Legal Triplex With On-Site
For Sale
$399,000
Pending
829 NE 3RD, Ocala, FL 34470
Three-unit residential property with a dedicated laundry area and established rental operations.
Property Size1,676 SF
Days on Market8
Property Features for 829 NE 3RD
General Information
Standard status
Pending
Size
1,676 SF
Property subtype
Investment
Additional Details
Gross Income
$45,240
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,072
Amenities
on-site laundry
Building Details
Building Size
1,676 SF
Year Built
1938
Listing Agency:
ALPHA EQUITY REALTY & MANAGEMENT INC
(646) 388-4766
Listed By:
Tatuli Kotchlamazashvili
(646) 388-4766
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 19 at 12:29PM
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 ALPHA EQUITY REALTY & MANAGEMENT INC
Investment Insights
Based on property information with market context.
This legal triplex at 829 NE 3rd Street in Ocala, Florida, contains three residential units and was built in 1938. The units offer functional layouts with durable interior finishes, while a dedicated laundry area serves the property. A tree-lined lot provides the surrounding residential setting.
The property is located near downtown Ocala and offers established rental income from the three-unit configuration. Its walk score is 58, classified as Somewhat Walkable; the bike score is 54, classified as Bikeable; and the transit score is 30, classified as Some Transit.
The property is located near downtown Ocala and offers established rental income from the three-unit configuration. Its walk score is 58, classified as Somewhat Walkable; the bike score is 54, classified as Bikeable; and the transit score is 30, classified as Some Transit.
Key Highlights
- Legal triplex with three residential units
- Built in 1938
- Dedicated on‑site laundry area
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
$24,357
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
6.10%
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%
$487,140
$487.1K
Cap Rate 7%
$347,957
$348.0K
Cap Rate 9%
$270,633
$270.6K
Market Conditions
NOI Build-Up for 1,676 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
$47.3K $28.20/SF
− Vacancy
−$3.0K −$1.78/SF
EGI
$44.3K $26.42/SF
− OpEx
−$19.9K −$11.89/SF
NOI
$24.4K $14.53/SF
Area
Marion County, FL
Vacancy
6.30%
Lease Rate
$28.20 /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%
$487,140
Cap Rate 7%
$347,957
Cap Rate 9%
$270,633
Alternative Uses
Best Use
Apartment 5plus
$348.0K
$304.5K – $406.0K
NOI $24,357 @ 7.0% cap · market cap 6.10%
Second Best
Multifamily LT 5
$346.0K
$302.8K – $403.7K
NOI $24,223 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$915.2K
$800.8K – $1.07M
NOI $64,066 @ 7.0% cap · market cap 16.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Explore this area
Business Placement
Demographics for 34470, FL
20,483
Population
10,121
Households
2
Avg Household Size
42
Median Age
23%
College-Educated
90%
High-School Grad
13.4 sq mi
ZIP Area
1,529
Density / Sq Mi
$49,592
Median Household Income
$36,957
Median Earnings
$1,124
Median Rent
$171,500
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 residential property with a dedicated laundry area and established rental operations.
Where is this triplex located?
The property is located at 829 NE 3RD Ocala, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Legal triplex with three residential units; Built in 1938; Dedicated on‑site laundry area
