Five-Unit Income Property on
For Sale
$1,000,000
1661 VOTAW Rd, Apopka, FL 32703
Five-unit property on 1.27 acres with immediate rental income.
Property Size5,900 SF
Lot Size1.27 Acres
Price / SF$178.57
Days on Market154
Property Features for 1661 VOTAW Rd
General Information
Standard status
Active
Size
5,900 SF
Lot size
1.27 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,485
Building Details
Building Size
5,900 SF
Year Built
1963
Units
5
Listing Agency:
DENNY SHIVER REALTY LLC
(407) 625-1503
Listed By:
Denny Shiver · License #708246
(407) 625-1503
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 DENNY SHIVER REALTY LLC
Investment Insights
Based on property information with market context.
This income-producing property features a five-unit community situated on 1.27 acres. Unit A is a 400-square-foot, one-bedroom, one-bathroom stand-alone unit with a monthly income of $1,150. Unit B, half of a duplex, offers 800 square feet with two bedrooms and one bathroom, generating a monthly income of $1,200. Unit C, the other half of the duplex, mirrors Unit B with 800 square feet, two bedrooms, and one bathroom, also producing $1,200 monthly. Unit D, the front half of a duplex, provides 1,800 square feet with three bedrooms, 2.5 bathrooms, and a two-car garage; it has a potential income of $2,500 and is currently vacant. Unit E, the rear half of the duplex, features 1,800 square feet with three bedrooms, two bathrooms, and a carport; it also has a potential income of $2,500 and is presently vacant. Additionally, there is a three-bay stand-alone building that is not currently rented. The property's annual expenses include $4,779 for insurance, $10,566 for power, and $5,321 in taxes. All units are separated from the street by a block wall and include power and well water. Recent upgrades include a new roof on Units D and E building, a new drain field on Unit D and building, a total electrical upgrade to the entire property, and an upgraded community well. The entire complex has been well maintained.
Key Highlights
- Immediate rental income from existing tenants in 3 of 5 units.
- High potential annual income of approximately $100,000.
- 1.27‑acre property with a 5‑unit community, offering diverse rental options.
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
$68,770
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
6.88%
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%
$1,375,400
$1.4M
Cap Rate 7%
$982,429
$982.4K
Cap Rate 9%
$764,111
$764.1K
Market Conditions
NOI Build-Up for 5,600 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
$133.7K $23.88/SF
− Vacancy
−$8.7K −$1.55/SF
EGI
$125.0K $22.33/SF
− OpEx
−$56.3K −$10.05/SF
NOI
$68.8K $12.28/SF
Area
Orange County, FL
Vacancy
6.50%
Lease Rate
$23.88 /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%
$1,375,400
Cap Rate 7%
$982,429
Cap Rate 9%
$764,111
Alternative Uses
Best Use
Apartment 5plus
$982.4K
$859.6K – $1.15M
NOI $68,770 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,552 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 32703, FL
54,805
Population
22,033
Households
2.5
Avg Household Size
37
Median Age
29%
College-Educated
87%
High-School Grad
32.1 sq mi
ZIP Area
1,707
Density / Sq Mi
$70,338
Median Household Income
$42,031
Median Earnings
$1,579
Median Rent
$314,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property on 1.27 acres with immediate rental income.
Where is this apartment building located?
The property is located at 1661 VOTAW Rd Apopka, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Immediate rental income from existing tenants in 3 of 5 units.; High potential annual income of approximately $100,000.; 1.27‑acre property with a 5‑unit community, offering diverse rental options.
