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    15999 Water Spring Blvd Winter Garden, FL 34787

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    2.24-acre commercial land in Horizon West's Storey Grove community.

    Type:Land
    Lot size:
    2.24 Acres
    Added:
    Jul 22, 2024
    Days on Market:
    646
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 15999 Water Spring Blvd

    General Information

    Standard status
    Active
    Lot size
    2.24 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Melissa Rodriguez

    Listing agent Melissa Rodriguez License #FL BK3103038

    Listing office RockMel Investments

    Listing date Jul 22, 2024

    Source Crexi

    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 RockMel Investments

    Overview

    Horizon West Commercial Land Opportunity

    This 2.24-acre commercial real estate parcel is located within the Horizon West community, specifically in the Storey Grove Master Plan, Village H. The site is adjacent to Champions at Water Elementary, Water Springs Elementary, and Water Springs Middle School. Zoned as Neighborhood Center, the property allows for 15,000 square feet plus 10 residential units of commercial space. Potential uses include medical facilities, preschools, retail strip centers, and residential units, supporting a live, work, play concept. The location is within the Hickory Nut H area, known for its neighborhoods and proximity to Hickory Nut Lake. Residents have access to the mixed-use village center and Disney's Flamingo Crossings via Flamingo Crossings Boulevard connecting with Avalon Road. Upon full development, Hickory Nut will accommodate up to 6,548 residents. Horizon West, located in southwest Orange County, north of Walt Disney World Resort, currently houses over 25,000 residents. Approximately 9,700 single-family homes and five apartment complexes have been constructed within its 38 square miles. Currently about 30% complete, Horizon West's population is 25,365, with an expected population of over 90,000 upon completion. The Horizon West development is planned to include 42,000+ residential units, five residential villages, and a town center with commercial office workplaces and higher-density residential areas.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Winter Garden
    County
    Orange
    State
    Florida
    Longitude
    -81.6145
    Latitude
    28.4775

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    FAQs

    What type of property is this?
    Commercial land - 2.24-acre commercial land in Horizon West's Storey Grove community.
    Where is this commercial land located?
    The property is located at 15999 Water Spring Blvd Winter Garden, FL.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Located in Horizon West, one of the fastest‑growing communities nationwide.; Zoned for Neighborhood Center, permitting 15,000 SF of commercial space plus 10 residential units.; Located within the Storey Grove Master Plan community, adjacent to three schools.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Melissa Rodriguez
    Real Estate License ID: FL BK3103038
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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