Multifamily Building in Maitland,
For Sale
$3,500,000
421 KENNEDY BOULEVARD, Maitland, FL 32751
29-unit multifamily building centrally located between Maitland and Winter Park.
Property Size15,777 SF
Price / SF$221.84
Days on Market398
Property Features for 421 KENNEDY BOULEVARD
General Information
Standard status
Active
Size
15,777 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$12,783
Amenities
Window/Wall Unit
3
Corner Lot.
Paved Driveway.
Central Business District, Corner, City Road, Asphalt.
Building Details
Year Built
1967
Listing Agency:
CHARLES RUTENBERG REALTY ORLANDO
(407) 622-2122
Listed By:
David Washington · License #SL3164865
Source:
Xome
Added: Jul 22, 2025
Changed: Aug 23
Last Checked: Aug 23 at 6:11AM
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 CHARLES RUTENBERG REALTY ORLANDO
Investment Insights
Based on property information with market context.
This mixed-use commercial property is centrally located between Maitland and Winter Park, offering visibility and versatility. The listing includes a 29-unit multifamily building. A new roof was installed in 2023. The adjacent commercial building at 429 E. Kennedy Blvd and a commercial lot at 34 N. West St are also available for purchase, offering potential for future development, expansion, or mixed-use revitalization. This property presents an opportunity to be part of a growing community with active revitalization efforts.
Key Highlights
- Prime location between Maitland and Winter Park offers high visibility and accessibility.
- Includes a 29‑unit multifamily building.
- Adjacent commercial building and lot available for purchase, enabling future development.
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
$208,256
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
5.95%
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%
$4,165,120
$4.2M
Cap Rate 7%
$2,975,086
$3.0M
Cap Rate 9%
$2,313,956
$2.3M
Market Conditions
NOI Build-Up for 15,777 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
$378.6K $24.00/SF
− Vacancy
−$45.4K −$2.88/SF
EGI
$333.2K $21.12/SF
− OpEx
−$125.0K −$7.92/SF
NOI
$208.3K $13.20/SF
Area
Orange County, FL
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,165,120
Cap Rate 7%
$2,975,086
Cap Rate 9%
$2,313,956
Alternative Uses
Best Use
Mixed Use
$2.98M
$2.60M – $3.47M
NOI $208,256 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$2.77M
$2.42M – $3.23M
NOI $193,746 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,278 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Explore this area
Business Placement
Demographics for 32751, FL
23,230
Population
10,730
Households
2.2
Avg Household Size
40
Median Age
56%
College-Educated
96%
High-School Grad
7.0 sq mi
ZIP Area
3,319
Density / Sq Mi
$94,277
Median Household Income
$51,357
Median Earnings
$1,841
Median Rent
$433,100
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Mixed-use property - 29-unit multifamily building centrally located between Maitland and Winter Park.
Where is this mixed-use property located?
The property is located at 421 KENNEDY BOULEVARD Maitland, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Prime location between Maitland and Winter Park offers **high visibility and accessibility**.; Includes a **29‑unit multifamily building**.; Adjacent commercial building and lot available for purchase, enabling future development.
