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    Property profile & analytics

    2924 Colonial Dr Orlando, FL 32803-5039

    • Retail space
    • 3,156 SF
    • 0.33 lot acres
    OFF-MARKET
    Value Estimations
    $630,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5420523
    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

    • The Honey Baked Ham Company / Restaurant

    Property Details for 2924 Colonial Dr

    Year built
    1963
    Lot size
    0.33 lot acres
    Property size
    3,156 SF
    Zone code
    AC-3/AN
    Property type
    Retail space
    APN
    30-22-30-1112-03-010
    APU
    302230111203010

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $850,000
      Current use
      COMMERCIAL (GENERAL)
      $1,040,000
      Change: +22% Conversion: Easy
      OFFICE BUILDING
      $985,000
      Change: +16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Orlando
    County
    Orange
    State
    Florida
    Longitude
    -81.3461
    Latitude
    28.553
    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
    $9,982
    $278,227
    $336,285
    $614,512
    -
    $278,227
    $336,285
    $614,512

    Comparable in this City

    • Value Estimation
      $1,375,000
      6,479 SF

      2001 Colonial Dr

      RETAIL STORES (PERSONAL SERVICES) • 6,479 SF
      2001 Colonial Dr, Orlando, FL 32803-4832
      View Details
    • Value Estimation
      $3,525,000
      21,894 SF

      2112 Colonial Dr

      RETAIL STORES (PERSONAL SERVICES) • 21,894 SF
      2112 Colonial Dr, Orlando, FL 32803-4835
      View Details
    • Value Estimation
      $1,545,000
      10,380 SF

      923 Mls Ave

      RETAIL STORES (PERSONAL SERVICES) • 10,380 SF
      923 Mls Ave, Orlando, FL 32803-3229
      View Details
    • Value Estimation by Request
      55,557 SF

      1410-1632 Mills Ave

      Neighborhood centers • 55,557 SF
      1410-1632 Mills Ave, Orlando, FL 32803
      View Details
    • Value Estimation
      $895,000
      4,294 SF

      2212 Colonial Dr

      RETAIL STORES (PERSONAL SERVICES) • 4,294 SF
      2212 Colonial Dr, Orlando, FL 32803-4912
      View Details
    • Value Estimation
      $1,845,000
      12,320 SF

      4901 Colonial Dr

      RETAIL STORES (PERSONAL SERVICES) • 12,320 SF
      4901 Colonial Dr, Orlando, FL 32803-4309
      View Details

    Similar Nearby for Sale

    • $1,400,000
      4,992 SF

      Orlando Retail Property with Liquor

      Three-unit retail property with restaurant and liquor license.
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      Orlando Retail Property For Sale

      Three-unit retail property with diversified tenants and high visibility.
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    • $475,000
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      Milk District Corner Lot Building

      Corner lot building in Milk District, approved for restaurant/coffee.
      33 N Primrose Dr, Orlando, FL 32803
      View Details
    • $750,000
      Pending

      Mixed-Use Property in Colonialtown/Milk District

      Mixed-use property in a desirable location with ample parking.
      2311 Mount Vernon St, Orlando, FL 32803
      View Details
    • $475,000
      Pending

      Corner Lot Building in Milk District

      Corner lot building approved for coffee shop or restaurant.
      33 N Primrose Dr, Orlando, FL 32803
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    • $475,000
      Pending

      Corner Lot Building in Orlando

      Unique building approved for coffee shop or restaurant.
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    Similar Nearby for Lease

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      1,800 SF

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      Prime retail space in a vibrant downtown Orlando community.
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      Retail space with high visibility and accessibility in Orlando, FL.
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      Retail Space Near Downtown Orlando

      Retail space for lease near Orlando's major shopping center.
      2999 E Colonial Dr, Orlando, FL 32803
      View Details
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      64,320 SF

      Shoppes at Baldwin Park Retail Space

      Orlando storefront, 3,380 sq ft available.
      4900-5032 Colonial Dr, Orlando, FL 32803
      View Details
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      Retail Space in Orlando Corridor

      High-traffic retail space with excellent visibility and access.
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    • Contact for pricing
      2,480 SF

      Renovated Retail Space For Rent

      Recently renovated retail space with flexible zoning in Orlando, FL.
      1517 Hillcrest St, Orlando, FL 32803
      View Details
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    2924 Colonial Dr
    Orlando, FL 32803-5039
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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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