Half-Duplex Residential Income
For Sale
$255,000
12237 EASTCOVE Drive, Orlando, FL 32826
Residential, ORLANDO, FL
Property Size837 SF
Lot Size0.16 Acres
Price / SF$304.66
Days on Market14
Property Features for 12237 EASTCOVE Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2
Window features
Blinds
Pets allowed
Yes
Interior features
Ceiling Fans(s)
Exterior features
Sidewalk
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
UNIVERSITY PLACE
Lot features
Corner Lot
Elementary school
Riverdale Elem
Middle school
Corner Lake Middle
High school
University High
Directions
From 408 & Alafaya Trail: North on Alafaya Trail approximately 2 miles. Turn right onto Coral Reef Dr. Take the first right onto Eastcove Dr. The property will be on the left.
Standard status
Active
APN
15-22-31-8810-00-660
Size
837 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
UNIVERSITY PLACE UNIT 1 10/137 LOT 66 (LESS E 41 FT)
Tax Annual Amount
3752
Legal Description
UNIVERSITY PLACE UNIT 1 10/137 LOT 66 (LESS E 41 FT)
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1982
Floors in Building
1
Flooring type
Tile, Vinyl
Building materials
Block
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS ADVANTAGE REALTY · Keller Williams Realty
(407) 977-7600
Listed By:
Stacie Brown Kelly · License #692835
(407) 221-4954
Added: Sep 10
Changed: Sep 17
Last Checked: Sep 23 at 5:06AM
MLS# O6438180
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 837-square-foot, single-story half duplex includes two bedrooms, two bathrooms, a living room with vaulted ceilings, and a connected kitchen with a pass-through and eat-in area. The kitchen includes stainless steel appliances, Shaker-style cabinetry, and a pantry. Vinyl flooring extends through the living areas and bedrooms, with tile in the kitchen and bathrooms. Improvements include replaced ductwork, updated bathroom fixtures, an updated electrical panel, and a washer and dryer replaced within the last two years. Central heating and cooling serve the residence, which was built in 1982.
Sliding glass doors open to a private backyard with a patio, paver area, grassy space, mature greenery, and attached exterior storage. The property also includes a two-car parking pad, a shingle roof, block construction, public water, and a septic tank. It is located in University Place in East Orlando, with UCF, Central Florida Research Park, Valencia College's East Campus, Waterford Lakes Town Center, Blanchard Park, and the Little Econ Greenway nearby. Access to Alafaya Trail, SR 408, and SR 417 connects the property with downtown Orlando and the surrounding area.
Sliding glass doors open to a private backyard with a patio, paver area, grassy space, mature greenery, and attached exterior storage. The property also includes a two-car parking pad, a shingle roof, block construction, public water, and a septic tank. It is located in University Place in East Orlando, with UCF, Central Florida Research Park, Valencia College's East Campus, Waterford Lakes Town Center, Blanchard Park, and the Little Econ Greenway nearby. Access to Alafaya Trail, SR 408, and SR 417 connects the property with downtown Orlando and the surrounding area.
Key Highlights
- 837 square feet in a single‑story half duplex
- Two bedrooms and two bathrooms
- 0.16‑acre lot with private backyard, patio, paver area, and attached exterior storage
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
$10,847
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
4.25%
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%
$216,940
$216.9K
Cap Rate 7%
$154,957
$155.0K
Cap Rate 9%
$120,522
$120.5K
Market Conditions
NOI Build-Up for 837 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
$21.1K $25.20/SF
− Vacancy
−$1.4K −$1.64/SF
EGI
$19.7K $23.56/SF
− OpEx
−$8.9K −$10.60/SF
NOI
$10.8K $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%
$216,940
Cap Rate 7%
$154,957
Cap Rate 9%
$120,522
Alternative Uses
Best Use
Apartment 5plus
$155.0K
$135.6K – $180.8K
NOI $10,847 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$269.6K
$235.9K – $314.6K
NOI $18,874 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 32826, FL
33,065
Population
10,714
Households
3.1
Avg Household Size
25
Median Age
34%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
4,529
Density / Sq Mi
$61,784
Median Household Income
$27,066
Median Earnings
$1,478
Median Rent
$224,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Single-story layout offers two full bathrooms, private outdoor space, and dedicated parking.
Where is this residential income property located?
The property is located at 12237 EASTCOVE Drive Orlando, FL.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 837 square feet in a single‑story half duplex; Two bedrooms and two bathrooms; 0.16‑acre lot with private backyard, patio, paver area, and attached exterior storage
