Six-Unit Apartment
New
For Sale
$1,200,000
642 E HARWOOD St, Orlando, FL 32803
Three duplexes provide screened porches, covered parking, and shared laundry across a landscaped corner lot.
Property Size3,534 SF
Days on Market4
Property Features for 642 E HARWOOD St
General Information
Standard status
Active
Size
3,534 SF
Total Parking Spaces
6
Property subtype
Commercial
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$15,784
Amenities
on-site laundry
screened porches
Building Details
Building Size
3,534 SF
Year Built
1952
Buildings
3
Stories
1
Units
6
Listing Agency:
Swann Real Estate
(386) 717-6414
Listed By:
Beth Shaw · License #206141
(386) 717-6414
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 13 at 8:37AM
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 Swann Real Estate
Investment Insights
Based on property information with market context.
This apartment property comprises three duplexes with six total one-bedroom, one-bathroom units. Each unit is approximately 600 square feet and includes a kitchen with eating space, a great room, and a screened porch facing the landscaped gardens. The property occupies a large corner lot, with private covered parking assigned to each unit and on-site laundry available for residents. Water and sewer are included in the rent.
Built in 1952, the property has been maintained by the same owner for more than 30 years and has a history of long-term tenancy. The address is approximately 2 miles from Downtown Orlando and AdventHealth Orlando, 4 miles from Rollins College, and 4 miles from Winter Park. Walk Score is 64, Bike Score is 65, and Transit Score is 39.
Built in 1952, the property has been maintained by the same owner for more than 30 years and has a history of long-term tenancy. The address is approximately 2 miles from Downtown Orlando and AdventHealth Orlando, 4 miles from Rollins College, and 4 miles from Winter Park. Walk Score is 64, Bike Score is 65, and Transit Score is 39.
Key Highlights
- Six total one‑bedroom, one‑bathroom apartment units across three duplexes
- Each unit is approximately 600 square feet with a screened porch
- Large corner lot with landscaped gardens
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
$45,797
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
3.82%
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%
$915,940
$915.9K
Cap Rate 7%
$654,243
$654.2K
Cap Rate 9%
$508,856
$508.9K
Market Conditions
NOI Build-Up for 3,534 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
$89.1K $25.20/SF
− Vacancy
−$5.8K −$1.64/SF
EGI
$83.3K $23.56/SF
− OpEx
−$37.5K −$10.60/SF
NOI
$45.8K $12.96/SF
Area
Orlando, FL
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$915,940
Cap Rate 7%
$654,243
Cap Rate 9%
$508,856
Alternative Uses
Best Use
Apartment 5plus
$654.2K
$572.5K – $763.3K
NOI $45,797 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$996.1K – $1.33M
NOI $79,690 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,416
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?
Apartment building - Three duplexes provide screened porches, covered parking, and shared laundry across a landscaped corner lot.
Where is this apartment building located?
The property is located at 642 E HARWOOD St Orlando, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Six total one‑bedroom, one‑bathroom apartment units across three duplexes; Each unit is approximately 600 square feet with a screened porch; Large corner lot with landscaped gardens
