Renovated Office Building For
For Sale
$2,450,000
701 E SOUTH St, Orlando, FL 32801
Government-tenanted, renovated office building with long-term investment potential.
Property Size10,000 SF
Lot Size0.62 Acres
Price / SF$245
Days on Market165
Property Features for 701 E SOUTH St
General Information
Standard status
Active
Size
10,000 SF
Lot size
0.62 Acres
Property subtype
Commercial
Building Details
Year Built
1986
Listing Agency:
DOVER INTERNATIONAL CO., INC.
(407) 488-7236
Listed By:
Kimberly Robinson · License #BK3113676
(407) 488-7236
Source:
Elliman
Added: Mar 11
Changed: Jul 6
Last Checked: Aug 21 at 8:29AM
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 DOVER INTERNATIONAL CO., INC.
Investment Insights
Based on property information with market context.
This renovated property presents an investment opportunity with a long-term governmental tenant. The building has undergone renovations, including fresh exterior and interior paint and updated restrooms. The office and conference room layouts have been reconfigured, and a new security system has been installed. New galvanized steel stairs have been added, and the lighting has been transitioned from fluorescent to LED, reducing energy costs. The property encompasses approximately 10,000 square feet of usable space and consists of two units that integrate. An elevator and multiple stairways provide access to a versatile layout, including conference rooms, private offices, partitioned spaces, staff lounges, and restrooms on each floor.
Key Highlights
- Long‑term governmental tenant in place.
- Meticulously renovated with fresh paint, updated restrooms, and reconfigured office spaces.
- Approximately 10,000 square feet of prime usable space.
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
$186,750
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
7.62%
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%
$3,735,000
$3.7M
Cap Rate 7%
$2,667,857
$2.7M
Cap Rate 9%
$2,075,000
$2.1M
Market Conditions
NOI Build-Up for 10,000 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
$300.0K $30.00/SF
− Vacancy
−$51.0K −$5.10/SF
EGI
$249.0K $24.90/SF
− OpEx
−$62.3K −$6.23/SF
NOI
$186.8K $18.67/SF
Area
Orlando, FL
Vacancy
17.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,735,000
Cap Rate 7%
$2,667,857
Cap Rate 9%
$2,075,000
Alternative Uses
Best Use
Office B
$2.67M
$2.33M – $3.11M
NOI $186,750 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,494 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,887
Businesses Nearby
Explore this area
Business Placement
Demographics for 32801, FL
17,728
Population
12,133
Households
1.5
Avg Household Size
36
Median Age
63%
College-Educated
95%
High-School Grad
2.2 sq mi
ZIP Area
8,058
Density / Sq Mi
$77,626
Median Household Income
$63,090
Median Earnings
$1,773
Median Rent
$397,600
Median Home Value
Market
Vacancy Rate% for Office in Orlando, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
1031 exchange property - Government-tenanted, renovated office building with long-term investment potential.
Where is this 1031 exchange property located?
The property is located at 701 E SOUTH St Orlando, FL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Long‑term governmental tenant in place.; Meticulously renovated with fresh paint, updated restrooms, and reconfigured office spaces.; Approximately 10,000 square feet of prime usable space.
