Renovated Quadplex Near
For Sale
Under Contract
$1,225,000
1505 CATHERINE Street, Orlando, FL 32801
Residential Income, ORLANDO, FL
Property Size3,658 SF
Lot Size0.23 Acres
Price / SF$334.88
Days on Market98
Property Features for 1505 CATHERINE Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-2B/T/AN
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 2, Bedroom 7, Bedroom 8, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 3, Bathroom 5, Bathroom 2, Bathroom 4, Bedroom 1, Bedroom 6, Bedroom 3
Security features
Security
Pets allowed
Dogs OK, Cats OK
Interior features
Ceiling Fans(s), Solid Surface Counters, Thermostat, Walk-In Closet(s), Window Treatments
Exterior features
Private Mailbox, Sidewalk
Subdivision
LAKE DAVIS HEIGHTS
Elementary school
Blankner Elem
Middle school
Blankner School (K-8)
High school
Boone High
Directions
From the Central Business District in Downtown Orlando, Head south on N Orange Ave, Turn left onto E Anderson St, Turn right onto S Mills Ave, Turn left onto Catherine St, the destination will be on the right, Street parking available for potential buyers
Standard status
Active Under Contract
APN
36-22-29-4392-00-270
Size
3,658 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LAKE DAVIS HEIGHTS G/71 LOT 27
Tax Annual Amount
10644
Legal Description
LAKE DAVIS HEIGHTS G/71 LOT 27
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
guest parking
Building Details
Year built
1950
Floors in Building
2
Number of units
4
Building materials
Concrete, Stucco
Roof type
Shingle
Listing Agency:
MAINFRAME REAL ESTATE
(407) 513-4257
Listed By:
Carla Trine · License #3381595
(407) 756-6392
Added: Jun 20
Changed: Sep 21
Last Checked: Sep 25 at 12:06PM
MLS# O6417011
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.
This four-unit residential income property contains approximately 3,658 square feet on a 0.23-acre parcel. The front residence was renovated in 2018, while the rear building was completed in 2023 with three apartments and fire sprinklers. Each unit has in-unit laundry, and the property includes a separately metered one-car garage with exterior access. Additional features include central air, electric heat, public water, public sewer, solid-surface counters, walk-in closets, and a shingle roof.
The property is located at 1505 Catherine Street in Orlando, near Downtown Orlando and minutes from Lake Eola. Nearby destinations include 903 Mills Market, Lake Davis, Greenwood Urban Park, Delaney Park, Thornton Park, Orlando Health, the Dr. Phillips Center for the Performing Arts, Kia Center, and Inter&Co Stadium. The property is zoned R-2B/T/AN and includes sidewalk access and private mailbox service.
The property is located at 1505 Catherine Street in Orlando, near Downtown Orlando and minutes from Lake Eola. Nearby destinations include 903 Mills Market, Lake Davis, Greenwood Urban Park, Delaney Park, Thornton Park, Orlando Health, the Dr. Phillips Center for the Performing Arts, Kia Center, and Inter&Co Stadium. The property is zoned R-2B/T/AN and includes sidewalk access and private mailbox service.
Key Highlights
- Four‑unit residential income property totaling approximately 3,658 square feet
- Rear building completed in 2023 with three apartments and fire sprinklers
- Front residence renovated in 2018
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
$51,896
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
4.24%
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%
$1,037,920
$1.0M
Cap Rate 7%
$741,371
$741.4K
Cap Rate 9%
$576,622
$576.6K
Market Conditions
NOI Build-Up for 3,658 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
$79.0K $21.60/SF
− Vacancy
−$4.9K −$1.33/SF
EGI
$74.1K $20.27/SF
− OpEx
−$22.2K −$6.08/SF
NOI
$51.9K $14.19/SF
Area
Orlando, FL
Vacancy
6.17%
Lease Rate
$21.60 /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%
$1,037,920
Cap Rate 7%
$741,371
Cap Rate 9%
$576,622
Alternative Uses
Best Use
Multifamily LT 5
$741.4K
$648.7K – $864.9K
NOI $51,896 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$677.2K
$592.6K – $790.1K
NOI $47,404 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,486 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
Explore this area
Business Placement
Demographics for 32801, FL
17,728
Population
12,133
Households
1.5
Avg Household Size
36
Median Age
63%
College-Educated
95%
High-School Grad
2.2 sq mi
ZIP Area
8,058
Density / Sq Mi
$77,626
Median Household Income
$63,090
Median Earnings
$1,773
Median Rent
$397,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include private laundry, public utilities, and a combination of renovated and newly built improvements.
Where is this quadplex located?
The property is located at 1505 CATHERINE Street Orlando, FL.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Four‑unit residential income property totaling approximately 3,658 square feet; Rear building completed in 2023 with three apartments and fire sprinklers; Front residence renovated in 2018
