3-Unit Triplex Near Lake
623 LAKE DORA, Tavares, FL 32778
For Sale
New
$250,000
Mixed Use future land use and three utility meters serve a property with renovation and redevelopment considerations.
Property Size2,106 SF
Lot Size0.69 Acres
Days on Market2
Property Features for 623 LAKE DORA
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Property Condition
Severity
Evidence
Site & Location
Road Access
Utilities to Site
Land
Land Use
Entitled
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Sloane Realty, LLC
Listed By:
Matt White · License FL #3106449
(407) 758-3166
Source:
Elliman
Added: Nov 8
Last Checked: Nov 8 at 4:53PM
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 Sloane Realty, LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1955 triplex contains three units on approximately 0.69 acre. One unit is occupied, while the other two are vacant and need renovation, including foundation work. Public water and sewer serve the property, which has three water meters and three electric meters. Known foundation settlement is documented; repair proposals and a prior neutral evaluation are available. The 2014 evaluation found no active sinkhole activity at that time, and buyers should assess current conditions independently.
The property is across from Lake Dora and close to downtown Tavares, Wooton Park, waterfront dining and shopping, and the Tavares Seaplane Base & Marina. Its Mixed Use future land use designation indicates potential residential density of up to 25 units per acre. Any proposed use, density, or development would require verification with the City of Tavares and remains subject to site conditions and approvals. A 2022 environmental exhibit identifies approximately 0.55 acre of uplands and 0.14 acre of wetlands.
The property is across from Lake Dora and close to downtown Tavares, Wooton Park, waterfront dining and shopping, and the Tavares Seaplane Base & Marina. Its Mixed Use future land use designation indicates potential residential density of up to 25 units per acre. Any proposed use, density, or development would require verification with the City of Tavares and remains subject to site conditions and approvals. A 2022 environmental exhibit identifies approximately 0.55 acre of uplands and 0.14 acre of wetlands.
Key Highlights
- Three‑unit property on approximately 0.69 acre
- Mixed Use future land use designation; potential residential density up to 25 units per acre, subject to verification and approvals
- Across the street from Lake Dora and close to downtown Tavares
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,023
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$440,460
$440.5K
Cap Rate 7%
$314,614
$314.6K
Cap Rate 9%
$244,700
$244.7K
Market Conditions
NOI Build-Up for 2,106 SF
Gross rent
$43.0K $20.40/SF
− Vacancy
−$2.9K −$1.39/SF
EGI
$40.0K $19.01/SF
− OpEx
−$18.0K −$8.56/SF
NOI
$22.0K $10.46/SF
Area
Lake County, FL
Vacancy
6.80%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$440,460
Cap Rate 7%
$314,614
Cap Rate 9%
$244,700
Alternative Uses
Best Use
Multifamily LT 5
$347.4K
$304.0K – $405.3K
NOI $24,317 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$314.6K
$275.3K – $367.1K
NOI $22,023 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$679.1K
$594.2K – $792.3K
NOI $47,537 @ 7.0% cap · market cap 19.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
161
Businesses Nearby
Explore this area
Business Placement
Demographics for 32778, FL
23,993
Population
12,720
Households
1.9
Avg Household Size
52
Median Age
25%
College-Educated
88%
High-School Grad
25.4 sq mi
ZIP Area
945
Density / Sq Mi
$61,815
Median Household Income
$40,942
Median Earnings
$1,384
Median Rent
$241,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Mixed Use future land use and three utility meters serve a property with renovation and redevelopment considerations.
Where is this triplex located?
The property is located at 623 LAKE DORA Tavares, FL.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Three‑unit property on approximately 0.69 acre; Mixed Use future land use designation; potential residential density up to 25 units per acre, subject to verification and approvals; Across the street from Lake Dora and close to downtown Tavares
