Automotive Condominium
New
For Sale
$389,000
2908 W STATE ROAD 426 2, Oviedo, FL 32765
Pre-construction unit with climate control, vehicle-lift-ready flooring, and access to a secured private community.
Property Size949 SF
Price / SF$409.91
Days on Market3
Property Features for 2908 W STATE ROAD 426 2
General Information
Standard status
Active
Size
949 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Car Wash Bays
1
Taxes and HOA fees
Annual Taxes
$15,607
Amenities
14-foot automated garage door
21-foot clear ceilings
mezzanine-ready design
vehicle-lift-ready concrete flooring
climate control
stubbed water/sewer connections
owner's lounge/clubhouse
guest parking
24/7 gated security
Building Details
Building Size
949 SF
Year Built
2027
Listed By:
Caryn Winter
(407) 247-0119
Source:
Elliman
Added: Sep 11
Last Checked: Sep 13 at 7:24AM
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 Caryn Winter
Investment Insights
Based on property information with market context.
Scheduled for completion in 2027, this 949-square-foot automotive condominium unit is designed as a flexible vehicle storage and customization space. The interior includes a 14-foot automated garage door, 21-foot clear ceilings, climate control, and concrete flooring prepared for a vehicle lift. A mezzanine-ready layout and stubbed water and sewer connections support future customization.
The gated 34-unit community is positioned on Aloma Avenue, one mile east of State Road 417, with access to Winter Springs, Oviedo, Baldwin Park, Winter Park, and Maitland. Shared amenities include an owners’ lounge and clubhouse, a detail and wash bay, guest parking, and 24/7 gated security. The property is designated somewhat bikeable and car-dependent, with a Bike Score of 32 and Walk Score of 4.
The gated 34-unit community is positioned on Aloma Avenue, one mile east of State Road 417, with access to Winter Springs, Oviedo, Baldwin Park, Winter Park, and Maitland. Shared amenities include an owners’ lounge and clubhouse, a detail and wash bay, guest parking, and 24/7 gated security. The property is designated somewhat bikeable and car-dependent, with a Bike Score of 32 and Walk Score of 4.
Key Highlights
- 949 SF automotive condominium unit with a 14‑foot automated garage door
- 21‑foot clear ceilings with a mezzanine‑ready interior
- Vehicle‑lift‑ready concrete flooring, climate control, and stubbed water/sewer connections
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
$18,635
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
4.79%
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%
$372,700
$372.7K
Cap Rate 7%
$266,214
$266.2K
Cap Rate 9%
$207,056
$207.1K
Market Conditions
NOI Build-Up for 949 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
$27.6K $29.04/SF
− Vacancy
−$937 −$0.99/SF
EGI
$26.6K $28.05/SF
− OpEx
−$8.0K −$8.42/SF
NOI
$18.6K $19.64/SF
Area
Seminole 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%
$372,700
Cap Rate 7%
$266,214
Cap Rate 9%
$207,056
Alternative Uses
Best Use
Retail
$266.2K
$232.9K – $310.6K
NOI $18,635 @ 7.0% cap · market cap 4.79%
Second Best
Industrial
$75.7K
$66.3K – $88.4K
NOI $5,301 @ 7.0% cap · market cap 1.36%
Theoretical Best
Office A
$270.1K
$236.3K – $315.1K
NOI $18,904 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32765, FL
65,228
Population
23,389
Households
2.8
Avg Household Size
36
Median Age
53%
College-Educated
96%
High-School Grad
39.0 sq mi
ZIP Area
1,673
Density / Sq Mi
$99,161
Median Household Income
$48,595
Median Earnings
$1,870
Median Rent
$418,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Automotive property - Pre-construction unit with climate control, vehicle-lift-ready flooring, and access to a secured private community.
Where is this automotive property located?
The property is located at 2908 W STATE ROAD 426 2 Oviedo, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: 949 SF automotive condominium unit with a 14‑foot automated garage door; 21‑foot clear ceilings with a mezzanine‑ready interior; Vehicle‑lift‑ready concrete flooring, climate control, and stubbed water/sewer connections
