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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    704 Colonial Dr Orlando, FL 32803-4660

    • Office buildings
    • 23,206 SF
    • 0.43 lot acres
    OFF-MARKET
    Last Sale
    Aug 11, 2021
    $4,030,000
    Value Estimations
    $4,485,000
    Show details
    Cap Rate Potential
    9.8%
    Office buildings
    Location Intelligence
    Property ID
    US18-2591715
    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

    • Maney Gordon Zeller, P.A. / Immigration Attorney
    • Margarita Vacation Homes LLC / Vacation Home Rental Agency
    • Blind Drive Donations Processing Center / Corporate Office
    • Peter Gombos Photography / Photographer

    Property Details for 704 Colonial Dr

    Year built
    1959
    Lot size
    0.43 lot acres
    Property size
    23,206 SF
    Zone code
    MU-1/T
    Property type
    Office buildings
    APN
    25-22-29-1520-01-090
    APU
    252229152001090

    Description

    This exceptional two-story, free-standing Class B office building, totaling 23,206 square feet, is ideally situated in Orlando's desirable Mills 50 District. Located at the corner of Colonial Drive and Summerlin Avenue, this property offers unparalleled convenience with easy access to Interstate-4 and SR 408, placing tenants within minutes of Downtown Orlando, Thornton Park, Eola Park, and AdventHealth Village. The building features multiple tenancy options, with spaces ranging from a minimum of 1,240 square feet to a maximum contiguous space of 4,089 square feet. Currently, 5,329 square feet of space is available for lease. Ample on-site parking is provided, accessible from Hillcrest Street, supplemented by convenient street parking. This prime location also presents excellent signage opportunities for enhanced brand visibility. The building's strategic location and flexible space options make it an ideal choice for businesses seeking a prominent presence in a thriving Orlando neighborhood. Orange County location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,695,000
      ML approach
      $4,965,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,696,000
      Market price range: $4.70M - $10.1M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,225,000
      Current use
      RETAIL STORES
      $6,255,000
      Change: -13% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Orlando
    County
    Orange
    State
    Florida
    Longitude
    -81.3681
    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
    $42,229
    $525,750
    $1,750,948
    $2,276,698
    -
    $525,750
    $1,750,948
    $2,276,698

    Comparable in this City

    • Value Estimation
      $3,945,000
      25,900 SF

      930 Woodcock Rd

      OFFICE BUILDING (MULTI-STORY) • 25,900 SF
      930 Woodcock Rd, Orlando, FL 32803-3752
      View Details
    • Value Estimation
      $1,765,000
      11,346 SF

      1419 Colonial Dr

      OFFICE BUILDING (MULTI-STORY) • 11,346 SF
      1419 Colonial Dr, Orlando, FL 32803-4703
      View Details
    • Value Estimation
      $2,160,000
      12,960 SF

      11 Bumby Ave

      OFFICE BUILDING (MULTI-STORY) • 12,960 SF
      11 Bumby Ave, Orlando, FL 32803-7401
      View Details
    • Value Estimation
      $2,525,000
      17,272 SF

      2121 Camden Rd

      OFFICE BUILDING • 17,272 SF
      2121 Camden Rd, Orlando, FL 32803-1447
      View Details
    • Value Estimation
      $1,470,000
      5,888 SF

      1621 Mls Ave

      PROFESSIONAL BUILDING • 5,888 SF
      1621 Mls Ave, Orlando, FL 32803-1849
      View Details
    • Value Estimation
      $885,000
      4,348 SF

      301 Fern Crk Ave

      OFFICE BUILDING • 4,348 SF
      301 Fern Crk Ave, Orlando, FL 32803-5400
      View Details

    Similar Nearby for Sale

    • $850,000
      1,704 SF

      Free-Standing Office Building For Sale

      1,704 SF free-standing office building, ideal for owner occupant.
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    • Contact for pricing
      744 SF

      Mills50 District Office Building

      744 sq ft office in vibrant Mills50 district.
      1309 Wilfred Dr, Orlando, FL 32803
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    • $1,650,000
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      Orlando Office Building For Sale

      7,058 SF office building available for purchase in Orlando.
      214 E Marks St, Orlando, FL 32803
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    • Contact for pricing
      744 SF

      Mills50 Executive Office Building

      Orlando Office, 744 SF, 0.15 Acres
      1309 Wilfred Dr, Orlando, FL 32803
      View Details
    • $195,000

      Office Space with Convenient Parking

      Office space with accessible parking in a central location.
      1919 E Colonial Dr, Orlando, FL 32803
      View Details
    • $495,000
      0.36 Acres

      Lakefront Lot in Orlando

      0.36-acre lakefront lot with direct access to Lake Druid.
      2501 Weber St, Orlando, FL 32803
      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
      2,403 SF

      Freestanding Building on Colonial Drive

      Two-story office building with excellent visibility and on-site parking.
      635-712 E Colonial Dr, Orlando, FL 32803
      View Details
    • $15 SF/Yr
      33,236 SF

      Orlando Office Building For Lease

      33,236± SF office building for lease in Orlando, Florida.
      615 Herndon Ave, Orlando, FL 32803
      View Details
    • Contact for pricing
      3,000 SF

      Freestanding Office Building on Corrine

      Professional office building with excellent exposure and on-site parking.
      3217 Corrine Dr, Orlando, FL 32803
      View Details
    • $25 SF/Yr
      30,000 SF

      North Magnolia Ave Office Space

      Prime Orlando Office Suites, Flexible Sizes
      924 Magnolia Ave, Orlando, FL 32803
      View Details
    • $18 SF/Yr
      2,700 SF

      Orlando Office Space For Rent

      Office building with glass storefronts, convenient location, and ample parking.
      615-645 Herndon Ave, Orlando, FL 32803
      View Details
    • Contact for pricing
      1,855 SF

      Orlando Central Center Office Space

      Office space for rent in a convenient Orlando location.
      3165 Mccrory Pl, Orlando, FL 32803
      View Details
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    704 Colonial Dr
    Orlando, FL 32803-4660
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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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