11-Unit Condominium
For Sale
$1,550,000
2550 N ALAFAYA Trail, Orlando, FL 32826
Residential Income, ORLANDO, FL
Property Size7,176 SF
Lot Size0.23 Acres
Price / SF$215
Days on Market66
Property Features for 2550 N ALAFAYA Trail
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-3
Bedrooms
11
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 3, Bathroom 4, Bedroom 10, Bathroom 1, Bathroom 7, Bathroom 10, Bedroom 7, Bedroom 4, Bedroom 5, Bathroom 5, Bathroom 2, Bedroom 8, Bedroom 1, Bedroom 6, Bedroom 9, Bathroom 9, Bathroom 6, Bathroom 8, Dining Room, Bedroom 2, Bathroom 3, Bedroom 11
Parking features
Open
Window features
Blinds
Pets allowed
Breed Restrictions
Interior features
Living Room/Dining Room Combo, Walk-In Closet(s), Window Treatments
Exterior features
Balcony
Fireplace
1
Appliances
Dishwasher, Dryer, Electric Water Heater, Range, Range Hood, Refrigerator, Washer
Subdivision
WATERFORD LNDG CONDO
Directions
Directions: FL-417 Toll S, Take exit 37 for University Blvd, Turn L onto University Blvd, Turn R onto FL-434 E (Alafaya Trail), Turn R into Waterford Landing Condominiums(Plymouth St), make immediate R
Standard status
Active
APN
15-22-31-9110-02-103
Size
7,176 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2107 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2103 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2205 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2209 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2111 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 3304 BLDG 3 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 5203 BLDG 5 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 6108 BLDG 6 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 5103 BLDG 5 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 10305 BLDG 10 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 5105 BLDG 5
Tax Annual Amount
25321
Legal Description
WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2107 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2103 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2205 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2209 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 2111 BLDG 2 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 3304 BLDG 3 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 5203 BLDG 5 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 6108 BLDG 6 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 5103 BLDG 5 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 10305 BLDG 10 WATERFORD LANDING CONDOMINIUM 8684/2101UNIT 5105 BLDG 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
two community pools
clubhouse
fitness center
racquetball
lake access
Building Details
Year built
1989
Floors in Building
1
Building materials
Stucco, Frame
Roof type
Shingle
Listing Agency:
LEGENDS REALTY
(407) 333-1010
Listed By:
Christina Nelson · License #3208397
(407) 705-2481
Added: Jul 29
Changed: Oct 2
Last Checked: Oct 2 at 3:06AM
MLS# O6429349
Copyright © 2026 Stellar MLS. 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.
This 11-unit condominium portfolio comprises 7,176 square feet across three floor plans ranging from 583 to 810 square feet. Ten units are occupied and one is vacant; lease expirations are distributed through October 2027. Built in 1989, the property has R-3 zoning, balconies, central heating and air conditioning, and open parking. Unit interiors include living and dining areas, and select units have walk-in closets and fireplaces.
The units are within the Waterford Landing community in East Orlando, near the University of Central Florida, Research Park, and Waterford Lakes Town Center. Community amenities include two pools, a clubhouse, a fitness center, racquetball, and lake access. Water, sewer, trash, and common-area maintenance are among the services covered by the condominium association; tenants pay for electricity.
The units are within the Waterford Landing community in East Orlando, near the University of Central Florida, Research Park, and Waterford Lakes Town Center. Community amenities include two pools, a clubhouse, a fitness center, racquetball, and lake access. Water, sewer, trash, and common-area maintenance are among the services covered by the condominium association; tenants pay for electricity.
Key Highlights
- 11 individually deeded condominium units; 10 are occupied and one is vacant
- 7,176 square feet across the portfolio
- Three floor plans, ranging from 583 to 810 square feet
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
$92,995
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
6.00%
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%
$1,859,900
$1.9M
Cap Rate 7%
$1,328,500
$1.3M
Cap Rate 9%
$1,033,278
$1.0M
Market Conditions
NOI Build-Up for 7,176 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
$180.8K $25.20/SF
− Vacancy
−$11.8K −$1.64/SF
EGI
$169.1K $23.56/SF
− OpEx
−$76.1K −$10.60/SF
NOI
$93.0K $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%
$1,859,900
Cap Rate 7%
$1,328,500
Cap Rate 9%
$1,033,278
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,995 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,815 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
837
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?
Multifamily property - The individually deeded residences include 10 occupied units and one vacancy, with lease expirations staggered through October 2027.
Where is this multifamily property located?
The property is located at 2550 N ALAFAYA Trail Orlando, FL.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 11 individually deeded condominium units; 10 are occupied and one is vacant; 7,176 square feet across the portfolio; Three floor plans, ranging from 583 to 810 square feet
