Shell Retail End-Unit with
For Sale
$2,310,000
Pending
2865 Ocoee Apopka Road 3 APOPKA, Apopka, FL 32703
Dark gray shell retail building offers three front entrances and end-unit dedicated patio space at Lake Carter Exchange.
Property Size6,392 SF
Days on Market47
Property Features for 2865 Ocoee Apopka Road 3 APOPKA
General Information
Standard status
Pending
Size
6,392 SF
Class
A
Amenities
shared patio space
end-unit dedicated patio space
1
false
Public
10052
0.23
Asphalt
Stem Wall
County Road
6392
Building Details
Building Size
6,392 SF
Year Built
2025
Buildings
1
Stories
1
Listing Agency:
THE REAL ESTATE COLLECTION LLC
(407) 656-7814
Listed By:
Matthew Kester · License #3121297
(407) 656-7814
Source:
Therealestatecollection
Added: Jul 6
Changed: Aug 17
Last Checked: Aug 21 at 4:08AM
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 THE REAL ESTATE COLLECTION LLC
Investment Insights
Based on property information with market context.
Building #03 at Lake Carter Exchange is a dark gray shell retail property designed for tenant customization. The shell delivery supports flexible interior layout planning, with three front entrances intended to serve up to three unique suites. The building also includes shared patio space plus an end-unit dedicated patio space.
The site is located at the intersection of Ocoee-Apopka Road and W Keene Road in Apopka’s East Shore. It is less than one mile from Advent Health’s seven-story, 120-bed hospital and opposite a new Publix Supermarket development. The development is positioned within an East Shore trade area that includes 5,000 planned residences, with an average household income above $100k. The property is described as Class A. Contact for pricing details and to schedule a tour.
The site is located at the intersection of Ocoee-Apopka Road and W Keene Road in Apopka’s East Shore. It is less than one mile from Advent Health’s seven-story, 120-bed hospital and opposite a new Publix Supermarket development. The development is positioned within an East Shore trade area that includes 5,000 planned residences, with an average household income above $100k. The property is described as Class A. Contact for pricing details and to schedule a tour.
Key Highlights
- 2025‑built dark gray shell retail building in Lake Carter Exchange at the intersection of Ocoee‑Apopka Road and W Keene Road
- Shell retail space with three front entrances, supporting up to three unique suites
- End‑unit dedicated patio space plus shared patio space
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
$125,519
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
5.43%
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%
$2,510,380
$2.5M
Cap Rate 7%
$1,793,129
$1.8M
Cap Rate 9%
$1,394,656
$1.4M
Market Conditions
NOI Build-Up for 6,392 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
$185.6K $29.04/SF
− Vacancy
−$6.3K −$0.99/SF
EGI
$179.3K $28.05/SF
− OpEx
−$53.8K −$8.42/SF
NOI
$125.5K $19.64/SF
Area
Orange County, FL
Vacancy
3.40%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,510,380
Cap Rate 7%
$1,793,129
Cap Rate 9%
$1,394,656
Alternative Uses
Best Use
Retail
$1.79M
$1.57M – $2.09M
NOI $125,519 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,329 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
1k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
U-Haul
Shops & Services
1,015 visits/mo
0.4 miles
Extra Space Storage
Shops & Services
276 visits/mo
0.0 miles
Demographics for 32703, FL
54,805
Population
22,033
Households
2.5
Avg Household Size
37
Median Age
29%
College-Educated
87%
High-School Grad
32.1 sq mi
ZIP Area
1,707
Density / Sq Mi
$70,338
Median Household Income
$42,031
Median Earnings
$1,579
Median Rent
$314,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Dark gray shell retail building offers three front entrances and end-unit dedicated patio space at Lake Carter Exchange.
Where is this retail space located?
The property is located at 2865 Ocoee Apopka Road 3 APOPKA Apopka, FL.
What is the asking price?
The asking price for this property is $2,310,000.
What are key features of this property?
This property features: 2025‑built dark gray shell retail building in Lake Carter Exchange at the intersection of Ocoee‑Apopka Road and W Keene Road; Shell retail space with three front entrances, supporting up to three unique suites; End‑unit dedicated patio space plus shared patio space
