Four-Unit Residential Income
For Sale
$1,300,000
1505 CATHERINE St, Orlando, FL 32801
Turnkey four-unit quadplex with a renovated historic home and three newer apartments, each with in-unit washer/dryer.
Property Size3,658 SF
Price / SF$355.39
Days on Market49
Property Features for 1505 CATHERINE St
General Information
Standard status
Active
Size
3,658 SF
Total Parking Spaces
4
Property subtype
Investment
Additional Details
Business Included
Yes
Clear Height
12 ft
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,644
Building Details
Building Size
3,658 SF
Year Built
1950
Units
4
Tenancy
Multi
Listing Agency:
MAINFRAME REAL ESTATE
(407) 756-6392
Listed By:
Carla Trine · License #3381595
(407) 756-6392
Source:
Elliman
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 9 at 10:02AM
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 MAINFRAME REAL ESTATE
Investment Insights
Based on property information with market context.
This four-unit residential income property combines one fully renovated historic home with three newly constructed apartments on a single parcel. The front residence was built in 1950 and extensively renovated in 2018, providing three bedrooms and two bathrooms plus a flexible bonus room suited for a home office, playroom, or guest space. It also includes a natural gas range, on-demand gas hot water, and a gas dryer. The rear building was newly constructed in 2023 and is configured with separate addresses for Units A, B, and C, including a downstairs 2/1 apartment with a private backyard, an upstairs 2/1 apartment that is fully furnished, and an upstairs studio apartment with modern finishes and 12-ft ceilings. All units have private washers and dryers. A separately metered one-car garage is accessed only from outside.
For tenant convenience, the property provides four private parking spaces, with guest parking off Catherine Street. The walkable setting is near 903 Mills Market, Lake Davis, Greenwood Urban Park, Delaney Park, and Thornton Park, with access to Orlando Health and major downtown destinations including the Dr. Phillips Center for the Performing Arts, the Kia Center, and Orlando City Soccer Stadium.
The unit mix totals eight bedrooms and five bathrooms across four units, supporting diversified rental living arrangements. With on-site parking, in-unit laundry, and a blend of a renovated historic residence and newer construction, the property is well-suited for investors seeking a turnkey asset or an owner-occupant looking to house-hack.
For tenant convenience, the property provides four private parking spaces, with guest parking off Catherine Street. The walkable setting is near 903 Mills Market, Lake Davis, Greenwood Urban Park, Delaney Park, and Thornton Park, with access to Orlando Health and major downtown destinations including the Dr. Phillips Center for the Performing Arts, the Kia Center, and Orlando City Soccer Stadium.
The unit mix totals eight bedrooms and five bathrooms across four units, supporting diversified rental living arrangements. With on-site parking, in-unit laundry, and a blend of a renovated historic residence and newer construction, the property is well-suited for investors seeking a turnkey asset or an owner-occupant looking to house-hack.
Key Highlights
- Four‑unit quadplex with approx. 3,658 SF: renovated 1950 front home plus three newer apartments
- 8 bedrooms and 5 bathrooms total across four units, plus a separately metered 1‑car garage accessed from outside
- 2023 rear building with separate addresses for Units A, B, and C: downstairs 2/1, upstairs 2/1 (furnished), and an upstairs studio
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
$51,896
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
3.99%
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%
$1,037,920
$1.0M
Cap Rate 7%
$741,371
$741.4K
Cap Rate 9%
$576,622
$576.6K
Market Conditions
NOI Build-Up for 3,658 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
$79.0K $21.60/SF
− Vacancy
−$4.9K −$1.33/SF
EGI
$74.1K $20.27/SF
− OpEx
−$22.2K −$6.08/SF
NOI
$51.9K $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%
$1,037,920
Cap Rate 7%
$741,371
Cap Rate 9%
$576,622
Alternative Uses
Best Use
Multifamily LT 5
$741.4K
$648.7K – $864.9K
NOI $51,896 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$677.2K
$592.6K – $790.1K
NOI $47,404 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$1.18M
$1.03M – $1.37M
NOI $82,486 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 32801, FL
17,728
Population
12,133
Households
1.5
Avg Household Size
36
Median Age
63%
College-Educated
95%
High-School Grad
2.2 sq mi
ZIP Area
8,058
Density / Sq Mi
$77,626
Median Household Income
$63,090
Median Earnings
$1,773
Median Rent
$397,600
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?
Quadplex - Turnkey four-unit quadplex with a renovated historic home and three newer apartments, each with in-unit washer/dryer.
Where is this quadplex located?
The property is located at 1505 CATHERINE St Orlando, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Four‑unit quadplex with approx. 3,658 SF: renovated 1950 front home plus three newer apartments; 8 bedrooms and 5 bathrooms total across four units, plus a separately metered 1‑car garage accessed from outside; 2023 rear building with separate addresses for Units A, B, and C: downstairs 2/1, upstairs 2/1 (furnished), and an upstairs studio
