Downtown Orlando Renovated
For Sale
$839,000
510 N SUMMERLIN Ave, Orlando, FL 32803
Charming triplex in Downtown Orlando, renovated in 2021.
Property Size1,903 SF
Lot Size0.12 Acres
Days on Market175
Property Features for 510 N SUMMERLIN Ave
General Information
Standard status
Active
Size
1,903 SF
Lot size
0.12 Acres
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$6,672
Building Details
Building Size
1,903 SF
Year Built
1925
Units
3
Listing Agency:
(407) 802-7337
Listed By:
Parker Blanchard · License #3460165
(407) 802-7337
Source:
Elliman
Added: Mar 10
Changed: Aug 28
Last Checked: Aug 30 at 7:36PM
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 Parker Blanchard
Investment Insights
Based on property information with market context.
This triplex, located in Downtown Orlando, features three 1-bedroom, 1-bathroom units. All three units were renovated in 2021 and include updated kitchens, modern finishes, newly installed AC systems, and full-size in-unit laundry. Unit 3 has a private second-floor screened balcony. The property is located near dining, entertainment, Lake Eola Park, and major downtown employers.
Key Highlights
- Fully renovated in 2021: Enjoy updated kitchens and modern finishes in these move‑in ready units.
- Prime Downtown Orlando location: Steps from dining, entertainment, Lake Eola Park, and major employers.
- Three 1‑bedroom, 1‑bathroom units: Ideal for investors or owner‑occupancy with rental income potential.
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
$26,998
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
3.22%
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%
$539,960
$540.0K
Cap Rate 7%
$385,686
$385.7K
Cap Rate 9%
$299,978
$300.0K
Market Conditions
NOI Build-Up for 1,903 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
$41.1K $21.60/SF
− Vacancy
−$2.5K −$1.33/SF
EGI
$38.6K $20.27/SF
− OpEx
−$11.6K −$6.08/SF
NOI
$27.0K $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%
$539,960
Cap Rate 7%
$385,686
Cap Rate 9%
$299,978
Alternative Uses
Best Use
Multifamily LT 5
$385.7K
$337.5K – $450.0K
NOI $26,998 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$352.3K
$308.3K – $411.0K
NOI $24,661 @ 7.0% cap · market cap 2.94%
Theoretical Best
Office A
$613.0K
$536.4K – $715.2K
NOI $42,912 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 32803, FL
21,003
Population
12,225
Households
1.7
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
3,089
Density / Sq Mi
$101,401
Median Household Income
$61,439
Median Earnings
$1,823
Median Rent
$421,300
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?
Triplex - Charming triplex in Downtown Orlando, renovated in 2021.
Where is this triplex located?
The property is located at 510 N SUMMERLIN Ave Orlando, FL.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: Fully renovated in 2021: Enjoy updated kitchens and modern finishes in these move‑in ready units.; Prime Downtown Orlando location: Steps from dining, entertainment, Lake Eola Park, and major employers.; Three 1‑bedroom, 1‑bathroom units: Ideal for investors or owner‑occupancy with rental income potential.
