Five-Bedroom Duplex with Private
New
For Sale
$586,567
1421 MICHIGAN Avenue, Winter Park, FL 32789
Residential, WINTER PARK, FL
Property Size2,031 SF
Lot Size0.16 Acres
Price / SF$288.81
Days on Market1
Property Features for 1421 MICHIGAN Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-2
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Living Room, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 2
Parking features
Off Street
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Ceiling Fans(s), Primary Bedroom Main Floor
Exterior features
Private Yard
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
Subdivision
ATTILIO G PANACCIONES SUB
Lot features
Flag Lot, City Limits, Paved
Elementary school
Killarney Elem
Middle school
College Park Middle
High school
Edgewater High
Directions
From W Fairbanks Avenue and US-17/92 (S Orlando Avenue), travel south on US-17/92. Turn right onto Michigan Avenue. The property will be on the right.
Standard status
Active
APN
12-22-29-6624-02-010
Size
2,031 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ATTILIO G PANACCIONES SUB K/56 LOT 1 BLK2
Tax Annual Amount
1670
Legal Description
ATTILIO G PANACCIONES SUB K/56 LOT 1 BLK2
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Floors in Building
2
Flooring type
Vinyl, Tile
Building materials
Stucco
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
SOVERA REALTY GROUP, LLC
(407) 586-5500
Listed By:
Gennifer Pickering · License #3529551
(689) 278-6420
Added: Sep 10
Last Checked: Sep 10 at 2:06PM
MLS# O6439296
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,031-square-foot duplex contains two residences with a combined five bedrooms and three bathrooms. The two-bedroom, one-bath unit includes luxury vinyl and tile flooring, while the three-bedroom, two-bath unit features luxury vinyl plank and tile flooring. Ceiling fans are installed throughout, and the property includes a private yard, porch, off-street parking, central air, electric heat, and a shingle roof.
The larger residence is tenant occupied through October. The seller occupies the other unit and may consider a post-closing leaseback subject to a written agreement. Appliances conveying with the sale include a washer, dryer, dishwasher, microwave, range, and refrigerator. The property is near Winter Park shopping, dining, entertainment, and major roadways, with public water and sewer service and R-2 zoning.
The larger residence is tenant occupied through October. The seller occupies the other unit and may consider a post-closing leaseback subject to a written agreement. Appliances conveying with the sale include a washer, dryer, dishwasher, microwave, range, and refrigerator. The property is near Winter Park shopping, dining, entertainment, and major roadways, with public water and sewer service and R-2 zoning.
Key Highlights
- 2,031 SF duplex with 0.16 acres of land
- Five bedrooms and three bathrooms across two residences
- Unit A: 2 bedrooms and 1 bathroom; Unit B: 3 bedrooms and 2 bathrooms
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
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences combine practical layouts, updated flooring, ceiling fans, and off-street parking in Winter Park.
Where is this duplex located?
The property is located at 1421 MICHIGAN Avenue 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: 2,031 SF duplex with 0.16 acres of land; Five bedrooms and three bathrooms across two residences; Unit A: 2 bedrooms and 1 bathroom; Unit B: 3 bedrooms and 2 bathrooms
