Absolute NNN Restaurant
For Sale
$1,760,000
151 S Orange Ave, Orlando, FL 32801
Ground-level condominium leased to an established Asian restaurant operator within a mixed-use downtown building.
Property Size2,774 SF
Price / SF$634.46
Days on Market15
Property Features for 151 S Orange Ave
General Information
Standard status
Active
Size
2,774 SF
Property subtype
Restaurant
Occupancy
100%
Lease Type
Absolute Net
Additional Details
Floor
Ground
Cap Rate
6.75%
Road Access
Yes
Amenities
Strong Commitment: Bento recently renewed their lease through February 2033, providing approximately 6.5 years of remaining term.
Long-Term Tenant with 18 Years at the Property: Bento Asian Kitchen & Sushi has operated at this location since 2008, demonstrating a long-standing commitment to the site and an established presence.
Low Retail Vacancy Supports Long-Term Demand: Downtown Orlando's retail vacancy rate is approximately 3.8% according to CoStar, reinforcing demand for well-positioned retail space within the market.
Proven Downtown Orlando Success: Downtown Orlando represented a major milestone for Bento as the brand's first expansion outside of its Gainesville college market. The location's success helped validate the concept in a broader urban market and became an important part of Bento's continued growth.
ABS NNN Lease with Limited Landlord Responsibilities: The existing Abs NNN lease structure provides investors with predictable income and minimal ongoing landlord obligations, with common area expenses, insurance, real estate taxes, and other condominium association expenses and assessments passed through to the tenant.
Prime Downtown Orlando Location: Positioned directly on Orange Avenue within The Plaza, one of Downtown Orlando's prominent mixed-use developments, surrounded by office, residential, retail, dining, and entertainment uses.
Strong Pedestrian and Daily Traffic: The property benefits from its ground-floor positioning within The Plaza on Orange Avenue, seeing approx. 9,300 vehicles per day and significant pedestrian activity generated throughout the Downtown core.
Established Tenant with Personal Guarantee: Bento Asian Kitchen & Sushi is an established Florida-based restaurant concept with 14 locations. The lease is backed by a personal guarantee, providing additional security for investors.
Building Details
Building Size
2,774 SF
Listing Agency:
Marcus & Millichap - Orlando
(407) 557-3834
Listed By:
Tarek Chbeir · License #License(s): FL: SL3449535
(407) 557-3834
Source:
Marcusmillichap
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 26 at 5:42AM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
This 2,774-square-foot condominium occupies a ground-level position within The Plaza, a mixed-use building combining retail, office, and residential components. The space is fully leased to Bento Asian Kitchen & Sushi, which has operated at this location since 2008. Lease terms include an absolute NNN structure, a 6.75% cap rate, and 6.5 years remaining.
The property sits directly on Orange Avenue in Downtown Orlando, with pedestrian activity and street traffic supporting visibility. The surrounding environment includes office users, residents, visitors, and nearby businesses. Within three miles, the population exceeds 105,000, while the daytime population is approximately 289,000. The area also reports a 3.8% retail vacancy rate.
The property sits directly on Orange Avenue in Downtown Orlando, with pedestrian activity and street traffic supporting visibility. The surrounding environment includes office users, residents, visitors, and nearby businesses. Within three miles, the population exceeds 105,000, while the daytime population is approximately 289,000. The area also reports a 3.8% retail vacancy rate.
Key Highlights
- 2,774 SF condominium within The Plaza mixed‑use building
- Fully leased to Bento Asian Kitchen & Sushi, operating at the location since 2008
- Absolute NNN lease with 6.5 YRS REMAINING
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
$58,364
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
3.32%
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%
$1,167,280
$1.2M
Cap Rate 7%
$833,771
$833.8K
Cap Rate 9%
$648,489
$648.5K
Market Conditions
NOI Build-Up for 2,774 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
$80.6K $29.04/SF
− Vacancy
−$2.7K −$0.99/SF
EGI
$77.8K $28.05/SF
− OpEx
−$19.5K −$7.01/SF
NOI
$58.4K $21.04/SF
Area
Orlando, FL
Vacancy
3.40%
Lease Rate
$29.04 /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%
$1,167,280
Cap Rate 7%
$833,771
Cap Rate 9%
$648,489
Alternative Uses
Best Use
Specialty Retail
$833.8K
$729.6K – $972.7K
NOI $58,364 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$893.6K
$781.9K – $1.04M
NOI $62,552 @ 7.0% cap · market cap 3.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9,123
Businesses Nearby
41k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 66%
Dining 30%
Beauty & Spa 5%
Embassy Suites By Hilton Orlando Downtown
Hotels & Casinos
26,620 visits/mo
0.1 miles
Foxtail Coffee
Dining
7,039 visits/mo
0.3 miles
Insomnia Cookies
Dining
3,500 visits/mo
0.2 miles
Blo Blow Dry Bar
Beauty & Spa
1,868 visits/mo
0.4 miles
SUBWAY
Dining
1,508 visits/mo
0.4 miles
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 Retail in Orlando, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Ground-level condominium leased to an established Asian restaurant operator within a mixed-use downtown building.
Where is this conventional restaurant located?
The property is located at 151 S Orange Ave Orlando, FL.
What is the asking price?
The asking price for this property is $1,760,000.
What are key features of this property?
This property features: 2,774 SF condominium within The Plaza mixed‑use building; Fully leased to Bento Asian Kitchen & Sushi, operating at the location since 2008; Absolute NNN lease with 6.5 YRS REMAINING
