Building Details

Building Size 4,388 SF

Year Built 1973

Units 7

Listing Agency: REMAX SUNSTATE REALTY

Listed By: Kyler Moreland · License #3539998 Show Phone

Source: Elliman

Added: Apr 1 Changed: Oct 27 Last Checked: Oct 28 at 9:23AM

Report an Issue

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 REMAX SUNSTATE REALTY

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This property presents an opportunity to acquire eight units in the growing Lake County market. The asset includes a mobile home attached to the property, creating a blend of multifamily and workforce housing income streams. Located in Mascotte, this established asset features seven primary rental units plus an additional attached mobile home, totaling eight income-producing units. The property offers immediate cash flow with future upside through rent optimization, cosmetic improvements, and professional management efficiencies. Positioned within one of Central Florida’s expanding workforce housing corridors, the property benefits from strong rental demand driven by proximity to Clermont, Groveland, Minneola, and the greater West Orlando growth path. Its established unit mix, accessible location, and affordable rental positioning make it an attractive long-term hold for investors focused on durable cash flow. This offering is available as part of a larger 112-unit bundled portfolio acquisition, allowing buyers to secure immediate scale, operational efficiency, and diversified rent roll exposure across multiple Central Florida communities. While this specific asset consists of 8 total units, it serves as a strategic component of the broader 112-unit portfolio opportunity. The bike score is 31, indicating it is somewhat bikeable, and the walk score is 9, indicating it is car-dependent.

Key Highlights

• Immediate cash flow from 8 income‑producing units.
• Located in the high‑growth Lake County market.
• Upside potential through rent optimization and cosmetic improvements.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,886

Cap Rate

7.70%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,077,720 $1.1M

Cap Rate 7%

$769,800 $769.8K

Cap Rate 9%

$598,733 $598.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,388 SF

Gross rent

$104.8K $23.88/SF

− Vacancy

−$6.8K −$1.55/SF

EGI

$98.0K $22.33/SF

− OpEx

−$44.1K −$10.05/SF

NOI

$53.9K $12.28/SF

Area

Lake County, FL

Vacancy

6.50%

Lease Rate

$23.88 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,077,720

Cap Rate 7%

$769,800

Cap Rate 9%

$598,733

Alternative Uses

Best Use

Apartment 5plus

$769.8K

$673.6K – $898.1K (±1% cap)

NOI $53,886 @ 7.0% cap · market cap 7.70%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.25M

$1.09M – $1.46M (±1% cap)

NOI $87,409 @ 7.0% cap · market cap 12.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Location Intelligence

Trade Area within ½ mile

230

Businesses Nearby

Explore this area Business Placement

Demographics for 34753, FL

6,657

Population

2,320

Households

2.9

Avg Household Size

33

Median Age

20%

College-Educated

78%

High-School Grad

4.7 sq mi

ZIP Area

1,416

Density / Sq Mi

$77,477

Median Household Income

$36,650

Median Earnings

$1,536

Median Rent

$285,100

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Eight-unit multifamily property with income potential in Mascotte, Florida.

Where is this apartment building located?

The property is located at 617 E MYERS Mascotte, FL.

What is the asking price?

The asking price for this property is $700,000.

What are key features of this property?

This property features: Immediate cash flow from 8 income‑producing units.; Located in the high‑growth Lake County market.; Upside potential through rent optimization and cosmetic improvements.