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    230 Hazel Ave Georgetown, FL 32139

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    For Sale
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    Lakefront Duplex/Triplex, $15,900

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 15,681.6 square foot lot in Georgetown, Florida (32139), presents a unique investment opportunity. Zoned for commercial, apartment, and residential use, this property offers versatility for various development plans. Currently configured as a duplex or triplex, it boasts riparian rights to the Georgetown dock on Lake George, providing direct waterfront access. The property is situated near paved roads and benefits from a $45.00 monthly HOA fee, contributing to the maintenance of the Georgetown dock and community roads. Lake George, known as the "bass capital of the world," is immediately adjacent, offering prime fishing opportunities. Crescent Lake, another attractive fishing destination, is conveniently located just 7 miles away, with public boat ramps readily accessible. While manufactured homes are permitted, construction requires off-site residency. This property's prime location and waterfront access make it an ideal investment for those seeking a lucrative venture in a desirable Florida location. The property's multi-family zoning allows for diverse development options, catering to a range of potential renters or buyers. The existing structure presents an immediate income stream or a foundation for renovation and expansion. The combination of waterfront access, fishing opportunities, and convenient location makes this a truly remarkable investment prospect.

    Property Features for 230 Hazel Ave

    General Information

    Property type
    Multifamily properties
    Property Profile Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Food Market Grocery Store Garden Center Computer & Electronic Repair Tech Support Center Coworking Space Supermarket

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Georgetown
    County
    Putnam
    State
    Florida
    Longitude
    -81.6065349
    Latitude
    29.380765

    Nearby Comparable

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      Georgetown, FL Multifamily Investment

      Lakefront Duplex/Triplex, $17,500
      141 Hazel Ave, Georgetown, FL 32139
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      Land with Lake Access

      Land with access to Lake George and St Johns River.
      214 Dogwood Ave, Georgetown, FL 32139
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      Georgetown Waterfront Land

      Build your dream home in tranquil Florida.
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      Vacant Land Near Lake George

      0.23-acre vacant land with community waterfront access in Georgetown, Florida.
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    FAQs

    What type of property is this?
    Multifamily property - Lakefront Duplex/Triplex, $15,900
    Where is this multifamily property located?
    The property is located at 230 Hazel Ave Georgetown, FL.
    What is the asking price?
    The asking price for this property is $15,900.
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    230 Hazel Ave Georgetown, FL 32139
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    230 Hazel Ave Georgetown, FL 32139
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