New Construction Duplex with
For Sale
$529,000
9298 N MENDOZA WAY, Citrus Springs, FL 34434
Two-unit property offers modern finishes, open layouts, and no HOA restrictions.
Property Size1,350 SF
Price / SF$195.93
Days on Market14
Property Features for 9298 N MENDOZA WAY
General Information
Standard status
Active
Size
1,350 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
PDR
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$673
Building Details
Building Size
1,350 SF
Year Built
2025
Buildings
1
Stories
1
Listing Agency:
REAL BROKER, LLC
(352) 913-1085
Listed By:
Gina Battaglia · License #SL3528876
(352) 913-1085
Source:
Mbifloridarealty
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 4:28AM
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 REAL BROKER, LLC
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two matching residences with a combined 2,700 square feet of living space. Each unit provides 3 bedrooms, 2 bathrooms, approximately 1,350 square feet, and an attached 1-car garage. Open-concept interiors include high ceilings, abundant natural light, quartz countertops, stainless steel appliances, ample cabinetry, and luxury vinyl plank flooring throughout. Both residences are free of carpet and include primary suites with private bathrooms and dedicated closet space.
Zoned PDR and located in Citrus Springs, the property is positioned near Citrus Springs Golf & Country Club, the Withlacoochee State Trail, Rainbow Springs State Park, Crystal River, Homosassa Springs, shopping, dining, and medical facilities. Access to Dunnellon, Ocala, Inverness, Lecanto, and Crystal River adds regional connectivity. The dual-residence configuration supports long-term rental, owner-occupancy with supplemental income, or multigenerational living strategies.
Zoned PDR and located in Citrus Springs, the property is positioned near Citrus Springs Golf & Country Club, the Withlacoochee State Trail, Rainbow Springs State Park, Crystal River, Homosassa Springs, shopping, dining, and medical facilities. Access to Dunnellon, Ocala, Inverness, Lecanto, and Crystal River adds regional connectivity. The dual-residence configuration supports long-term rental, owner-occupancy with supplemental income, or multigenerational living strategies.
Key Highlights
- Built in 2025 with two identical 3‑bedroom, 2‑bathroom units
- 2,700 square feet combined; each residence offers approximately 1,350 square feet
- Each unit includes an attached 1‑car garage
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
$24,647
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
4.66%
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%
$492,940
$492.9K
Cap Rate 7%
$352,100
$352.1K
Cap Rate 9%
$273,856
$273.9K
Market Conditions
NOI Build-Up for 2,700 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
$37.3K $13.80/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$35.2K $13.04/SF
− OpEx
−$10.6K −$3.91/SF
NOI
$24.6K $9.13/SF
Area
Citrus County, FL
Vacancy
5.50%
Lease Rate
$13.80 /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%
$492,940
Cap Rate 7%
$352,100
Cap Rate 9%
$273,856
Alternative Uses
Best Use
Multifamily LT 5
$352.1K
$308.1K – $410.8K
NOI $24,647 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$323.1K
$282.7K – $376.9K
NOI $22,614 @ 7.0% cap · market cap 4.27%
Theoretical Best
Specialty Retail
$606.7K
$530.9K – $707.8K
NOI $42,468 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 34434, FL
9,582
Population
4,559
Households
2.1
Avg Household Size
47
Median Age
17%
College-Educated
90%
High-School Grad
26.3 sq mi
ZIP Area
364
Density / Sq Mi
$56,553
Median Household Income
$35,245
Median Earnings
$1,226
Median Rent
$211,500
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?
Duplex - Two-unit property offers modern finishes, open layouts, and no HOA restrictions.
Where is this duplex located?
The property is located at 9298 N MENDOZA WAY Citrus Springs, FL.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Built in 2025 with two identical 3‑bedroom, 2‑bathroom units; 2,700 square feet combined; each residence offers approximately 1,350 square feet; Each unit includes an attached 1‑car garage
