Lakefront 37-Unit Apartment
For Sale
$4,500,000
2222 W SOUTH Street, Orlando, FL 32805
Residential Income, ORLANDO, FL
Property Size19,392 SF
Lot Size6.33 Acres
Price / SF$232.05
Days on Market195
Property Features for 2222 W SOUTH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1A
Bedrooms
38
Bathrooms
37
Full bathrooms
37
Rooms
Bedroom 10, Bathroom 3, Bedroom 17, Bedroom 30, Bathroom 4, Bathroom 35, Bedroom 38, Bathroom 1, Bedroom 15, Bedroom 19, Bathroom 32, Bedroom 32, Bedroom 33, Bedroom 6, Bathroom 23, Bedroom 24, Bathroom 21, Bathroom 22, Bathroom 37, Bedroom 9, Bedroom 25, Bedroom 29, Bathroom 18, Bedroom 4, Bedroom 11, Bedroom 13, Bathroom 25, Bathroom 26, Bathroom 30, Bedroom 36, Bathroom 27, Bathroom 9, Bedroom 3, Bathroom 15, Bedroom 31, Bathroom 16, Bathroom 17, Bathroom 13, Bedroom 22, Bedroom 20, Bathroom 11, Bedroom 1, Bedroom 34, Bedroom 14, Bedroom 8, Bathroom 36, Bedroom 35, Bathroom 20, Bedroom 18, Bedroom 23, Bathroom 14, Bathroom 2, Bathroom 28, Bathroom 34, Bedroom 37, Bathroom 6, Bedroom 5, Bedroom 27, Bedroom 28, Bedroom 21, Bathroom 7, Bedroom 16, Bathroom 8, Bathroom 24, Bathroom 19, Bedroom 12, Bathroom 31, Bedroom 7, Bedroom 2, Bathroom 12, Bathroom 33, Bedroom 26, Bathroom 29, Bathroom 10, Bathroom 5
Exterior features
Courtyard
Subdivision
WESTFIELD SUB
View
Lake
Directions
Downtown Orlando.
Standard status
Active
APN
28-22-29-9200-10-010
Size
19,392 SF
Lot size
6.33 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WESTFIELD M/80 LOTS 1 THRU 7 & THAT PT OF LOTS 8 & 9 LYING NWLY OF FOLLOWING DESC LINE BEG 6 FT NWLY OF NW COR OF LOT 9RUN SELY TO A POINT 6 FT SELY OF SW COROF LOT 9 & BEG SW COR OF LOT 9 RUN SELY6 FT SWLY PARALLEL TO NWLY LINE OF LOT 9TO WATERS EDG E NWLY ALONG WATERS EDGE TO A POINT ON PROLONGATION LINE OF NWLY LINE OF LOT 9 THENCE NELY TO POB BLK 10& THAT PT OF OCCUPIED PLATTED LAKE LYINGBETWEEN THE W LINE OF LOT 1 BLK 10 EXTENDED TO THE S BOUNDARY OF PLAT AND THE ELINE PROPERTY LINE EXTENDE D TO A POINTOF INTERSECTION OF THE E LINE OF LOT 4 BLK 10
Tax Annual Amount
23125
Legal Description
WESTFIELD M/80 LOTS 1 THRU 7 & THAT PT OF LOTS 8 & 9 LYING NWLY OF FOLLOWING DESC LINE BEG 6 FT NWLY OF NW COR OF LOT 9RUN SELY TO A POINT 6 FT SELY OF SW COROF LOT 9 & BEG SW COR OF LOT 9 RUN SELY6 FT SWLY PARALLEL TO NWLY LINE OF LOT 9TO WATERS EDG E NWLY ALONG WATERS EDGE TO A POINT ON PROLONGATION LINE OF NWLY LINE OF LOT 9 THENCE NELY TO POB BLK 10& THAT PT OF OCCUPIED PLATTED LAKE LYINGBETWEEN THE W LINE OF LOT 1 BLK 10 EXTENDED TO THE S BOUNDARY OF PLAT AND THE ELINE PROPERTY LINE EXTENDE D TO A POINTOF INTERSECTION OF THE E LINE OF LOT 4 BLK 10
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Water front features
Lake Front
Water front
1
Building Details
Year built
1960
Number of units
37
Building materials
Block
Roof type
Shingle
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Tito Urbano Perez · License #3470017
(407) 907-0350
Added: Mar 11
Changed: Sep 12
Last Checked: Sep 21 at 9:06AM
MLS# TB8485557
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.
Sunset Apartments is a 37-unit apartment property comprising 36 one-bedroom residences and one two-bedroom residence across 19,392 square feet. The 1960-built community occupies 6.33 acres and includes a courtyard, block construction, shingle roofing, public water, and public sewer. Multiple residences face Sunset Lake, and the property has lake frontage. Renovations were completed over the past two years, while individual units are separately metered for water and electric.
Located in Orlando’s urban core, the property provides access to John Young Parkway, SR-408, Florida’s Turnpike, and I-4. Camping World Stadium is within one mile, with the Kia Center and Inter&Co Stadium a short drive away. The community is zoned R-1A.
Located in Orlando’s urban core, the property provides access to John Young Parkway, SR-408, Florida’s Turnpike, and I-4. Camping World Stadium is within one mile, with the Kia Center and Inter&Co Stadium a short drive away. The community is zoned R-1A.
Key Highlights
- 37‑unit apartment property with 36 one‑bedroom units and 1 two‑bedroom unit
- 6.33‑acre site with 19,392 square feet of property size
- Lake frontage on Sunset Lake with water views from multiple units
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
$251,303
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
5.58%
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%
$5,026,060
$5.0M
Cap Rate 7%
$3,590,043
$3.6M
Cap Rate 9%
$2,792,256
$2.8M
Market Conditions
NOI Build-Up for 19,392 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
$488.7K $25.20/SF
− Vacancy
−$31.8K −$1.64/SF
EGI
$456.9K $23.56/SF
− OpEx
−$205.6K −$10.60/SF
NOI
$251.3K $12.96/SF
Area
Orlando, FL
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$5,026,060
Cap Rate 7%
$3,590,043
Cap Rate 9%
$2,792,256
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.14M – $4.19M
NOI $251,303 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.25M
$5.47M – $7.29M
NOI $437,279 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
37
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
955
Businesses Nearby
Explore this area
Business Placement
Demographics for 32805, FL
23,331
Population
9,332
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
78%
High-School Grad
6.8 sq mi
ZIP Area
3,431
Density / Sq Mi
$39,425
Median Household Income
$29,592
Median Earnings
$1,112
Median Rent
$226,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with separately metered water and electric.
Where is this apartment building located?
The property is located at 2222 W SOUTH Street Orlando, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 37‑unit apartment property with 36 one‑bedroom units and 1 two‑bedroom unit; 6.33‑acre site with 19,392 square feet of property size; Lake frontage on Sunset Lake with water views from multiple units
