Renovated Duplex with Separate
For Sale
$279,900
A-b-2307 Mispah Ave, Leesburg, FL 34748
Two updated units offer separately metered utilities, dedicated storage, and current leases in a convenient Leesburg setting.
Property Size1,536 SF
Price / SF$182.23
Days on Market21
Property Features for A-b-2307 Mispah Ave
General Information
Standard status
Active
Size
1,536 SF
Property subtype
Residential Income
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,956
Building Details
Year Renovated
2025
Buildings
1
Listing Agency:
WEICHERT REALTORS HALLMARK PRO
(407) 474-5269
Listed By:
Linda Bain
(407) 474-5269
Source:
Exprealty
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 26 at 12:33PM
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 WEICHERT REALTORS HALLMARK PRO
Investment Insights
Based on property information with market context.
This duplex contains two renovated residences, each with two bedrooms, one bathroom, and 768 square feet of living area, for a combined 1,536 heated square feet. Improvements completed in December 2024 and January 2025 include refreshed interiors and exteriors, updated bathrooms, luxury vinyl plank flooring, wood cabinetry, and kitchen appliances including refrigerators, stoves, and microwaves. The roof dates to 2019, while electrical updates were completed in 2015. New hot water heaters were installed in July 2026.
Each residence has its own driveway and separately metered utilities, with additional parking area on site. A divided shed provides dedicated storage for both units, and the property includes front and rear lawn areas. There are no HOA fees. Both units are currently leased, and the property is near Historic Nature Park, Lake Griffin, schools, shopping, and restaurants, with access to 441, US27, and I75.
Each residence has its own driveway and separately metered utilities, with additional parking area on site. A divided shed provides dedicated storage for both units, and the property includes front and rear lawn areas. There are no HOA fees. Both units are currently leased, and the property is near Historic Nature Park, Lake Griffin, schools, shopping, and restaurants, with access to 441, US27, and I75.
Key Highlights
- Two units, each with 2 bedrooms, 1 bathroom, and 768 square feet; 1,536 heated Sq Ft combined
- Renovations completed 12/2024 & 01/2025, including updated bathrooms and luxury vinyl plank flooring
- Roof is 2019; electrical update completed in 2015
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
$20,486
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
7.32%
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%
$409,720
$409.7K
Cap Rate 7%
$292,657
$292.7K
Cap Rate 9%
$227,622
$227.6K
Market Conditions
NOI Build-Up for 1,536 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
$31.3K $20.40/SF
− Vacancy
−$2.1K −$1.35/SF
EGI
$29.3K $19.05/SF
− OpEx
−$8.8K −$5.72/SF
NOI
$20.5K $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%
$409,720
Cap Rate 7%
$292,657
Cap Rate 9%
$227,622
Alternative Uses
Best Use
Multifamily LT 5
$292.7K
$256.1K – $341.4K
NOI $20,486 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$269.5K
$235.8K – $314.4K
NOI $18,863 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$437.1K
$382.5K – $510.0K
NOI $30,597 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 34748, FL
45,481
Population
25,740
Households
1.8
Avg Household Size
60
Median Age
24%
College-Educated
90%
High-School Grad
39.4 sq mi
ZIP Area
1,154
Density / Sq Mi
$53,768
Median Household Income
$30,762
Median Earnings
$1,181
Median Rent
$226,200
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 updated units offer separately metered utilities, dedicated storage, and current leases in a convenient Leesburg setting.
Where is this duplex located?
The property is located at A-b-2307 Mispah Ave Leesburg, FL.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms, 1 bathroom, and 768 square feet; 1,536 heated Sq Ft combined; Renovations completed 12/2024 & 01/2025, including updated bathrooms and luxury vinyl plank flooring; Roof is 2019; electrical update completed in 2015
