Downtown Orlando Redevelopment
538 N Parramore Ave, Orlando, FL 32801
Flexible redevelopment opportunity in Downtown Orlando's evolving Parramore District.
Type:Industrial, Land, Mixed Use, Office
Property size:
1,408 SFLot size:
0.23 AcresPrice / SF:
$372/SF- Added:
- Feb 16, 2026
- Days on Market:
- 95
- Last Refresh:
- Mar 17 at 1:16 pm
Property Features for 538 N Parramore Ave
General Information
- Standard status
- Active
- Size
- 1,408 SF
- Lot size
- 0.23 Acres
- Property subtype
- Industrial, Land, Mixed Use, Office
Building Details
- Year Built
- 1925
Listing agent Mayra Pinero License #3304599
Listing office Keller Williams Advantage III Realty
Listing date Feb 16, 2026
Source Crexi
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 Advantage III Realty
HighLights
- Prime location minutes from Creative Village, UCF Downtown, Valencia College Downtown Campus, and Downtown Orlando core.
- Flexible redevelopment or adaptive reuse potential in a transforming submarket.
- ORL‑I‑G / T / PH zoning allows for a wide range of permitted uses (office, live/work, flex commercial, etc.).
- Located within designated Transit and Parramore Heritage overlay districts.
- Surrounded by ongoing city and institutional investment and infrastructure improvements.
- 0.23 acre lot (approximately 10,000+ SF) in a high‑visibility corridor.
Overview
Located in Downtown Orlando's westward expansion corridor, 538 N Parramore Avenue offers a redevelopment and adaptive reuse opportunity within the Parramore District. The property is situated minutes from Creative Village, UCF Downtown, Valencia College Downtown Campus, and major municipal and employment centers. It benefits from public and private investment and infrastructure improvements throughout the surrounding corridor. The site is zoned ORL-I-G / T / PH (Industrial General with Transit and Parramore Heritage overlays), offering a range of permitted and potential uses subject to City of Orlando verification. Potential applications may include office, live/work, flex commercial, adaptive reuse, income-producing strategies, or long-term redevelopment consistent with Industrial General zoning parameters. Located within a designated transit overlay and redevelopment area, the property provides connectivity and access within the Downtown Orlando core. Its positioning within a high-visibility corridor enhances long-term flexibility for investors seeking urban infill, repositioning, or path-of-growth opportunities. The property has 0.23 acres (approximately 10,000+ SF lot). It is within Transit and Parramore Heritage overlay districts and surrounded by city and institutional investment. The property offers optionality within a submarket experiencing transformation. The asset provides strategic flexibility in a central Downtown Orlando location and has a property size of 1408 square feet.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$292.2K
NOI $26,294 @ 9.00% cap · cautious / downside scenario
Moderate
$375.6K
NOI $26,294 @ 7.00% cap · market / base-case scenario
Aggressive
$525.9K
NOI $26,294 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.2k | $30.00 |
| − Vacancy | −$7.2k | −$5.10 |
| EGI | $35.1k | $24.90 |
| − OpEx | −$8.8k | −$6.23 |
| NOI | $26.3k | $18.67 |
1,408 SF · lease $30.00/SF/yr · vacancy 17.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$375.6K
$328.7K – $438.2K
NOI $26,294 @ 7.0% cap · market cap 5.01%
Second Best
Mixed Use
$265.5K
$232.3K – $309.8K
NOI $18,586 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$453.6K
$396.9K – $529.2K
NOI $31,750 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Live-work space
Location Insight
- Map
- Local Demand
- City
- Orlando
- County
- Brevard
- State
- Florida
- Longitude
- -81.3893134
- Latitude
- 28.5506153
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Flexible redevelopment opportunity in Downtown Orlando's evolving Parramore District.
Where is this mixed-use property located?
The property is located at 538 N Parramore Ave Orlando, FL.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Prime location minutes from Creative Village, UCF Downtown, Valencia College Downtown Campus, and Downtown Orlando core.; Flexible redevelopment or adaptive reuse potential in a transforming submarket.; ORL‑I‑G / T / PH zoning allows for a wide range of permitted uses (office, live/work, flex commercial, etc.).
