Two-Unit Duplex with
For Sale
$520,000
9298 N MENDOZA Way, Citrus Springs, FL 34434
Residential Income, CITRUS SPRINGS, FL
Property Size2,700 SF
Lot Size0.23 Acres
Price / SF$192.59
Days on Market9
Property Features for 9298 N MENDOZA Way
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
PDR
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 8, Bathroom 3, Bathroom 5, Bedroom 9, Bathroom 1, Bedroom 4, Dining Room, Bedroom 1, Bathroom 6, Bedroom 7, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 3
Interior features
Living Room/Dining Room Combo
Exterior features
Sidewalk
Subdivision
CITRUS SPGS UNIT 01
Directions
Driving Directions
Standard status
Active
APN
18E-17S-10-0010-00690-0330
Size
2,700 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITRUS SPGS UNIT 1 PB 5 PG 89 LOT 33 BLK 69
Tax Annual Amount
673
Legal Description
CITRUS SPGS UNIT 1 PB 5 PG 89 LOT 33 BLK 69
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Floors in Building
1
Building materials
Block, Stucco, Frame
Roof type
Slate
Listing Agency:
LA ROSA REALTY KISSIMMEE
(407) 930-3530
Listed By:
Maria Fernan Castro, PA
(407) 779-3323
Added: Aug 24
Changed: Sep 1
Last Checked: Sep 1 at 11:06AM
MLS# S5156485
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 9298 N Mendoza Way in Citrus Springs, this duplex is listed as under construction with a 2026 year built. The property contains two separate residences, each offering approximately 1,350 square feet, three bedrooms, two full bathrooms, and a private one-car garage. Combined living area is approximately 2,700 square feet, with six bedrooms, four bathrooms, and two garage spaces. Interior features include a living room and dining room combination, while exterior improvements include a sidewalk. Block, stucco, and frame construction are specified, along with slate roofing.
The property is served by public water and public sewer and has central air and electric central heating. PDR zoning is identified for the parcel, which measures 0.23 acres. The address is in Citrus Springs, Citrus County, Florida, with shopping, dining, schools, recreation, services, and major roadways referenced in the surrounding area.
The property is served by public water and public sewer and has central air and electric central heating. PDR zoning is identified for the parcel, which measures 0.23 acres. The address is in Citrus Springs, Citrus County, Florida, with shopping, dining, schools, recreation, services, and major roadways referenced in the surrounding area.
Key Highlights
- Two separate residences within one duplex property
- Each unit is approximately 1,350 SqFt with 3 bedrooms and 2 full bathrooms
- Combined property size is approximately 2,700 SqFt with 6 bedrooms and 4 bathrooms
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
4.74%
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 4.74%
Second Best
Apartment 5plus
$323.1K
$282.7K – $376.9K
NOI $22,614 @ 7.0% cap · market cap 4.35%
Theoretical Best
Specialty Retail
$606.7K
$530.9K – $707.8K
NOI $42,468 @ 7.0% cap · market cap 8.17%
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 - Under-construction multifamily property with two independent residences, practical layouts, and public water and sewer service.
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 $520,000.
What are key features of this property?
This property features: Two separate residences within one duplex property; Each unit is approximately 1,350 SqFt with 3 bedrooms and 2 full bathrooms; Combined property size is approximately 2,700 SqFt with 6 bedrooms and 4 bathrooms
