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    Remodeled Condo with Lake View Title is generated by Realmo AI

    4200 LAKE UNDERHILL ROAD 2B1, Orlando, FL 32803

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    Claim this Listing
    For Sale
    $247,000

    Remodeled condo with lake view, community amenities, convenient location.

    Type:Condo/Townhome
    Property size:
    1,400 SF
    Lot size:
    12.56 Acres
    Price / SF:
    $176/SF
    Added:
    Mar 24, 2026
    Days on Market:
    74
    Last Refresh:
    Apr 5 at 9:19 pm

    Property Features for 4200 LAKE UNDERHILL ROAD 2B1

    General Information

    Standard status
    Active
    Size
    1,400 SF
    Lot size
    12.56 Acres
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    1969

    We can help!

    Listing Contact
    Rita Johnson

    Listing agent Rita Johnson License #3447463

    Listing office KELLER WILLIAMS ELITE PARTNERS III REALTY

    Listing date Mar 24, 2026

    Source Exitrealty

    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 ELITE PARTNERS III REALTY

    HighLights

    • Lake view and proximity to Lake Underhill Park and Boat Ramp
    • Remodeled condo featuring granite countertops, new appliances including dishwasher, new laminate flooring, and upgraded lighting
    • Community chill house AC feature significantly reduces electric bill
    • Extensive community amenities: two pools, fitness center, tennis/pickleball/basketball courts, clubhouse, dog park, and lake access for kayaks/canoes
    • New AC handler installed in 2024
    • Convenient location: minutes to MCO Orlando Airport, Downtown Orlando, I‑4, 408, and 528

    Overview

    Located in Plantation Gardens, this remodeled condo offers a lake view and features granite countertops in the kitchen and baths. New appliances, a newly added dishwasher, new laminate flooring, and upgraded lighting fixtures enhance the interior. The unit includes a screened patio and a pavered outdoor patio. An AC handler was installed in 2024. The community's chill house AC feature contributes to significantly reduced electric bills. Community amenities include two pools, a fitness center, tennis courts, a pickelball court, a basketball court, a clubhouse with a pool table, table tennis, a library, a full kitchen, a bar and TV area, a dog park, and a lake with a dock providing access for kayaks and canoes. The property is situated across from Lake Underhill Park and Boat Ramp and is located minutes from MCO Orlando Airport, Downtown Orlando, and major highways including I-4, 408, and 528. The property size is 1400 square feet.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $35.3k $25.20
    − Vacancy −$2.3k −$1.64
    EGI $33.0k $23.56
    − OpEx −$14.8k −$10.60
    NOI $18.1k $12.96
    1,400 SF · lease $25.20/SF/yr · vacancy 6.50% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $259.2K
    $226.8K – $302.4K (±1% cap)
    NOI $18,143 @ 7.0% cap · market cap 7.35%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $451.0K
    $394.6K – $526.2K (±1% cap)
    NOI $31,569 @ 7.0% cap · market cap 12.78%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Orlando
    County
    Brevard
    State
    Florida
    Longitude
    -81.3330758
    Latitude
    28.535363

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    FAQs

    What type of property is this?
    Residential income property - Remodeled condo with lake view, community amenities, convenient location.
    Where is this residential income property located?
    The property is located at 4200 LAKE UNDERHILL ROAD 2B1 Orlando, FL.
    What is the asking price?
    The asking price for this property is $247,000.
    What are key features of this property?
    This property features: Lake view and proximity to Lake Underhill Park and Boat Ramp; Remodeled condo featuring granite countertops, new appliances including dishwasher, new laminate flooring, and upgraded lighting; Community chill house AC feature significantly reduces electric bill
    (321) 527-5111
    We can help!
    Listing Contact
    Rita Johnson
    Real Estate License ID: 3447463
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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