Tiled Triplex with Bonus
For Sale
$310,000
Pending
710 N GROVE STREET, Eustis, FL 32726
Three-unit property with private parking, fenced grounds, and appliances included in each residence.
Property Size2,138 SF
Days on Market525
Property Features for 710 N GROVE STREET
General Information
Standard status
Pending
Size
2,138 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,974
Amenities
washer/dryer
fenced yard
Building Details
Year Built
1949
Listing Agency:
GILLEN & ASSOCIATES
(813) 507-7818
Listed By:
Cynthia Weclew · License #3199164
(813) 507-7818
Source:
Exitrealty
Added: Mar 26, 2025
Changed: Aug 30
Last Checked: Aug 31 at 2:17PM
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 GILLEN & ASSOCIATES
Investment Insights
Based on property information with market context.
This three-unit residential income property contains two one-bedroom, one-bath residences and one two-bedroom, one-bath residence. The larger unit adds a bonus room, living room, and Florida room. All three units feature tiled interiors, appliances, and in-unit washer and dryer equipment. Each residence has a dedicated parking area.
The property occupies a private, fenced yard at 710 N Grove Street in Eustis, Florida, with mature oak trees throughout the grounds. Built in 1949, the triplex offers a defined unit mix and separate outdoor parking for its occupants. Unit B is leased with at least six months remaining on its term.
The property occupies a private, fenced yard at 710 N Grove Street in Eustis, Florida, with mature oak trees throughout the grounds. Built in 1949, the triplex offers a defined unit mix and separate outdoor parking for its occupants. Unit B is leased with at least six months remaining on its term.
Key Highlights
- Three‑unit property with two one‑bedroom units and one two‑bedroom unit
- Larger residence includes a bonus room, living room, and Florida room
- All units feature tiled interiors, appliances, and washer and dryer equipment
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
$28,516
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
9.20%
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%
$570,320
$570.3K
Cap Rate 7%
$407,371
$407.4K
Cap Rate 9%
$316,844
$316.8K
Market Conditions
NOI Build-Up for 2,138 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
$43.6K $20.40/SF
− Vacancy
−$2.9K −$1.35/SF
EGI
$40.7K $19.05/SF
− OpEx
−$12.2K −$5.72/SF
NOI
$28.5K $13.34/SF
Area
Lake County, FL
Vacancy
6.60%
Lease Rate
$20.40 /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%
$570,320
Cap Rate 7%
$407,371
Cap Rate 9%
$316,844
Alternative Uses
Best Use
Multifamily LT 5
$407.4K
$356.5K – $475.3K
NOI $28,516 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$375.1K
$328.2K – $437.6K
NOI $26,255 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$608.4K
$532.4K – $709.8K
NOI $42,589 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 32726, FL
23,012
Population
11,168
Households
2.1
Avg Household Size
45
Median Age
21%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
2,001
Density / Sq Mi
$60,750
Median Household Income
$37,197
Median Earnings
$1,027
Median Rent
$230,400
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?
Triplex - Three-unit property with private parking, fenced grounds, and appliances included in each residence.
Where is this triplex located?
The property is located at 710 N GROVE STREET Eustis, FL.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Three‑unit property with two one‑bedroom units and one two‑bedroom unit; Larger residence includes a bonus room, living room, and Florida room; All units feature tiled interiors, appliances, and washer and dryer equipment
