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    243 Michigan St Orlando, FL 32806
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    243 Michigan St Orlando, FL 32806

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    • Neighborhood centers
    • 10,168 SF
    • 7.50 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Alterations & More / (Bike/Boat/Book/etc) Store

    Property Details for 243 Michigan St

    Lot size
    7.50 lot acres
    Property size
    10,168 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional 1,013 square foot retail space is situated in Orlando's desirable South of Downtown (SODO) district at Dixie Plaza, offering unparalleled visibility and accessibility. Located at 243 E Michigan St, Orlando, FL 32806, this single-story building within a larger strip center boasts prime frontage on Michigan Street, benefiting from high traffic counts exceeding 35,000 vehicles daily. The property is part of a thriving commercial area, surrounded by established national and local businesses including Target, Publix, Walmart, Ross, Chick-fil-A, and numerous other restaurants and banks. The 1,013 square foot unit, currently vacant, is part of a larger 10,168 square foot building situated on a 0.75-acre lot. The property includes ample parking with 42+ spaces available for customers and employees. This location offers exceptional exposure at the intersection of Michigan and Orange Avenue, ensuring high visibility for your business. The space is ideal for a variety of retail uses, excluding smoke or vape shops. The property is available for lease immediately.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Orlando
    County
    Orange
    State
    Florida
    Longitude
    -81.3749
    Latitude
    28.5132

    Comparable in this City

    • Value Estimation
      $13,085,000
      16,150 SF

      300 Michigan St

      SHOPPING CENTER, STRIP CENTER • 16,150 SF
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    • Value Estimation
      $13,265,000
      12,335 SF

      296 Michigan St

      SHOPPING CENTER, STRIP CENTER • 12,335 SF
      296 Michigan St, Orlando, FL 32806-4553
      View Details
    • Value Estimation
      $855,000
      6,502 SF

      2950 Curry Frd Rd

      SHOPPING CENTER, STRIP CENTER • 6,502 SF
      2950 Curry Frd Rd, Orlando, FL 32806-3330
      View Details
    • Value Estimation by Request
      255,633 SF

      Orange Ave. & Grant St

      Restaurants • 255,633 SF
      0 Orange Ave. & Grant St, Orlando, FL 32806
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    • Value Estimation by Request
      77,336 SF

      3094 Curry Ford Rd

      Restaurants • 77,336 SF
      3094 Curry Ford Rd, Orlando, FL 32806
      View Details
    • Value Estimation by Request
      1,000 SF

      000 Income!

      Restaurants • 1,000 SF
      000 Income!, Orlando, FL 32806
      View Details

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    • $1,400,000
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      Commercial Corner Lot in Orlando

      Commercial corner lot in Orlando's SODO District for sale.
      212 W Michigan St, Orlando, FL 32806
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    • $495,000
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      Commercial Building on Orange Avenue

      594 SF building on high-traffic Orange Avenue.
      4851 S Orange Ave, Orlando, FL 32806
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    Similar Nearby for Lease

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      SoDo Shopping Center Retail Space

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    243 Michigan St
    Orlando, FL 32806
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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.

    More about this property
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