6-Unit Apartment Building with
For Sale
$1,199,000
Pending
164 Bowie Ln, Kissimmee, FL 34743
Multifamily property offering two-bedroom residences with individual kitchens, storage, and central air conditioning.
Property Size6,094 SF
Days on Market126
Property Features for 164 Bowie Ln
General Information
Standard status
Pending
Size
6,094 SF
Property subtype
Commercial
Occupancy
50%
Units
Unit Mix
6 x 2BR/2.5BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Building Details
Building Size
6,094 SF
Year Built
2003
Stories
2
Listing Agency:
ALIGN RIGHT REALTY K1 GROUP
(954) 248-9149
Listed By:
Karen Lewis · License #B26051169
(954) 248-9149
Source:
Elliman
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 29 at 9:35PM
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 ALIGN RIGHT REALTY K1 GROUP
Investment Insights
Based on property information with market context.
Built in 2003, this multifamily property contains six residences, each configured with two bedrooms and 2.5 baths. Unit interiors include open kitchen and dining areas with appliances, loft space, walk-in closets, storage, central A/C, and ceiling fans. Three residences are occupied by long-term tenants, while the other three are available for leasing flexibility.
The property is located in Buenaventura Lakes near schools, shopping, and parks. Access to Florida’s Turnpike and SR 417 provides connections to major roadways in the surrounding Central Florida area. The Kissimmee location and six-unit configuration support a straightforward multifamily operating profile.
The property is located in Buenaventura Lakes near schools, shopping, and parks. Access to Florida’s Turnpike and SR 417 provides connections to major roadways in the surrounding Central Florida area. The Kissimmee location and six-unit configuration support a straightforward multifamily operating profile.
Key Highlights
- Six‑unit multifamily property built in 2003
- Each residence includes 2 bedrooms and 2.5 baths
- Kitchen/dining areas include appliances, with lofts and walk‑in closets
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
$57,722
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
4.81%
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%
$1,154,440
$1.2M
Cap Rate 7%
$824,600
$824.6K
Cap Rate 9%
$641,356
$641.4K
Market Conditions
NOI Build-Up for 6,094 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
$111.9K $18.36/SF
− Vacancy
−$6.9K −$1.14/SF
EGI
$104.9K $17.22/SF
− OpEx
−$47.2K −$7.75/SF
NOI
$57.7K $9.47/SF
Area
Polk County, FL
Vacancy
6.20%
Lease Rate
$18.36 /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%
$1,154,440
Cap Rate 7%
$824,600
Cap Rate 9%
$641,356
Alternative Uses
Best Use
Apartment 5plus
$824.6K
$721.5K – $962.0K
NOI $57,722 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,511 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
50%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
Explore this area
Business Placement
Demographics for 34743, FL
38,454
Population
13,307
Households
2.9
Avg Household Size
39
Median Age
20%
College-Educated
85%
High-School Grad
6.9 sq mi
ZIP Area
5,573
Density / Sq Mi
$59,186
Median Household Income
$34,640
Median Earnings
$1,738
Median Rent
$277,700
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 - Multifamily property offering two-bedroom residences with individual kitchens, storage, and central air conditioning.
Where is this apartment building located?
The property is located at 164 Bowie Ln Kissimmee, FL.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Six‑unit multifamily property built in 2003; Each residence includes 2 bedrooms and 2.5 baths; Kitchen/dining areas include appliances, with lofts and walk‑in closets
