Triplex with Two
New
For Sale
$745,000
1509 WOODWARD, Orlando, FL 32803
Three separate residences with private entrances, outdoor areas, laundry access, and off-street parking in Orlando’s Colonialtown North area.
Property Size2,586 SF
Days on Market5
Property Features for 1509 WOODWARD
General Information
Standard status
Active
Size
2,586 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,889
Building Details
Building Size
2,586 SF
Year Built
1922
Units
3
Listing Agency:
(407) 552-9044
Listed By:
Lilly Vazquez · License #3567780
(407) 552-9044
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 18 at 7:32AM
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 Lilly Vazquez
Investment Insights
Based on property information with market context.
This three-unit property combines a single-family residence at the front with a rear duplex, creating a distinct configuration for rental operations or an owner-occupant arrangement. Each residence has its own entrance and private outdoor area, while shared on-site laundry serves the property. Two garages and additional off-street parking are included. Recent physical improvements include roof replacements on both structures, whole-property repiping, a new HVAC system, and luxury vinyl plank flooring in Unit 1.
The property is located at 1509 Woodward in Orlando’s Colonialtown North / Mills 50 area. Restaurants, grocery stores, coffee shops, Starbucks, and Publix are within a short walk, with Downtown Orlando, Colonial Drive, and I-4 nearby. The location has a Walk Score of 69, a Bike Score of 88, and a Transit Score of 29. Built in 1922, the property offers a three-residence layout with separate entrances and outdoor space for each unit.
The property is located at 1509 Woodward in Orlando’s Colonialtown North / Mills 50 area. Restaurants, grocery stores, coffee shops, Starbucks, and Publix are within a short walk, with Downtown Orlando, Colonial Drive, and I-4 nearby. The location has a Walk Score of 69, a Bike Score of 88, and a Transit Score of 29. Built in 1922, the property offers a three-residence layout with separate entrances and outdoor space for each unit.
Key Highlights
- Three‑unit configuration with a front single‑family home and rear duplex
- Roof replacements completed on both structures
- Whole‑property repiping and new HVAC system
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
$36,688
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
4.92%
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%
$733,760
$733.8K
Cap Rate 7%
$524,114
$524.1K
Cap Rate 9%
$407,644
$407.6K
Market Conditions
NOI Build-Up for 2,586 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
$55.9K $21.60/SF
− Vacancy
−$3.4K −$1.33/SF
EGI
$52.4K $20.27/SF
− OpEx
−$15.7K −$6.08/SF
NOI
$36.7K $14.19/SF
Area
Orlando, FL
Vacancy
6.17%
Lease Rate
$21.60 /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%
$733,760
Cap Rate 7%
$524,114
Cap Rate 9%
$407,644
Alternative Uses
Best Use
Multifamily LT 5
$524.1K
$458.6K – $611.5K
NOI $36,688 @ 7.0% cap · market cap 4.92%
Second Best
Apartment 5plus
$478.7K
$418.9K – $558.5K
NOI $33,512 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$833.0K
$728.9K – $971.9K
NOI $58,313 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,774
Businesses Nearby
Explore this area
Business Placement
Demographics for 32803, FL
21,003
Population
12,225
Households
1.7
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
3,089
Density / Sq Mi
$101,401
Median Household Income
$61,439
Median Earnings
$1,823
Median Rent
$421,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences with private entrances, outdoor areas, laundry access, and off-street parking in Orlando’s Colonialtown North area.
Where is this triplex located?
The property is located at 1509 WOODWARD Orlando, FL.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Three‑unit configuration with a front single‑family home and rear duplex; Roof replacements completed on both structures; Whole‑property repiping and new HVAC system
