37-Unit Apartment Building with Lake
For Sale
$4,500,000
2222 W SOUTH Street, Orlando, FL 32805
MULTI_FAMILY - ORLANDO, FL
Property Size19,392 SF
Lot Size6.33 Acres
Price / SF$232.05
Days on Market150
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 27, Bathroom 4, Bathroom 37, Bedroom 1, Bedroom 10, Bedroom 25, Bedroom 26, Bedroom 2, Bathroom 25, Bathroom 30, Bathroom 26, Bedroom 22, Bedroom 4, Bedroom 37, Bathroom 16, Bathroom 31, Bedroom 32, Bedroom 3, Bedroom 17, Bathroom 20, Bedroom 5, Bathroom 11, Bedroom 8, Bathroom 29, Bathroom 34, Bathroom 28, Bathroom 15, Bathroom 32, Bathroom 6, Bedroom 30, Bathroom 36, Bedroom 14, Bedroom 34, Bathroom 18, Bedroom 7, Bedroom 38, Bathroom 13, Bedroom 16, Bedroom 11, Bedroom 28, Bathroom 19, Bedroom 36, Bedroom 6, Bedroom 9, Bedroom 12, Bedroom 13, Bedroom 29, Bedroom 24, Bathroom 10, Bedroom 19, Bathroom 17, Bedroom 31, Bedroom 15, Bathroom 8, Bathroom 22, Bedroom 35, Bedroom 20, Bathroom 12, Bathroom 21, Bathroom 14, Bathroom 23, Bathroom 5, Bathroom 27, Bathroom 24, Bathroom 9, Bathroom 35, Bedroom 18, Bedroom 33, Bathroom 33, Bedroom 23, Bathroom 7, Bathroom 1, Bathroom 3, Bedroom 21, Bathroom 2
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
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Water front features
Lake Front
Water front
1
Amenities
water views
separately metered utilities
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: Aug 2
Last Checked: Aug 7 at 2:06AM
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 multifamily investment property in Downtown Orlando with 36 one-bedroom units and 1 two-bedroom unit. The property sits on 6.33 acres and includes a courtyard. Construction is block, with a shingle roof, ductless heating, and window and wall/window unit cooling.
Built in 1960, the community offers lake-front views, with multiple units overlooking Sunset Lake. Water and electric are separately metered by unit, and services are provided through public water and public sewer. Over the past two years, the property has undergone renovations.
Strategically located in the urban core, Sunset Apartments provides convenient access to major transportation corridors including John Young Parkway, SR-408, Florida’s Turnpike, and I-4. The property is within a mile of Camping World Stadium and just minutes from Kia Center and Inter&Co Stadium.
Built in 1960, the community offers lake-front views, with multiple units overlooking Sunset Lake. Water and electric are separately metered by unit, and services are provided through public water and public sewer. Over the past two years, the property has undergone renovations.
Strategically located in the urban core, Sunset Apartments provides convenient access to major transportation corridors including John Young Parkway, SR-408, Florida’s Turnpike, and I-4. The property is within a mile of Camping World Stadium and just minutes from Kia Center and Inter&Co Stadium.
Key Highlights
- 37 units total: 36 one‑bedroom and 1 two‑bedroom
- 6.33 acres with courtyard and lake‑front views of Sunset Lake
- Zoned R‑1A with public water and public sewer
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
Property Profile
Current Use
Lease Details
37
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,714
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Zoned R-1A, this 37-unit apartment building offers lake-front units, public utilities, and 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 units total: 36 one‑bedroom and 1 two‑bedroom; 6.33 acres with courtyard and lake‑front views of Sunset Lake; Zoned R‑1A with public water and public sewer
