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    646 Colonial Dr Orlando, FL 32804

    • Investment properties
    • 2,866 SF
    • 0.14 lot acres
    For Sale
    View listing
    $1,350,000
    Last Sale
    Dec 09, 2021
    $800,000
    Value Estimations
    Cap Rate Potential
    3.2%
    Investment properties
    Location Intelligence
    Property ID
    US19-0859814
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Wean & Malchow P.A. / Attorney
    • The Dawg Game / Pet Store
    • Shields David G / Attorney
    • Graphic Signs Inc in Orlando / Graphic Designer / Awning Supplier

    Property Details for 646 Colonial Dr

    Year built
    1928
    Lot size
    0.14 lot acres
    Property size
    2,866 SF
    Zone code
    MU-1/T
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    25-22-29-7500-01-011
    APU
    252229750001011

    Description

    This exceptional two-story office building, located at 646 W Colonial Dr in Orlando, Florida, presents a compelling investment opportunity. Boasting 2,219 square feet on a 5,317 square foot lot, this fee-simple property features nine versatile rooms, a full kitchen, and a spacious upstairs meeting area. Built in 1940, the building is situated in a high-traffic area with over 35,000 average daily vehicles passing by, ensuring excellent visibility and accessibility. Its strategic location between Edgewater and I-4, just blocks from Creative Village and the UCF/Valencia Downtown Campus, provides unparalleled convenience and exposure. The MU-1/T/PH zoning allows for a variety of business uses. The property includes six dedicated parking spaces. Previously occupied by successful businesses including an attorney's office, the Screen Actors Guild, and the Ticket Clinic, this building is ready for its next chapter. The asking price is $1,350,000. This is a rare chance to acquire a well-located, established office building in a thriving Orlando neighborhood. The property consists of two units within a single, two-story building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,165,000
      ML approach
      $1,060,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,086,000
      Market price range: $767k - $1.32M
      AI Estimate
      $749,000
      Market price range: $516k - $840k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $945,000
      Current use
      AUTO REPAIR, GARAGE
      $955,000
      Change: +1% Conversion: Difficult
      OFFICE BUILDING
      $895,000
      Change: -5% Conversion: Easy
      RETAIL STORES
      $775,000
      Change: -18% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Orlando
    County
    Orange
    State
    Florida
    Longitude
    -81.3688
    Latitude
    28.5529
    CBSA code
    36740
    CBSA name
    ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $14,120
    $218,712
    $554,156
    $772,868
    -
    $218,712
    $554,156
    $772,868

    Comparable in this City

    • Value Estimation
      $720,000
      2,204 SF

      341 Mls Ave

      STORE/OFFICE (MIXED USE) • 2,204 SF
      341 Mls Ave, Orlando, FL 32803-5733
      View Details
    • Value Estimation
      $125,000
      1,314 SF

      32 Bumby Ave

      STORE/OFFICE (MIXED USE) • 1,314 SF
      32 Bumby Ave, Orlando, FL 32803-6271
      View Details
    • Value Estimation
      $475,000
      2,514 SF

      236 Pasadena Pl

      STORE/OFFICE (MIXED USE) • 2,514 SF
      236 Pasadena Pl, Orlando, FL 32803-3828
      View Details
    • Value Estimation
      $460,000
      2,758 SF

      2905 Corrine Dr

      STORE/OFFICE (MIXED USE) • 2,758 SF
      2905 Corrine Dr, Orlando, FL 32803-2227
      View Details
    • Value Estimation
      $760,000
      1,232 SF

      1517 Hillcrest St

      STORE/OFFICE (MIXED USE) • 1,232 SF
      1517 Hillcrest St, Orlando, FL 32803-4710
      View Details
    • Value Estimation
      $1,650,000
      1,171 SF

      1322 Mls Ave

      STORE/OFFICE (MIXED USE) • 1,171 SF
      1322 Mls Ave, Orlando, FL 32803-2543
      View Details

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      Prime Orlando Retail Space

      9,706 SF Available, High Traffic
      3225 Colonial Dr, Orlando, FL 32803
      View Details
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      Freestanding Building on Colonial Drive

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      View Details
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      View Details
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    646 Colonial Dr
    Orlando, FL 32804
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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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