Mills 50 District Office
For Sale
$1,299,000
802 E COLONIAL DR, Orlando, FL 32803
Mixed-use office building in the Mills 50 District.
Property Size2,379 SF
Price / SF$546.03
Days on Market526
Property Features for 802 E COLONIAL DR
General Information
Standard status
Active
Size
2,379 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$14,922
Building Details
Building Size
2,379 SF
Year Built
1925
Listing Agency:
HAPPY HOME REAL ESTATE LLC
Listed By:
Andy Chen · License #3376751
(407) 301-4322
Source:
Novaorlando
Added: Mar 30, 2025
Changed: Sep 5
Last Checked: Sep 5 at 7:45AM
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 HAPPY HOME REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This commercial mixed-use, free-standing office building has direct frontage on East Colonial Drive (50) and is located within the working boundaries that represent the Mills 50 District. Zoned MU-1/T, the property features 6 individual offices, a dedicated conference room, a reception area, and a kitchenette. There are 9 parking spots at the rear of the property. The building has a size of 2379 square feet. It is conveniently located less than 1 mile from I-4 and 0.2 miles from Mills Ave.
Key Highlights
- Prime location with direct frontage on East Colonial Drive in the Mills 50 District
- Zoned MU‑1/T, allowing for flexible mixed‑use possibilities
- Features 6 individual offices, conference room, reception area, and kitchenette
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
$44,428
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
3.42%
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%
$888,560
$888.6K
Cap Rate 7%
$634,686
$634.7K
Cap Rate 9%
$493,644
$493.6K
Market Conditions
NOI Build-Up for 2,379 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
$71.4K $30.00/SF
− Vacancy
−$12.1K −$5.10/SF
EGI
$59.2K $24.90/SF
− OpEx
−$14.8K −$6.23/SF
NOI
$44.4K $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%
$888,560
Cap Rate 7%
$634,686
Cap Rate 9%
$493,644
Alternative Uses
Best Use
Office B
$634.7K
$555.4K – $740.5K
NOI $44,428 @ 7.0% cap · market cap 3.42%
Second Best
Mixed Use
$448.6K
$392.5K – $523.4K
NOI $31,403 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$766.4K
$670.6K – $894.1K
NOI $53,645 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,274
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 Office in Orlando, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use office building in the Mills 50 District.
Where is this mixed-use property located?
The property is located at 802 E COLONIAL DR Orlando, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Prime location with direct frontage on East Colonial Drive in the Mills 50 District; Zoned MU‑1/T, allowing for flexible mixed‑use possibilities; Features 6 individual offices, conference room, reception area, and kitchenette
