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    1226 Michigan Ave Winter Park, FL 32789-4822
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    Property profile & analytics

    1226 Michigan Ave, Winter Park, FL 32789-4822

    View on Map
    • Retail space
    • 7,744 SF
    • 0.23 lot acres
    Off-Market
    Last Sale Sep 3, 2024
    $2,350,000
    Property ID
    US18-6005878
    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.
    Value Estimations
    $2,350,000
    Show details
    Cap Rate Potential
    6.5%
    Retail space
    Location Intelligence

    Current Use by Public Records

    • Credit Repair Orlando FL | 750 Score 📈 / Financial Advisor
    • All Purpose Insurance / Insurance Agency
    • Outlaw Cheer Academy Inc / High School
    • Marnie Sorensen & Associates / Interior Design / Home Decor Store

    Property Details for 1226 Michigan Ave

    Year built
    1947
    Lot size
    0.23 lot acres
    Zone code
    C-3
    Property type
    Retail space
    APN
    12-22-29-5424-00-010
    APU
    122229542400010

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 3, 2024 $2,350,000 Michigan Ave Property LLC Bledsoe Steward Properties LLC Special Warranty Deed —
    Apr 1, 2016 — Bledsoe Steward Properties LLC Bledsoe Thomas W Trust Quit Claim Deed —
    Oct 11, 2011 — Harrison B Steward IV Steward Joan B Trust Quit Claim Deed · related —

    Description

    This exceptional Class A retail property, Michigan Corners, is located at 1226 Michigan Ave in Winter Park, Florida, within Orange County (zip code 32789). The single-story building comprises 6,650 square feet and features five suites, offering flexible space options for various retail or restaurant businesses. Units range from a minimum of 1,000 square feet to a maximum contiguous space of 6,650 square feet, providing adaptability for diverse tenant needs. The property boasts a prime location with direct frontage on Orlando Avenue (17-92), ensuring high visibility and accessibility for customers. Ample parking is available, catering to the convenience of both tenants and patrons. This location benefits from the strong demographics of the Winter Park area, presenting a unique opportunity for businesses seeking to establish a presence in a thriving Central Florida market. The property's classification as Class A signifies its high-quality construction and modern amenities. This is a rare opportunity to lease space in a highly desirable Winter Park location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,350,000
      ML approach
      $2,350,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,535,000
      6.5%
      $2,340,000
      7%
      $2,170,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,727,000
      Market price range: $1.73M - $3.06M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,370,000
      Current use
      RESTAURANT
      $3,750,000
      Change: +58% Conversion: Easy
      COMMERCIAL (GENERAL)
      $3,440,000
      Change: +45% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $3,215,000
      Change: +36% Conversion: Difficult
      OFFICE BUILDING
      $3,140,000
      Change: +32% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,605,000
      Change: +10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Winter Park
    County
    Orange
    State
    Florida
    Longitude
    -81.3653
    Latitude
    28.5884
    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
    $11,346
    $663,098
    $37,459
    $700,557
    -
    $663,098
    $37,459
    $700,557

    Comparable in this City

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      $770,000
      3,630 SF

      114 Park Ave

      RETAIL STORES (PERSONAL SERVICES)
      114 Park Ave, Winter Park, FL 32789-3813
      View Details
    • Value Estimation
      $1,480,000
      6,464 SF

      2335 Temple Trl

      RETAIL STORES (PERSONAL SERVICES)
      2335 Temple Trl, Winter Park, FL 32789-1151
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    • Value Estimation
      $960,000
      4,225 SF

      155 Morse Blvd

      RETAIL STORES (PERSONAL SERVICES)
      155 Morse Blvd, Winter Park, FL 32789-7400
      View Details
    • Value Estimation
      $1,405,000
      6,030 SF

      784 Orange Ave

      RETAIL STORES (PERSONAL SERVICES)
      784 Orange Ave, Winter Park, FL 32789-4775
      View Details
    • Value Estimation
      $1,025,000
      4,404 SF

      669 Orange Ave

      RETAIL STORES (PERSONAL SERVICES)
      669 Orange Ave, Winter Park, FL 32789-4701
      View Details
    • Value Estimation
      $8,365,000
      36,585 SF

      501 Orlando Ave

      RETAIL STORES (PERSONAL SERVICES)
      501 Orlando Ave, Winter Park, FL 32789-7313
      View Details

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      Retail Property in Winter Park

      Retail property available for sale in Winter Park, Florida.
      610 W Morse Blvd, Winter Park, FL 32789
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      Winter Park Commercial Land Available

      Land with frontage on Formosa and Kentucky Avenues.
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      Winter Park Free-Standing Building

      Renovated 3,006 SF building in prime Winter Park location.
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    Similar Nearby for Lease

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      6,451 SF

      Winter Park Commercial Space Available

      Customizable commercial, office, retail, and food & beverage spaces for lease.
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      Winter Park Endcap Retail Suite

      Endcap retail suite with ample parking and storefront windows.
      2113 W Fairbanks Ave, Winter Park, FL 32789
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      Prime Retail Space in Winter Park

      Redeveloped retail property with high visibility and ample parking.
      805 S Orlando Ave, Winter Park, FL 32789
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    • Contact for pricing

      Winter Park Retail/Office Space

      Located in the heart of Winter Park on Orlando Avenue.
      Winter, Winter Park, FL 32789
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      Retail Space in Winter Park

      Retail space available for lease in Winter Park, Florida.
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      Winter Park Retail/Office Opportunity

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    Winter Park, FL 32789-4822
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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.

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