Duplex with Separate Electric
New
For Sale
$469,000
223 E ESTHER STREET, Orlando, FL 32806
Two living units in Orlando’s SoDo District with R-2A/T zoning and access to major employment centers.
Property Size1,092 SF
Price / SF$429.49
Days on Market5
Property Features for 223 E ESTHER STREET
General Information
Standard status
Active
Size
1,092 SF
Property subtype
Duplex
Amenities
0.16 acres, City Limits, Landscaped, Level, Paved
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 01-23-29-5296-00-080, Public Survey Range: 29, Public Survey Section: 01, Annual Amount: $6,723, Tax Book Number: N-74, Legal Description: LURNA VISTA N/74 LOT 8, Lot: 8, Year: 2025, Zoning: R-2A/T
Tile, Wood
Central Air
Central, Electric
Listing ID: MFRO6430684, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-08-07, 1 day on market, Special Conditions: None
Elementary School: Blankner Elem, Middle School: Blankner School (K-8), High School: Boone High
Wood Frames
2 total bedrooms
Built in 1950, Living area: 1092, Living area units: Square Feet, Levels: One, Construction Materials: Block, Concrete
Subdivision: LORNA VISTA, MLS Area (Major): 32806 - Orlando/Delaney Park/Crystal Lake, County/Parish: Orange
Completed, Other structures: Shed(s), City
2 total bathrooms
Street Lights
Cable Available, Electricity Available, Sewer Connected, Water Connected, Water Source: Private
Slab
Close Of Escrow
Allowed: Cats OK, Dogs OK, Yes
Electricity, Gas, Trash Collection
Road Responsibility: Public Maintained Road, Road Surface: Paved
Patio/Porch Features: Enclosed, Front Porch, Private Mailbox
Living Room/Dining Room Combo, Primary Bedroom Main Floor, Solid Wood Cabinets
Gas Water Heater, Range, Refrigerator
Building Details
Year Built
1950
Listing Agency:
COLDWELL BANKER REALTY
(407) 647-1211
Listed By:
Edward Johnston · License #366102
Source:
Miharaandassociates
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 5:59AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This duplex contains two separate living units within 1,092 square feet, offering a configuration suited to rental income or owner occupancy with an additional residence. Each unit has its own electric meter. The property was built in 1950 and has a new roof dated October 2025.
Located in Orlando’s SoDo District, the property is within minutes of Downtown Orlando, Orlando Health, Arnold Palmer Hospital, and the Orange Avenue corridor. Restaurants, boutique shopping, coffee shops, entertainment, and daily conveniences are described as walkable, while I-4 and SR-408 provide access to broader employment centers and regional destinations. R-2A/T zoning is in place, with future redevelopment or value-add possibilities subject to verification with the City of Orlando.
Located in Orlando’s SoDo District, the property is within minutes of Downtown Orlando, Orlando Health, Arnold Palmer Hospital, and the Orange Avenue corridor. Restaurants, boutique shopping, coffee shops, entertainment, and daily conveniences are described as walkable, while I-4 and SR-408 provide access to broader employment centers and regional destinations. R-2A/T zoning is in place, with future redevelopment or value-add possibilities subject to verification with the City of Orlando.
Key Highlights
- Duplex with two separate living units
- 1,092 square feet on a spacious lot
- Individual electric meters for each unit
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
$15,492
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
3.30%
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%
$309,840
$309.8K
Cap Rate 7%
$221,314
$221.3K
Cap Rate 9%
$172,133
$172.1K
Market Conditions
NOI Build-Up for 1,092 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
$23.6K $21.60/SF
− Vacancy
−$1.5K −$1.33/SF
EGI
$22.1K $20.27/SF
− OpEx
−$6.6K −$6.08/SF
NOI
$15.5K $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%
$309,840
Cap Rate 7%
$221,314
Cap Rate 9%
$172,133
Alternative Uses
Best Use
Multifamily LT 5
$221.3K
$193.7K – $258.2K
NOI $15,492 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$202.2K
$176.9K – $235.9K
NOI $14,151 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$351.8K
$307.8K – $410.4K
NOI $24,624 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,254
Businesses Nearby
Explore this area
Business Placement
Demographics for 32806, FL
26,582
Population
12,529
Households
2.1
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
6.8 sq mi
ZIP Area
3,909
Density / Sq Mi
$86,653
Median Household Income
$54,012
Median Earnings
$1,500
Median Rent
$415,800
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?
Duplex - Two living units in Orlando’s SoDo District with R-2A/T zoning and access to major employment centers.
Where is this duplex located?
The property is located at 223 E ESTHER STREET Orlando, FL.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Duplex with two separate living units; 1,092 square feet on a spacious lot; Individual electric meters for each unit
