Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Mount Plymouth Fixer-Upper Opportunity Title is generated by Realmo AI

    31504 COLBY PLACE, Sorrento, FL 32776

    View on Map
    Claim this Listing
    For Sale
    $225,000

    Six-bed, two-bath property with significant value-add potential.

    Type:Multi Family
    Property size:
    2,997 SF
    Price / SF:
    $75/SF
    Added:
    Apr 17, 2025
    Days on Market:
    410
    Last Refresh:
    May 28 at 5:08 pm

    Property Features for 31504 COLBY PLACE

    General Information

    Standard status
    Active
    Size
    2,997 SF
    Property subtype
    Multi Family

    Building Details

    Year Built
    1953

    We can help!

    Listing Contact
    Moe Mossa
    Moe Mossa

    Listing agent Moe Mossa License #3432985

    Listing office SAVVY AVENUE, LLC

    Listing date Apr 17, 2025

    Source Exitrealty

    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 SAVVY AVENUE, LLC

    HighLights

    • Large 2,997 sqft property with 6 bedrooms offers significant space.
    • Opportunity for investors or builders to add value through renovation.
    • Vacant property allows for immediate project commencement.
    • Located in Mount Plymouth.
    • Two bathrooms.
    • Smaller units require only roof replacements, simplifying part of the renovation.

    Overview

    Located in Mount Plymouth, this property at 31504 Colby Pl offers a 2,997 sqft structure with six beds and two baths. The property presents a significant opportunity requiring substantial work. The main house necessitates a full rehabilitation, including a new roof, mold remediation, and complete updates. The smaller units require roof replacements. Currently vacant, the property is livable but not updated. This property is suited for investors or builders seeking a value-add project.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sorrento
    County
    Lake
    State
    Florida
    Longitude
    -81.5284009
    Latitude
    28.8083511

    Nearby Similar for Sale

    • $1,900,000
      4,974 SF

      Versatile Commercial Building on 4.6 Acres

      5,000 sqft commercial building on 4.6 acres in Sorrento, FL.
      31336 COUNTY ROAD 437, SORRENTO, FL 32776
      View Details
    • $950,000
      137,000 SF

      Wholesale Ornamental Nursery on 5.64 Acres

      Operating wholesale ornamental nursery on 5.64 acres in Lake County.
      23010 WOLF BRANCH ROAD, SORRENTO, FL 32776
      View Details
    • $1,100,000
      3,750 SF

      Former Daycare/Private School Building

      3,750 sqft building on 1.87 acres, excellent condition.
      25541 SORRENTO AVENUE, SORRENTO, FL 32776
      View Details
    • $899,000
      1,724 SF

      Updated Estate with Outdoor Oasis

      4-bedroom home on 4.81 acres with resort-style amenities.
      32708 GERE LANE, SORRENTO, FL 32776
      View Details
    • $950,000
      28,000 SF

      Wholesale Nursery on 5.64 Acres

      Operating wholesale ornamental nursery with equipment and inventory for sale.
      23010 WOLF BRANCH Rd, Sorrento, FL 32776
      View Details
    • $1,900,000
      4,974 SF

      Versatile Commercial Building on Acreage

      5,000 sqft commercial building on 4.6 acres in Sorrento.
      31336 COUNTY ROAD 437, SORRENTO, FL 32776
      View Details
    • $1,900,000
      5,919 SF

      Versatile Commercial Building on Acreage

      5,000 sqft commercial building on 4.68 acres in Sorrento.
      31336 Co Rd 437, Sorrento, FL 32776
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six-bed, two-bath property with significant value-add potential.
    Where is this apartment building located?
    The property is located at 31504 COLBY PLACE Sorrento, FL.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Large 2,997 sqft property with **6 bedrooms offers significant space.**; Opportunity for investors or builders to add value through renovation.; **Vacant property allows for immediate project commencement.**
    (888) 490-1268
    We can help!
    Listing Contact
    Moe Mossa
    Moe Mossa
    Real Estate License ID: 3432985
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    31504 COLBY PLACE, SORRENTO, FL 32776
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!