Five-Bedroom
For Sale
$586,567
Pending
1421 MICHIGAN AVE, Winter Park, FL 32789
Two residences offer distinct layouts, existing appliances, and a mix of luxury vinyl and tile flooring.
Property Size2,031 SF
Days on Market18
Property Features for 1421 MICHIGAN AVE
General Information
Standard status
Pending
Size
2,031 SF
Property subtype
Half Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,670
Building Details
Building Size
2,031 SF
Year Built
1972
Listing Agency:
SOVERA REALTY GROUP, LLC
Listed By:
Gennifer Pickering · License #3529551
(689) 353-0322
Source:
Floridaonerealestate
Added: Sep 10
Changed: Sep 19
Last Checked: Sep 26 at 3:19PM
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 SOVERA REALTY GROUP, LLC
Investment Insights
Based on property information with market context.
This duplex contains two separate residences with a combined five bedrooms and three bathrooms. Unit A includes two bedrooms and one bathroom, with luxury vinyl flooring, kitchen tile, and ceiling fans. Unit B has three bedrooms and two bathrooms, along with luxury vinyl plank, tile flooring, and ceiling fans. The property was built in 1972, and existing appliances convey, including the washer and dryer.
Unit B is tenant occupied through October, while Unit A is occupied by the seller. A post-closing leaseback for Unit A may be considered subject to a written agreement. The property is near Winter Park shopping, dining, entertainment, and major roadways.
Unit B is tenant occupied through October, while Unit A is occupied by the seller. A post-closing leaseback for Unit A may be considered subject to a written agreement. The property is near Winter Park shopping, dining, entertainment, and major roadways.
Key Highlights
- Duplex with combined five bedrooms and three bathrooms
- Unit A: two bedrooms and one bathroom; Unit B: three bedrooms and two bathrooms
- Unit B tenant occupied through October
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
$27,089
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
4.62%
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%
$541,780
$541.8K
Cap Rate 7%
$386,986
$387.0K
Cap Rate 9%
$300,989
$301.0K
Market Conditions
NOI Build-Up for 2,031 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
$41.4K $20.40/SF
− Vacancy
−$2.7K −$1.35/SF
EGI
$38.7K $19.05/SF
− OpEx
−$11.6K −$5.72/SF
NOI
$27.1K $13.34/SF
Area
Orange County, FL
Vacancy
6.60%
Lease Rate
$20.40 /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%
$541,780
Cap Rate 7%
$386,986
Cap Rate 9%
$300,989
Alternative Uses
Best Use
Multifamily LT 5
$387.0K
$338.6K – $451.5K
NOI $27,089 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$356.3K
$311.8K – $415.7K
NOI $24,941 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$578.0K
$505.7K – $674.3K
NOI $40,458 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,794
Businesses Nearby
Explore this area
Business Placement
Demographics for 32789, FL
26,399
Population
12,945
Households
2
Avg Household Size
44
Median Age
63%
College-Educated
98%
High-School Grad
7.8 sq mi
ZIP Area
3,384
Density / Sq Mi
$100,213
Median Household Income
$65,652
Median Earnings
$1,667
Median Rent
$695,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily 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?
Duplex - Two residences offer distinct layouts, existing appliances, and a mix of luxury vinyl and tile flooring.
Where is this duplex located?
The property is located at 1421 MICHIGAN AVE Winter Park, FL.
What is the asking price?
The asking price for this property is $586,567.
What are key features of this property?
This property features: Duplex with combined five bedrooms and three bathrooms; Unit A: two bedrooms and one bathroom; Unit B: three bedrooms and two bathrooms; Unit B tenant occupied through October
