Renovated Triplex Near Delaney
For Sale
$949,000
Pending
734 S MILLS Ave, Orlando, FL 32801
Remodeled 8-bedroom triplex near Delaney Park with income potential.
Property Size3,320 SF
Lot Size0.26 Acres
Days on Market172
Property Features for 734 S MILLS Ave
General Information
Standard status
Pending
Size
3,320 SF
Lot size
0.26 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$12,834
Building Details
Building Size
3,320 SF
Year Built
1918
Units
3
Listing Agency:
(407) 325-7304
Listed By:
Carol Quartano · License #3056601
(407) 325-7304
Source:
Elliman
Added: Mar 12
Changed: Aug 11
Last Checked: Aug 29 at 8:47AM
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 Carol Quartano
Investment Insights
Based on property information with market context.
This is an 8-bedroom triplex featuring a renovated main house with two attached apartments. The property is situated near Delaney Park and Lake Davis. The main house includes a new kitchen equipped with custom all-wood cabinetry, soft-close doors and drawers, a fire clay sink with a motion sensor faucet, and marble floors and countertops. The kitchen also features a 36" range with a barn door convection oven and built-in air fryer, a counter-depth fridge, dual-zone wine beverage fridge, and an ultra-quiet dishwasher. The home has new French oak floors and recessed WiFi-enabled RGB lighting. The bathrooms feature marble floors and tiles, including a freestanding soaking tub. The property includes Jeld-Wen solid interior doors, a Teza front door, and cedar-lined upstairs closets. There is a downstairs mother-in-law apartment and an upstairs apartment, both currently occupied and on leases, providing rental income. There is potential for further expansion with a loft buildout that can be converted into another unit. This property combines luxury living with investment potential.
Key Highlights
- Completely renovated 3‑bedroom main house with a brand‑new, high‑end kitchen featuring marble floors and countertops, custom cabinetry, and premium appliances.
- Includes two income‑generating apartments currently occupied with leases in place.
- Prime location near Delaney Park and Lake Davis.
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
$47,101
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
4.96%
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%
$942,020
$942.0K
Cap Rate 7%
$672,871
$672.9K
Cap Rate 9%
$523,344
$523.3K
Market Conditions
NOI Build-Up for 3,320 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
$71.7K $21.60/SF
− Vacancy
−$4.4K −$1.33/SF
EGI
$67.3K $20.27/SF
− OpEx
−$20.2K −$6.08/SF
NOI
$47.1K $14.19/SF
Area
Orlando, FL
Vacancy
6.17%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$942,020
Cap Rate 7%
$672,871
Cap Rate 9%
$523,344
Alternative Uses
Best Use
Multifamily LT 5
$672.9K
$588.8K – $785.0K
NOI $47,101 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$614.6K
$537.8K – $717.1K
NOI $43,024 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.07M
$935.8K – $1.25M
NOI $74,864 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,034
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Remodeled 8-bedroom triplex near Delaney Park with income potential.
Where is this triplex located?
The property is located at 734 S MILLS Ave Orlando, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Completely renovated 3‑bedroom main house with a brand‑new, **high‑end kitchen featuring marble floors and countertops, custom cabinetry, and premium appliances.**; Includes two income‑generating apartments currently occupied with leases in place.; Prime location near Delaney Park and Lake Davis.
