Modern Office Building with
For Sale
Under Contract
$7,700,000
429 S KELLER Road, Orlando, FL 32810
SINGLE_FAMILY - ORLANDO, FL
Property Size60,000 SF
Lot Size1.91 Acres
Price / SF$212.31
Days on Market147
Property Features for 429 S KELLER Road
General Information
Property type
Residential
Property subtype
Office
Zoning
OC
Parking features
Underground/Basement
Appliances
Dishwasher, Microwave, Refrigerator
Lot features
Landscaped, Retention Pond, Street Lights
Directions
414 (Maitland Blvd) to South on Keller Rd. Building on the right.
Subdivision
32810 - Orlando/Lockhart
Standard status
Active Under Contract
APN
21-29-34-0000-00-057
Size
36,268 SF
Lot size
1.91 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT OF SEC 34-21-29 DESC AS COMM NE COR OF NW1/4 OF NE1/4 RUN N 88 DEG W 30 FT S20.01 FT N 88 DEG W 25.01 FT S 32.89 FTFOR POB CONT S 271.55 FT N 88 DEG W 310.79 FT N 1 DEG E 271.42 FT S 88 DEG E 302.75 FT TO POB
Tax Annual Amount
80679
Legal Description
PT OF SEC 34-21-29 DESC AS COMM NE COR OF NW1/4 OF NE1/4 RUN N 88 DEG W 30 FT S20.01 FT N 88 DEG W 25.01 FT S 32.89 FTFOR POB CONT S 271.55 FT N 88 DEG W 310.79 FT N 1 DEG E 271.42 FT S 88 DEG E 302.75 FT TO POB
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
gym
covered patios
open-air patios
three-story atrium
integrated stereo sound
Building Details
Year built
2007
Floors in Building
3
Number of units
7
Flooring type
Laminate, Carpet, Tile - Ceramic
Building materials
Block, Metal Frame, Metal Siding, Stucco
Roof type
Membrane
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(407) 622-2122
Listed By:
Katie Berk · License #3309902
(407) 712-0616
Added: Mar 25
Changed: Aug 17
Last Checked: Aug 18 at 5:06PM
MLS# O6393703
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 office building, completed in 2007, combines a three-story atrium with expansive glass panels, oversized windows, specialty wall coverings, slat walls, raised Plexi details, and custom millwork. The property incorporates low-emissivity glass, low-VOC paints and adhesives, recycled carpeting, low-flush toilets, and waterless urinals. Central heating and air conditioning serve the building, which features block, metal frame, metal siding, and stucco construction.
Outdoor amenities include covered and open-air patios, while an on-site fitness facility adds an employee-oriented feature. The building is wired for integrated stereo sound and includes underground or basement parking, 50 covered parking spaces, and additional open parking. Public water and sewer serve the property. The 1.91-acre site is located on S Keller Road and is zoned OC.
Outdoor amenities include covered and open-air patios, while an on-site fitness facility adds an employee-oriented feature. The building is wired for integrated stereo sound and includes underground or basement parking, 50 covered parking spaces, and additional open parking. Public water and sewer serve the property. The 1.91-acre site is located on S Keller Road and is zoned OC.
Key Highlights
- Three‑story atrium with expansive glass panels and oversized windows
- 1.91‑acre office property on S Keller Road
- 50 covered parking spaces plus ample open parking
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
$677,305
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
8.80%
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%
$13,546,100
$13.5M
Cap Rate 7%
$9,675,786
$9.7M
Cap Rate 9%
$7,525,611
$7.5M
Market Conditions
NOI Build-Up for 36,268 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
$1.09M $30.00/SF
− Vacancy
−$185.0K −$5.10/SF
EGI
$903.1K $24.90/SF
− OpEx
−$225.8K −$6.23/SF
NOI
$677.3K $18.67/SF
Area
Orlando, FL
Vacancy
17.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$13,546,100
Cap Rate 7%
$9,675,786
Cap Rate 9%
$7,525,611
Alternative Uses
Best Use
Office B
$9.68M
$8.47M – $11.29M
NOI $677,305 @ 7.0% cap · market cap 8.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.68M
$10.22M – $13.63M
NOI $817,823 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,821
Businesses Nearby
Explore this area
Business Placement
Demographics for 32810, FL
35,925
Population
14,849
Households
2.4
Avg Household Size
36
Median Age
26%
College-Educated
87%
High-School Grad
9.2 sq mi
ZIP Area
3,905
Density / Sq Mi
$58,462
Median Household Income
$37,983
Median Earnings
$1,545
Median Rent
$260,000
Median Home Value
Market
Vacancy Rate% for Office in Orlando, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Sustainable design, outdoor patios, fitness facilities, and covered parking support a distinctive workplace environment.
Where is this office building located?
The property is located at 429 S KELLER Road Orlando, FL.
What is the asking price?
The asking price for this property is $7,700,000.
What are key features of this property?
This property features: Three‑story atrium with expansive glass panels and oversized windows; 1.91‑acre office property on S Keller Road; 50 covered parking spaces plus ample open parking
