Six-Unit Residential Income
For Sale
$724,900
Pending
608 Dundee Road, Dundee, FL 33838
Income-producing property with strong cash flow in a growing town.
Property Size3,515 SF
Lot Size0.33 Acres
Days on Market216
Property Features for 608 Dundee Road
General Information
Standard status
Pending
Size
3,515 SF
Lot size
0.33 Acres
Property subtype
Commercial Sale / Mixed Use
Zoning
C-1
Net Operating Income
$91,491
Taxes and HOA fees
Annual Taxes
$5,335
Amenities
Central Air, Mini-Split Unit(s)
Central, Electric, Other
Ceramic Tile, Laminate, Vinyl
Refrigerator
No
Blinds
Square Feet
Public Records
Metal, Shingle
Two
2
Crawlspace, Slab
Block, Stucco, Wood Frame
Building Details
Year Built
1986
Listing Agency:
JULIE MATTHEWS GROUP LLC
(863) 207-4722
Listed By:
Kennedy Matthews · License #3642030
(863) 207-4722
Source:
Compass
Added: Jan 20
Changed: Aug 23
Last Checked: Aug 3 at 12:17PM
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 JULIE MATTHEWS GROUP LLC
Investment Insights
Based on property information with market context.
This six-unit residential income property is located on Dundee Road. The property features two buildings: a duplex with 1,384 heated square feet and a quadruplex with 2,131 heated square feet, situated on over 1/3 of an acre with ample parking. The duplex includes a two-bedroom, one-bathroom unit currently leased, and a recently updated three-bedroom, one-bathroom unit with fresh paint, wood-laminate flooring, and stainless-steel appliances. The quadruplex is a two-story concrete-block building with a new metal roof. The two upstairs units have upgraded wood-laminate flooring and kitchenettes with granite countertops and are currently leased to the same tenant. The two downstairs units are currently leased on five-year leases; one includes an Ansul system and a grease trap. Both buildings have fresh exterior paint. Each building has its own septic system and individual water meter, along with six separate electrical meters, one per unit. Five units have newer mini-split A/C systems, while the duplex's three-bedroom unit features central heat and air conditioning. The duplex was originally built in 1925 with an effective year of 1992, and the quadruplex was built in 1986 with an effective year of 2000. The property is near downtown Dundee and Highway 27, providing access to Winter Haven, Lake Wales, and Haines City.
Key Highlights
- Projected 12.70% cap rate at full occupancy, significantly exceeding typical Florida multifamily rates.
- Projected monthly income of $8,850 and annual gross rental income of $106,200.
- Located on Dundee Road, providing direct access to Dundee and proximity to Hwy 27.
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
$37,269
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
5.14%
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%
$745,380
$745.4K
Cap Rate 7%
$532,414
$532.4K
Cap Rate 9%
$414,100
$414.1K
Market Conditions
NOI Build-Up for 3,515 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
$56.9K $16.20/SF
− Vacancy
−$3.7K −$1.05/SF
EGI
$53.2K $15.15/SF
− OpEx
−$16.0K −$4.54/SF
NOI
$37.3K $10.60/SF
Area
Polk County, FL
Vacancy
6.50%
Lease Rate
$16.20 /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%
$745,380
Cap Rate 7%
$532,414
Cap Rate 9%
$414,100
Alternative Uses
Best Use
Multifamily LT 5
$532.4K
$465.9K – $621.2K
NOI $37,269 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$475.6K
$416.2K – $554.9K
NOI $33,294 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$844.7K
$739.1K – $985.5K
NOI $59,128 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 33838, FL
5,243
Population
2,162
Households
2.4
Avg Household Size
38
Median Age
9%
College-Educated
80%
High-School Grad
7.3 sq mi
ZIP Area
718
Density / Sq Mi
$44,514
Median Household Income
$28,286
Median Earnings
$1,600
Median Rent
$230,100
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?
Multifamily property - Income-producing property with strong cash flow in a growing town.
Where is this multifamily property located?
The property is located at 608 Dundee Road Dundee, FL.
What is the asking price?
The asking price for this property is $724,900.
What are key features of this property?
This property features: Projected **12.70% cap rate at full occupancy**, significantly exceeding typical Florida multifamily rates.; Projected monthly income of $8,850 and annual gross rental income of $106,200.; Located on Dundee Road, providing direct access to Dundee and proximity to Hwy 27.
