Equestrian Facility with Covered
New
For Sale
$4,650,000
2121 Dressage Cove, Chuluota, FL 32766
Commercial Sale, Chuluota, FL
Property Size46,861 SF
Lot Size38.89 Acres
Price / SF$99.23
Days on Market2
Property Features for 2121 Dressage Cove
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Agricultural
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 4, Bathroom 2
Parking features
RV
Fencing
Fenced
Lot features
Agricultural, Farm
Directions
From Orlando take SR-50/East Colonial Dr, East. Turn left onto Lake Pickett Rd (CR-420). Go for 1.1 mi Turn right onto Lake Pickett Rd (CR-420) Go for 3.7 mi Turn left onto Chuluota Rd (CR-419) Go for 3.0 mi Turn right onto Lake Mills Rd Go for 1.8 mi Turn slightly right onto Curryville Rd Go for 0.9 mi Turn right onto Mills Creek Rd Go for 0.2 mi Turn right onto Dressage Cv Go for 0.2 mi
Subdivision
98 - Any Other Area Off of the Map
Standard status
Active
APN
35-21-32-3AK-003P-0000
Size
46,861 SF
Lot size
38.89 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
1 ACRE HOMESTEAD LOCATED IN SEC 35 TWP 21S RGE 32E BEG 2587.95 FT N & 2546.01 FT W OF SE COR RUN S 41 DEG 13 MIN W 426.84 FT S 63 DEG W 730 FT S 41 DEG 5 MIN 13 SEC W 851.69 FT N 75 DEG 55 MIN 48 SEC W 342.72 FT NWLY ON CURVE 334.27 FT N 23 DEG 14 MIN 44 SEC W 100 FT NELY ON CURVE 320.54 FT N 41 DEG 45 MIN 16 SEC E 703.04 FT NELY ON CURVE 195.2 FT N 72 DEG 23 MIN 58 SEC E 373.49 FT N 56 DEG 22 MIN 15 SEC E 698.41 FT S 25 DEG 30 MIN 8 SEC E 158.76 FT S 41 DEG 16 MIN 48 SEC E 462.16 FT S 76 DEG 16 MIN 48 SEC E 57.5 FT ELY ON CURVE 63 FT TO BEG (LESS FROM NW COR SEC RUN S 2209.48 FT E 1449 FT S 39 DEG 30 MIN E 454.89 FT TO POB RUN N 56 DEG 22 MIN 15 SEC E 698.41 FT S 25 DEG 30 MIN 08 SEC E 65 FT S 65 DEG 55 MIN 21 SEC W 172.48 FT S 56 DEG 29 MIN 50 SEC W 406.77 FT S 61 DEG 17 MIN 57 SEC W 162.21 FT S 73 DEG 05 MIN 55 SEC W 388.32 FT S 59 DEG 24 MIN 18 SEC W 99.91 FT S 36 DEG 50 MIN 22 SEC W 516.48 FT N 66 DEG 40 MIN 44 SEC W 62.72 FT N 41 DEG 45 MIN 16 SEC E 511.48 FT NELY ALONG CURVE 195.2 FT N 72 DEG 23 MIN 58
Tax Annual Amount
12315
HOA Fee
$525 Annually
Legal Description
1 ACRE HOMESTEAD LOCATED IN SEC 35 TWP 21S RGE 32E BEG 2587.95 FT N & 2546.01 FT W OF SE COR RUN S 41 DEG 13 MIN W 426.84 FT S 63 DEG W 730 FT S 41 DEG 5 MIN 13 SEC W 851.69 FT N 75 DEG 55 MIN 48 SEC W 342.72 FT NWLY ON CURVE 334.27 FT N 23 DEG 14 MIN 44 SEC W 100 FT NELY ON CURVE 320.54 FT N 41 DEG 45 MIN 16 SEC E 703.04 FT NELY ON CURVE 195.2 FT N 72 DEG 23 MIN 58 SEC E 373.49 FT N 56 DEG 22 MIN 15 SEC E 698.41 FT S 25 DEG 30 MIN 8 SEC E 158.76 FT S 41 DEG 16 MIN 48 SEC E 462.16 FT S 76 DEG 16 MIN 48 SEC E 57.5 FT ELY ON CURVE 63 FT TO BEG (LESS FROM NW COR SEC RUN S 2209.48 FT E 1449 FT S 39 DEG 30 MIN E 454.89 FT TO POB RUN N 56 DEG 22 MIN 15 SEC E 698.41 FT S 25 DEG 30 MIN 08 SEC E 65 FT S 65 DEG 55 MIN 21 SEC W 172.48 FT S 56 DEG 29 MIN 50 SEC W 406.77 FT S 61 DEG 17 MIN 57 SEC W 162.21 FT S 73 DEG 05 MIN 55 SEC W 388.32 FT S 59 DEG 24 MIN 18 SEC W 99.91 FT S 36 DEG 50 MIN 22 SEC W 516.48 FT N 66 DEG 40 MIN 44 SEC W 62.72 FT N 41 DEG 45 MIN 16 SEC E 511.48 FT NELY ALONG CURVE 195.2 FT N 72 DEG 23 MIN 58
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Well
Building Details
Year built
1984
Number of units
1
Building materials
Block, Frame
Roof type
Metal, Composition
Listing Agency:
Charles Rutenberg Realty Orlando LLC
(407) 622-2122
Listed By:
Julie Burger · License #3205807
(386) 748-0600
Added: Sep 1
Last Checked: Sep 2 at 5:06AM
MLS# 1230308
Copyright © 2026 Daytona Beach Area Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Set across 38.89 acres in Chuluota, this equestrian property includes a 46,861-square-foot collection of residential, agricultural, and support improvements. Two 2003 block barns provide 22 stalls along with air-conditioned tack rooms, offices, kitchenettes, bathrooms, and feed rooms. The property also includes a covered arena with GGT footing and mirrors along one short side, multiple pastures and paddocks, and additional stalls.
A 14-bay metal equipment warehouse is fitted with a hydraulic lift, while seven apartments add on-site residential capacity. A 150 KW diesel generator supports barn and apartment operations. The improvements feature central heating and cooling, fenced grounds, a well water source, septic service, and RV parking. An additional parcel at 2145 Dressage Cove is included.
A 14-bay metal equipment warehouse is fitted with a hydraulic lift, while seven apartments add on-site residential capacity. A 150 KW diesel generator supports barn and apartment operations. The improvements feature central heating and cooling, fenced grounds, a well water source, septic service, and RV parking. An additional parcel at 2145 Dressage Cove is included.
Key Highlights
- 38.89‑acre equestrian property with 46,861 square feet of improvements
- Two 2003 block barns with 22 stalls and air‑conditioned tack rooms
- Covered arena with GGT footing and mirrors along one short side
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
$317,873
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
6.84%
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%
$6,357,460
$6.4M
Cap Rate 7%
$4,541,043
$4.5M
Cap Rate 9%
$3,531,922
$3.5M
Market Conditions
NOI Build-Up for 46,861 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
$410.5K $8.76/SF
− Vacancy
−$36.5K −$0.78/SF
EGI
$374.0K $7.98/SF
− OpEx
−$56.1K −$1.20/SF
NOI
$317.9K $6.78/SF
Area
Seminole County, FL
Vacancy
8.90%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$6,357,460
Cap Rate 7%
$4,541,043
Cap Rate 9%
$3,531,922
Alternative Uses
Best Use
Warehouse
$4.54M
$3.97M – $5.30M
NOI $317,873 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.34M
$11.67M – $15.56M
NOI $933,471 @ 7.0% cap · market cap 20.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Explore this area
Business Placement
Demographics for 32766, FL
16,541
Population
5,023
Households
3.3
Avg Household Size
40
Median Age
53%
College-Educated
95%
High-School Grad
43.8 sq mi
ZIP Area
378
Density / Sq Mi
$146,215
Median Household Income
$61,190
Median Earnings
$2,150
Median Rent
$529,600
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Horse & equestrian property - Multi-building equine compound with residences, barns, paddocks, and dedicated operational infrastructure.
Where is this horse & equestrian property located?
The property is located at 2121 Dressage Cove Chuluota, FL.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 38.89‑acre equestrian property with 46,861 square feet of improvements; Two 2003 block barns with 22 stalls and air‑conditioned tack rooms; Covered arena with GGT footing and mirrors along one short side
