82-Unit Multifamily
For Sale
$32,900,000
610 TULSA Way, Davenport, FL 33896
Commercial Sale, DAVENPORT, FL
Property Size124,874 SF
Lot Size7.10 Acres
Price / SF$263.47
Days on Market21
Property Features for 610 TULSA Way
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
RC
Appliances
Dishwasher, Dryer, Microwave, Refrigerator, Washer
Directions
From I-4 Exit 58 (ChampionsGate Blvd), head on Osceola Polk Line Rd approximately 1.5 miles to Lake Wilson Rd. Turn right (north) on Lake Wilson Rd. The community entrance is on the left.
Subdivision
33896 - Davenport / Champions Gate
Standard status
Active
APN
27-26-02-000000-034020
Lot size
7.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COM AT SW COR OF NW1/4 OF SEC RUN N89-25-45E ALG S LINE OF NW1/4 58.62 FT TO E R/W LINE OF LAKE WILSON RD FOR POB N00-29-09W ALG SAID E R/W LINE 512.30 FT N89-29-37E 603.94 FT TO E LINE OF W1/2 OF SW1/4 OF NW1/4 OF SEC S00-30-23E ALG SAID E LINE 511. 62 FT TO S LINE OF NW1/4 S89-25-45W ALG SAID S LINE 604.13 FT TO POB AKA PARCEL 2 AS PER OR 7664 PG 306
Tax Annual Amount
41001
Legal Description
COM AT SW COR OF NW1/4 OF SEC RUN N89-25-45E ALG S LINE OF NW1/4 58.62 FT TO E R/W LINE OF LAKE WILSON RD FOR POB N00-29-09W ALG SAID E R/W LINE 512.30 FT N89-29-37E 603.94 FT TO E LINE OF W1/2 OF SW1/4 OF NW1/4 OF SEC S00-30-23E ALG SAID E LINE 511. 62 FT TO S LINE OF NW1/4 S89-25-45W ALG SAID S LINE 604.13 FT TO POB AKA PARCEL 2 AS PER OR 7664 PG 306
Utilities
Utilities
Electricity Available
Sewer type
Private Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
gated entry
resort-style pool
covered BBQ
dog run
playground
Building Details
Year built
2026
Number of units
82
Building materials
HardiPlank Type
Listing Agency:
TEAM DONOVAN
(407) 705-2616
Listed By:
James Donovan · License #3110116
(407) 705-2128
Added: Aug 18
Changed: Sep 6
Last Checked: Sep 7 at 9:06AM
MLS# S5155870
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 under-construction multifamily development comprises 82 units across 13 buildings totaling 124,874 SF on 7.1 acres. The property is planned with two three-bedroom layouts measuring 1,542 SF and 1,471 SF; 52 units include two-car garages. Features include HardiePlank siding, quartz finishes, LVP flooring, fire sprinklers, individually metered utilities, and a 10-year structural warranty. Heating is electric and central, with central air conditioning. Appliances include dishwashers, dryers, microwaves, refrigerators, and washers.
The gated property includes private roads, a resort-style pool, covered BBQ area, dog run, playground, and electricity availability. Public water and private sewer serve the development. It is 1.5 miles from I-4 Exit 58, with ChampionsGate 2 miles away, Reunion 4 miles away, and Disney 7 miles away. The site is zoned RC and lies in Flood Zone X. Potential operating models identified for the property include hospitality, long-term rental, and blended operation, subject to applicable licensing and verification.
The gated property includes private roads, a resort-style pool, covered BBQ area, dog run, playground, and electricity availability. Public water and private sewer serve the development. It is 1.5 miles from I-4 Exit 58, with ChampionsGate 2 miles away, Reunion 4 miles away, and Disney 7 miles away. The site is zoned RC and lies in Flood Zone X. Potential operating models identified for the property include hospitality, long-term rental, and blended operation, subject to applicable licensing and verification.
Key Highlights
- 82 units across 13 buildings totaling 124,874 SF on 7.1 acres
- Two three‑bedroom layouts: 1,542 SF and 1,471 SF
- 52 units include two‑car garages
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
$1,182,797
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
3.60%
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%
$23,655,940
$23.7M
Cap Rate 7%
$16,897,100
$16.9M
Cap Rate 9%
$13,142,189
$13.1M
Market Conditions
NOI Build-Up for 124,874 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
$2.29M $18.36/SF
− Vacancy
−$142.1K −$1.14/SF
EGI
$2.15M $17.22/SF
− OpEx
−$967.7K −$7.75/SF
NOI
$1.18M $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /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%
$23,655,940
Cap Rate 7%
$16,897,100
Cap Rate 9%
$13,142,189
Alternative Uses
Best Use
Apartment 5plus
$16.90M
$14.78M – $19.71M
NOI $1,182,797 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$30.01M
$26.26M – $35.01M
NOI $2,100,580 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
82
Residential units
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
Explore this area
Business Placement
Demographics for 33896, FL
19,444
Population
11,929
Households
1.6
Avg Household Size
36
Median Age
33%
College-Educated
94%
High-School Grad
20.2 sq mi
ZIP Area
963
Density / Sq Mi
$74,485
Median Household Income
$39,558
Median Earnings
$1,969
Median Rent
$307,200
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?
Multifamily property - Gated development with a pool, playground, dog run, and private roads.
Where is this multifamily property located?
The property is located at 610 TULSA Way Davenport, FL.
What is the asking price?
The asking price for this property is $32,900,000.
What are key features of this property?
This property features: 82 units across 13 buildings totaling 124,874 SF on 7.1 acres; Two three‑bedroom layouts: 1,542 SF and 1,471 SF; 52 units include two‑car garages
