Multifamily Investment Opportunity in
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2222 W South St, Orlando, FL 32805
37-unit multifamily property with value-add potential in Downtown Orlando.
Property Size19,392 SF
Lot Size6.33 Acres
Price / SF$216.58
Days on Market153
Property Features for 2222 W South St
General Information
Standard status
Active
Size
19,392 SF
Class
B
Lot size
6.33 Acres
Property subtype
Multifamily
Occupancy
97%
Investment Type
Value Add
Building Details
Year Built
1960
Units
37
Listing Agency:
The Apartment Brokers
Listed By:
Jose Sifontes · License #SL3619366
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:37AM
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 The Apartment Brokers
Investment Insights
Based on property information with market context.
This 37-unit multifamily property in Downtown Orlando features 36 one-bedroom units and 1 two-bedroom unit. Situated on 6.33 acres, the property offers potential for future development or expansion. Approximately $300,000 has been invested in renovations over the past two years. Select units offer views of Sunset Lake. The property's total size is 19392 square feet. The units are separately metered for water and electric. The property currently operates with below-market rents, presenting a value-add opportunity through future rent growth.
Key Highlights
- 37‑unit multifamily property in Downtown Orlando.
- Value‑add opportunity through below‑market rents.
- $300,000 in renovations completed in the past two years.
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
$251,303
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
5.98%
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%
$5,026,060
$5.0M
Cap Rate 7%
$3,590,043
$3.6M
Cap Rate 9%
$2,792,256
$2.8M
Market Conditions
NOI Build-Up for 19,392 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
$488.7K $25.20/SF
− Vacancy
−$31.8K −$1.64/SF
EGI
$456.9K $23.56/SF
− OpEx
−$205.6K −$10.60/SF
NOI
$251.3K $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%
$5,026,060
Cap Rate 7%
$3,590,043
Cap Rate 9%
$2,792,256
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.14M – $4.19M
NOI $251,303 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.25M
$5.47M – $7.29M
NOI $437,279 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,714
Businesses Nearby
Explore this area
Business Placement
Demographics for 32805, FL
23,331
Population
9,332
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
78%
High-School Grad
6.8 sq mi
ZIP Area
3,431
Density / Sq Mi
$39,425
Median Household Income
$29,592
Median Earnings
$1,112
Median Rent
$226,100
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 - 37-unit multifamily property with value-add potential in Downtown Orlando.
Where is this apartment building located?
The property is located at 2222 W South St Orlando, FL.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 37‑unit multifamily property in Downtown Orlando.; Value‑add opportunity through below‑market rents.; $300,000 in renovations completed in the past two years.
