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    Condo in Gated Orlando Community Title is generated by Realmo AI

    5550 E MICHIGAN STREET 2309, Orlando, FL 32822

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    For Sale
    $225,000

    Well-maintained condo with resort-style amenities and convenient location.

    Type:Condo/Townhome
    Property size:
    1,024 SF
    Lot size:
    8.85 Acres
    Price / SF:
    $219/SF
    Added:
    Mar 24, 2026
    Days on Market:
    70
    Last Refresh:
    Apr 5 at 11:30 pm

    Property Features for 5550 E MICHIGAN STREET 2309

    General Information

    Standard status
    Active
    Size
    1,024 SF
    Lot size
    8.85 Acres
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    2005

    We can help!

    Listing Contact
    Jadel Patterson, LLC

    Listing agent Jadel Patterson, LLC License #3441390

    Listing office KELLER WILLIAMS ADVANTAGE 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 ADVANTAGE REALTY

    HighLights

    • Easy owner financing available at 4.9% with $35k down.
    • Enjoy resort‑style amenities including two pools, spas, park, clubhouse, and fitness center.
    • HOA includes Internet, Cable TV, Grounds Maintenance, Pest Control, Water, Trash, & Sewer.
    • Two large bedrooms, each with a private bathroom.
    • Convenient location close to Orlando International Airport, Downtown Orlando, and highways 408, 528, and I‑4.
    • Open floor plan with granite counters and wood plank laminate flooring.

    Overview

    This well-maintained unit is located in the Registry at Michigan Park Condominiums. The third-floor unit features an open floor plan with a great room, a kitchen with granite counters, and wood plank laminate flooring. It has two bedrooms, each with a private bathroom. The gated community provides resort-style amenities, including two pools, spas, a park, clubhouse, and fitness center. Internet, cable TV, grounds maintenance, pest control, water, trash, and sewer are included with the HOA. Situated in the Conway area in Southeast Orlando, the property is close to the Orlando International Airport and a short drive to Downtown Orlando, with easy highway access via the 408, 528, and I-4. The property size is 1024 square feet. This unit is suitable as an investment opportunity or starter home.

    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 $25.8k $25.20
    − Vacancy −$1.8k −$1.76
    EGI $24.0k $23.44
    − OpEx −$10.8k −$10.55
    NOI $13.2k $12.89
    1,024 SF · lease $25.20/SF/yr · vacancy 7.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $188.6K
    $165.0K – $220.0K (±1% cap)
    NOI $13,199 @ 7.0% cap · market cap 5.87%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $307.8K
    $269.3K – $359.1K (±1% cap)
    NOI $21,544 @ 7.0% cap · market cap 9.58%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Havoc Media Group Marketing & Advertising Greenscapes Of Orlando Landscaping Registry at Michigan park Condominium Complex Palmeira Realty Real Estate Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Orlando
    County
    Brevard
    State
    Florida
    Longitude
    -81.3129126
    Latitude
    28.5141837

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    FAQs

    What type of property is this?
    Residential income property - Well-maintained condo with resort-style amenities and convenient location.
    Where is this residential income property located?
    The property is located at 5550 E MICHIGAN STREET 2309 Orlando, FL.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Easy owner financing available at 4.9% with $35k down.; Enjoy resort‑style amenities including two pools, spas, park, clubhouse, and fitness center.; HOA includes Internet, Cable TV, Grounds Maintenance, Pest Control, Water, Trash, & Sewer.
    (407) 977-7600
    We can help!
    Listing Contact
    Jadel Patterson, LLC
    Real Estate License ID: 3441390
    Learn More
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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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    5550 E MICHIGAN STREET 2309, ORLANDO, FL 32822
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