40-Unit Apartment
For Sale
Contact for pricing
1625 MERCY DR, Orlando, FL 32808
Concrete-block, pitched-roof apartment building with 12 one-bedroom and 28 two-bedroom units, separately metered electric.
Property Size38,080 SF
Price / SF$141.81
Days on Market92
Property Features for 1625 MERCY DR
General Information
Standard status
Active
Size
38,080 SF
Property subtype
Multifamily
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$442,163
Additional Details
Multifamily Units
40
Amenities
central air conditioning
tile flooring throughout
Building Details
Year Built
1966
Buildings
1
Stories
2
Units
40
Construction
concrete block
Tenancy
Multi
Listing Agency:
100UNits.com
Listed By:
Joe LaFleur · License #BK3206282
Source:
Crexi
Added: May 11
Changed: Aug 7
Last Checked: Aug 10 at 6:22AM
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 100UNits.com
Investment Insights
Based on property information with market context.
Urban Square Apartments is a 40-unit multifamily complex comprised of one two-story apartment building with approximately 36,664 gross square feet. The property is constructed of concrete block with pitched shingle roofing. The unit mix includes 12 one-bedroom/one-bath units and 28 two-bedroom/one-bath units. Tenants pay electric through separately metered service. Units feature central air conditioning, spacious living areas, and tile flooring throughout. The roof was overlaid with new shingles in 2018, and in 2025 all new electric meters were installed. One unit (#8) is noted as renovated and is renting at a $300 premium over non-renovated units.
The offering includes an additional approximately 10.7 acres of excess land as part of the package. Based on preliminary assumptions provided in the marketing, the site could support approximately 20 additional units, subject to buyer verification. The property is described as having potential for mixed-use development, including a new building with ground-floor retail and multifamily above aligned with the City’s vision for the corridor; however, the buyer should verify feasibility and entitlements.
The property is located at 1625 Mercy Dr, Orlando, FL and is offered for sale.
The offering includes an additional approximately 10.7 acres of excess land as part of the package. Based on preliminary assumptions provided in the marketing, the site could support approximately 20 additional units, subject to buyer verification. The property is described as having potential for mixed-use development, including a new building with ground-floor retail and multifamily above aligned with the City’s vision for the corridor; however, the buyer should verify feasibility and entitlements.
The property is located at 1625 Mercy Dr, Orlando, FL and is offered for sale.
Key Highlights
- 40‑unit multifamily complex on one two‑story concrete‑block building totaling approx. 36,664 gross SF
- Unit mix: 12 one‑bedroom/one‑bath and 28 two‑bedroom/one‑bath units
- Separately metered electric with tenant‑paid electricity
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
$493,483
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
9.14%
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%
$9,869,660
$9.9M
Cap Rate 7%
$7,049,757
$7.0M
Cap Rate 9%
$5,483,144
$5.5M
Market Conditions
NOI Build-Up for 38,080 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
$959.6K $25.20/SF
− Vacancy
−$62.4K −$1.64/SF
EGI
$897.2K $23.56/SF
− OpEx
−$403.8K −$10.60/SF
NOI
$493.5K $12.96/SF
Area
Orlando, FL
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$9,869,660
Cap Rate 7%
$7,049,757
Cap Rate 9%
$5,483,144
Alternative Uses
Best Use
Apartment 5plus
$7.05M
$6.17M – $8.22M
NOI $493,483 @ 7.0% cap · market cap 9.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.27M
$10.73M – $14.31M
NOI $858,683 @ 7.0% cap · market cap 15.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
40
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
692
Businesses Nearby
Explore this area
Business Placement
Demographics for 32808, FL
52,551
Population
21,291
Households
2.5
Avg Household Size
34
Median Age
12%
College-Educated
78%
High-School Grad
11.9 sq mi
ZIP Area
4,416
Density / Sq Mi
$47,575
Median Household Income
$31,180
Median Earnings
$1,375
Median Rent
$218,600
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?
Apartment building - Concrete-block, pitched-roof apartment building with 12 one-bedroom and 28 two-bedroom units, separately metered electric.
Where is this apartment building located?
The property is located at 1625 MERCY DR Orlando, FL.
What is the asking price?
The asking price for this property is $5,400,000.
What are key features of this property?
This property features: 40‑unit multifamily complex on one two‑story concrete‑block building totaling approx. 36,664 gross SF; Unit mix: 12 one‑bedroom/one‑bath and 28 two‑bedroom/one‑bath units; Separately metered electric with tenant‑paid electricity
