Renovated Two-Unit
For Sale
$465,000
1921 BONNEVILLE DRIVE, Orlando, FL 32826
Turnkey duplex with two renovated 2-bedroom, 1-bath units, each with a covered carport and private entrance.
Property Size1,792 SF
Price / SF$259.49
Days on Market56
Property Features for 1921 BONNEVILLE DRIVE
General Information
Standard status
Active
Size
1,792 SF
Total Parking Spaces
2
Property subtype
Duplex
Site & Location
Fenced Yard
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
fenced backyard
covered carport
private entrance
separate water and electric meters
Building Details
Year Built
1981
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS ADVANTAGE REALTY
(407) 977-7600
Listed By:
Ron Verzaro, II · License #3294721
(407) 221-5464
Source:
Dennisrealty
Added: Jul 17
Changed: Sep 10
Last Checked: Sep 10 at 6:46AM
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 KELLER WILLIAMS ADVANTAGE REALTY
Investment Insights
Based on property information with market context.
This fully renovated duplex offers two spacious 2-bedroom, 1-bath units. Each unit includes its own covered carport and private entrance, along with separate water and electric meters and a large fenced backyard shared by the property. Interior and exterior updates include fresh paint, new electrical panels, renovated bathrooms with cultured marble shower surrounds, and refurbished kitchen cabinetry with new quartz countertops. Both units have durable tile flooring for straightforward maintenance.
Unit 1921 includes additional capital improvements, including a new HVAC system, new water heater, and new kitchen appliances. The property also features a newer roof.
Overall, the layout and separate metering support independent unit operations, while the renovated interiors and updated major components are intended to reduce near-term maintenance needs.
Unit 1921 includes additional capital improvements, including a new HVAC system, new water heater, and new kitchen appliances. The property also features a newer roof.
Overall, the layout and separate metering support independent unit operations, while the renovated interiors and updated major components are intended to reduce near-term maintenance needs.
Key Highlights
- Fully renovated duplex built in 1981 with two 2‑bedroom, 1‑bath units
- Each unit has a private entrance, covered carport, and separate water and electric meters
- Nearly every major component updated, including fresh interior and exterior paint for both units
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
$25,423
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
5.47%
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%
$508,460
$508.5K
Cap Rate 7%
$363,186
$363.2K
Cap Rate 9%
$282,478
$282.5K
Market Conditions
NOI Build-Up for 1,792 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
$38.7K $21.60/SF
− Vacancy
−$2.4K −$1.33/SF
EGI
$36.3K $20.27/SF
− OpEx
−$10.9K −$6.08/SF
NOI
$25.4K $14.19/SF
Area
Orlando, FL
Vacancy
6.17%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$508,460
Cap Rate 7%
$363,186
Cap Rate 9%
$282,478
Alternative Uses
Best Use
Multifamily LT 5
$363.2K
$317.8K – $423.7K
NOI $25,423 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$331.8K
$290.3K – $387.1K
NOI $23,223 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$577.3K
$505.1K – $673.5K
NOI $40,409 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Explore this area
Business Placement
Demographics for 32826, FL
33,065
Population
10,714
Households
3.1
Avg Household Size
25
Median Age
34%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
4,529
Density / Sq Mi
$61,784
Median Household Income
$27,066
Median Earnings
$1,478
Median Rent
$224,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Turnkey duplex with two renovated 2-bedroom, 1-bath units, each with a covered carport and private entrance.
Where is this duplex located?
The property is located at 1921 BONNEVILLE DRIVE Orlando, FL.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Fully renovated duplex built in 1981 with two 2‑bedroom, 1‑bath units; Each unit has a private entrance, covered carport, and separate water and electric meters; Nearly every major component updated, including fresh interior and exterior paint for both units
