Downtown Office Condos with
For Sale
$1,549,000
121 S Orange Avenue #1450N & 1470N, Orlando, FL 32801
Two leased office units in Plaza Building’s North Tower, offering corner and double-door entries and updated interior finishes.
Property Size6,401 SF
Price / SF$241.99
Days on Market55
Property Features for 121 S Orange Avenue #1450N & 1470N
General Information
Standard status
Active
Size
6,401 SF
Zoning
OFFICE
Occupancy
100%
Net Operating Income
$92,377
Additional Details
Cap Rate
6%
Office Units
2
Building Details
Building Size
6,401 SF
Year Built
2007
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
RE/MAX Direct
(754) 368-0783
Listed By:
Carlos Caicedo · License #B26055759
(754) 368-0783
Source:
Laerrealty
Added: Jul 7
Changed: Aug 26
Last Checked: Aug 29 at 6:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Direct
Investment Insights
Based on property information with market context.
This offering includes two income-producing office units in the Plaza Building’s North Tower. Unit 1450N spans 4,538 sq. ft. and is a corner suite with a balcony overlooking Orange Ave. The space features an open layout, conference rooms, private offices, a kitchen, and a breakroom, and it is leased through March 31, 2027. Unit 1470N totals 1,683 sq. ft., with a double-door entry and interior improvements including new paint and wood laminate floors. It includes private offices, a reception area, a breakroom, and conference rooms with floor-to-ceiling windows featuring views of downtown Orlando and Lake Eola.
The suites are located at 121 S Orange Avenue in downtown Orlando and are part of the North Tower within the Plaza Building. Both units are currently leased, providing in-place occupancy through their respective lease expiration dates.
For buyers seeking a manageable, cash-flowing office asset with defined unit separation, these two suites offer established tenancy and dedicated space programming. The mix of conference rooms, private offices, reception areas, and breakroom/kitchen elements supports a variety of office users, and the windowed conference spaces and balcony in Unit 1450N add distinguishing amenity value within the office setting.
The suites are located at 121 S Orange Avenue in downtown Orlando and are part of the North Tower within the Plaza Building. Both units are currently leased, providing in-place occupancy through their respective lease expiration dates.
For buyers seeking a manageable, cash-flowing office asset with defined unit separation, these two suites offer established tenancy and dedicated space programming. The mix of conference rooms, private offices, reception areas, and breakroom/kitchen elements supports a variety of office users, and the windowed conference spaces and balcony in Unit 1450N add distinguishing amenity value within the office setting.
Key Highlights
- Two leased office units in Plaza Building North Tower in downtown Orlando
- Total 6,401 sq. ft. of income‑producing office space
- Unit 1450N: 4,538 sq. ft. corner suite with balcony overlooking Orange Ave; leased until March 31, 2027
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
$119,539
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
7.72%
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%
$2,390,780
$2.4M
Cap Rate 7%
$1,707,700
$1.7M
Cap Rate 9%
$1,328,211
$1.3M
Market Conditions
NOI Build-Up for 6,401 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
$192.0K $30.00/SF
− Vacancy
−$32.6K −$5.10/SF
EGI
$159.4K $24.90/SF
− OpEx
−$39.8K −$6.23/SF
NOI
$119.5K $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%
$2,390,780
Cap Rate 7%
$1,707,700
Cap Rate 9%
$1,328,211
Alternative Uses
Best Use
Office B
$1.71M
$1.49M – $1.99M
NOI $119,539 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.06M
$1.80M – $2.41M
NOI $144,339 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
9,201
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
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 units - Two leased office units in Plaza Building’s North Tower, offering corner and double-door entries and updated interior finishes.
Where is this office units located?
The property is located at 121 S Orange Avenue #1450N & 1470N Orlando, FL.
What is the asking price?
The asking price for this property is $1,549,000.
What are key features of this property?
This property features: Two leased office units in Plaza Building North Tower in downtown Orlando; Total 6,401 sq. ft. of income‑producing office space; Unit 1450N: 4,538 sq. ft. corner suite with balcony overlooking Orange Ave; leased until March 31, 2027
