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    Apopka Land Near Future Hospital Title is generated by Realmo AI

    5851 EFFIE DRIVE, Apopka, FL 32712

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    For Sale
    $2,700,000

    10.10 acres in Apopka's growing employment district.

    Type:Land or Vacant Lot
    Lot size:
    10.10 Acres
    Added:
    Nov 20, 2022
    Days on Market:
    1293
    Last Refresh:
    May 10 at 10:56 pm

    Property Features for 5851 EFFIE DRIVE

    General Information

    Standard status
    Active
    Lot size
    10.10 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    WENDY PLATE

    Listing agent WENDY PLATE License #3091996

    Listing office WATSON REALTY CORP

    Listing date Nov 20, 2022

    Source Corcoran

    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 WATSON REALTY CORP

    HighLights

    • 10.10 acres in the proposed "Employment District" of the Kelly Park Development Plan.
    • Located in the epicenter of Apopka's growth, a rapidly developing area of Central Florida.
    • Proximity to the proposed Orlando Health Hospital site.
    • Minutes from the 429 Interchange and Publix Shopping Center.
    • Included in the 565+ acres in the Northwest Quadrant of Greater Orlando's 429 Beltway.
    • Close proximity to the Wyld Oaks mixed‑use development.

    Overview

    This 10.10-acre parcel of land is situated in the proposed "Employment District" of the Kelly Park Development Plan, located in the epicenter of Apopka's growth. The property is a few lots from the proposed Orlando Health Hospital site on Effie Drive and minutes from the 429 Interchange and Publix Shopping Center. The high and dry, mostly cleared land is positioned for future development. It is included in the 565+ acres located in the Northwest Quadrant of the Greater Orlando's 429 Beltway. The Wyld Oaks, a mixed-use destination, broke ground on January 19, 2024, and will include up to 280,000 square feet of retail space, 70,000 square feet of restaurant space, pubs, two hotels, 3,000 to 4,000 multifamily and condominium residences, an expansive outdoor entertainment venue, up to 200,000 square feet of office space, and a 10-acre park with multi-use trails, a dog park, and a preserve. The property is in close proximity to future shopping centers, a regional mall, a hospital, medical offices, a theater, and single-family/multi-family residential homes, in one of the fastest-growing sub-markets in the Orlando area. This land represents an opportunity for investors or developers in the primary high-intensity development within a one-mile radius of the interchange.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Building Supply Hotel & Motel Nail Salon Gym & Fitness Center HVAC Service Garden Center Shopping Center & Mall Carpet & Flooring Store Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Apopka
    County
    Orange
    State
    Florida
    Longitude
    -81.5704
    Latitude
    28.7679

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    FAQs

    What type of property is this?
    Commercial land - 10.10 acres in Apopka's growing employment district.
    Where is this commercial land located?
    The property is located at 5851 EFFIE DRIVE Apopka, FL.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: 10.10 acres in the proposed "Employment District" of the Kelly Park Development Plan.; Located in the epicenter of Apopka's growth, a rapidly developing area of Central Florida.; Proximity to the proposed Orlando Health Hospital site.
    (352) 536-6530
    We can help!
    Listing Contact
    WENDY PLATE
    Real Estate License ID: 3091996
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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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    5851 EFFIE DRIVE, APOPKA, FL 32712
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