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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
    $325,000
    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 / Deli / Sandwich Shop

    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

    • AI approach

      Method
      Estimation
      ML approach
      $330,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $297,000
      Market price range: $160k - $412k

    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
      $460,000
      10,539 SF

      1222 Woodward St

      RETAIL STORES (PERSONAL SERVICES) • 10,539 SF
      1222 Woodward St, Orlando, FL 32803-4172
      View Details
    • Value Estimation
      $555,000
      10,485 SF

      1212 Woodward St

      RETAIL STORES (PERSONAL SERVICES) • 10,485 SF
      1212 Woodward St, Orlando, FL 32803-4173
      View Details
    • Value Estimation
      $300,000
      6,742 SF

      1349 Mls Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,742 SF
      1349 Mls Ave, Orlando, FL 32803-2542
      View Details
    • Value Estimation
      $2,250,000
      53,052 SF

      724 Herndon Ave

      RETAIL STORES (PERSONAL SERVICES) • 53,052 SF
      724 Herndon Ave, Orlando, FL 32803-5144
      View Details
    • Value Estimation
      $285,000
      6,176 SF

      3102 Corrine Dr

      RETAIL STORES (PERSONAL SERVICES) • 6,176 SF
      3102 Corrine Dr, Orlando, FL 32803-2206
      View Details
    • Value Estimation
      $340,000
      4,412 SF

      3002 Colonial Dr

      RETAIL STORES (PERSONAL SERVICES) • 4,412 SF
      3002 Colonial Dr, Orlando, FL 32803-5006
      View Details

    Similar Nearby for Sale

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      Orlando Retail Property with Liquor

      Three-unit retail property with restaurant and liquor license.
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      Corner lot building approved for coffee shop or restaurant.
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      Office Space with Convenient Parking

      Office space with accessible parking in a central location.
      1919 E Colonial Dr, Orlando, FL 32803
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    • $359,000

      Spacious Lot in Audubon Park

      Large lot near shops, restaurants, and zoned for great schools.
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      Orlando Office Building For Sale

      7,058 SF office building available for purchase in Orlando.
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    Similar Nearby for Lease

    • Contact for pricing
      64,320 SF

      Shoppes at Baldwin Park Retail Space

      Orlando storefront, 3,380 sq ft available.
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      View Details
    • Contact for pricing
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      Retail Space in Orlando Corridor

      High-traffic retail space with excellent visibility and access.
      730 Maguire Blvd, Orlando, FL 32803
      View Details
    • $26 SF/Yr
      3,052 SF

      Retail Space with Corner Visibility

      Retail space with high visibility and accessibility in Orlando, FL.
      530 N Bumby Ave, Orlando, FL 32803
      View Details
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      Mills 50 District Commercial Space

      2,000 sq ft commercial space in Orlando's Mills 50 District.
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      1,800 SF

      UnionWest Endcap Unit with Patio

      Prime retail space in a vibrant downtown Orlando community.
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    • Contact for pricing
      60,469 SF

      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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    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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