rate 7%
$357,814
Cap Rate 9%
$278,300
Alternative Uses
Best Use
Apartment 5plus
$357.8K
$313.1K – $417.5K
NOI $25,047 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$674.2K
$589.9K – $786.6K
NOI $47,193 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
60%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
424
Businesses Nearby
Explore this area
Business Placement
Demographics for 32344, FL
12,705
Population
5,988
Households
2.1
Avg Household Size
49
Median Age
21%
College-Educated
87%
High-School Grad
444.6 sq mi
ZIP Area
29
Density / Sq Mi
$52,222
Median Household Income
$37,131
Median Earnings
$776
Median Rent
$208,600
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?
Apartment building - Three occupied units provide current rental use, while two vacant apartments require updating and repairs before re-leasing.
Where is this apartment building located?
The property is located at 480 S Jefferson St Monticello, FL.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: 5‑unit apartment property with 6 bedrooms and 5 bathrooms; 2,750‑square‑foot property built in 1920; Three units are occupied; two units are vacant
