Two-Unit Office Investment
For Sale
$1,549,000
121 S Orange Ave 1450N & 1470N, Orlando, FL 32801
Two leased office units in the Plaza Building’s North Tower, offering established space with balconies and conference rooms.
Property Size6,401 SF
Price / SF$241.99
Days on Market68
Property Features for 121 S Orange Ave 1450N & 1470N
General Information
Standard status
Active
Size
6,401 SF
Property subtype
Commercial
Occupancy
100%
Financials
Cap Rate
6%
Business Included
Yes
Additional Details
Office Units
2
Building Details
Building Size
6,401 SF
Year Built
2007
Stories
22
Units
2
Tenancy
Multi
Listing Agency:
RE/MAX Direct
(754) 368-0783
Listed By:
Carlos A. Caicedo · License #3097908
(754) 368-0783
Source:
Elliman
Added: Jun 20
Changed: Aug 22
Last Checked: Aug 26 at 11:53AM
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 within the Plaza Building – North Tower. Unit 1450N totals 4,538 sq. ft. and is a corner configuration with a balcony overlooking Orange Ave. The space features an open layout, conference rooms, private offices, and a kitchen and breakroom. Unit 1470N totals 1,683 sq. ft. and has a double-door entry, new paint, and wood laminate floors. It includes a reception area, private offices, a breakroom, and conference rooms with floor-to-ceiling windows.
Both units are leased through 2026–2027. Unit 1450N is leased until March 31, 2027, and Unit 1470N is leased until October 31, 2026. The North Tower setting provides office views into downtown Orlando, including sightlines tied to Lake Eola.
For buyers or operators seeking an office asset with two separate leased spaces and defined interiors, this property offers multiple room types that can support a range of professional office needs, including meeting-focused users. BikeScore, walkScore, and transitScore figures indicate a workable downtown environment for non-driving access, and the sale is presented with a stated 6% cap rate and NOI of $92,377.34.
Both units are leased through 2026–2027. Unit 1450N is leased until March 31, 2027, and Unit 1470N is leased until October 31, 2026. The North Tower setting provides office views into downtown Orlando, including sightlines tied to Lake Eola.
For buyers or operators seeking an office asset with two separate leased spaces and defined interiors, this property offers multiple room types that can support a range of professional office needs, including meeting-focused users. BikeScore, walkScore, and transitScore figures indicate a workable downtown environment for non-driving access, and the sale is presented with a stated 6% cap rate and NOI of $92,377.34.
Key Highlights
- 2007‑built Plaza Building North Tower in downtown Orlando, offering two leased office units totaling 6,401 sq. ft.
- Unit 1450N: 4,538 sq. ft. corner office with balcony overlooking Orange Ave; open layout plus conference rooms, private offices, kitchen and breakroom; leased through Mar 31, 2027.
- Unit 1470N: 1,683 sq. ft. office with double‑door entry; private offices, reception area, breakroom, and conference rooms with floor‑to‑ceiling windows; leased through Oct 31, 2026.
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
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
8,933
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 the Plaza Building’s North Tower, offering established space with balconies and conference rooms.
Where is this office units located?
The property is located at 121 S Orange Ave 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: 2007‑built Plaza Building North Tower in downtown Orlando, offering two leased office units totaling 6,401 sq. ft.; Unit 1450N: 4,538 sq. ft. corner office with balcony overlooking Orange Ave; open layout plus conference rooms, private offices, kitchen and breakroom; leased through Mar 31, 2027.; Unit 1470N: 1,683 sq. ft. office with double‑door entry; private offices, reception area, breakroom, and conference rooms with floor‑to‑ceiling windows; leased through Oct 31, 2026.
