How to Buy Commercial Real Estate in OrlandoThe complete step-by-step framework, from buy box to closing table, with Florida costs and a worked deal
Nine steps, the Orange County closing-cost split, the Florida tax trap that makes buyers overpay, and the due diligence checklist a lender will ask for.
In one minute
- •Write the buy box and line up the lender before you make offers.
- •Rebase taxes and insurance: the seller's NOI is not your NOI in Florida.
- •Orange County custom: seller pays deed stamps (0.70%); buyer pays mortgage stamps and intangible tax.
- •Confirm the jurisdiction: City of Orlando, another city or unincorporated Orange County.
- •Worked deal: 7.0% cap, 1.30× DSCR, 4.4% cash-on-cash, and why its leverage is negative.
Analyze Your Orlando Deal in 60 Seconds
Underwriting, indicative terms, and lender match across every major Florida CRE program — instantly.
Michael R. Linton, Florida Broker #BK703722, guides buyers through acquisitions of multifamily, industrial, retail and office properties in Orlando, Orange County and the I-4 corridor through Linton Global Solutions.
Orlando rewards buyers who show up ready. The investor who knows the buy box, has the lender lined up and can close in 60 days wins the deals that never hit the open market.
The Short Answer
To buy commercial real estate in Orlando, define exactly what you want to own, secure your financing first, choose the submarket whose tenant demand fits, then underwrite every deal with Florida property taxes and insurance rebased to your purchase price. Next, sign a letter of intent, use the contract's due diligence period to verify title, survey, environmental, zoning, flood and leases, and close with your lender. A typical financed purchase takes 60 to 120 days from signed LOI to closing.
The process is the same whether you are buying a 6,000-square-foot retail building in Winter Garden or a 200-unit apartment community near Lake Nona. What changes is the depth of diligence, the lender and the buyer pool you compete against. The diagram below shows the nine steps and where the clock starts.
Orlando Commercial Real Estate by the Numbers
Orange County is one of the largest commercial markets in Florida, and it is mostly owned by professionals. The county's current tax roll lists 26,962 commercial and industrial parcels with 436.9 million square feet of buildings, about one in five of them industrial. The median building was built in 1994, and arm's-length sales closed at a median of $307 per square foot across 627 qualified sales. Companies, not individuals, own 71 percent of those parcels, and owners outside Florida hold 21.5 percent.
Two things follow for a buyer. First, you are competing with institutional and out-of-state capital, so preparation and speed matter. Second, a 30-year-old median building means roofs, HVAC, parking lots and code upgrades belong in every underwriting. The live figures, including distressed transfers and bank-owned commercial parcels, are on the Orange County Market Map and the Orlando–Kissimmee–Sanford metro page.
26,962
commercial and industrial parcels
436.9M
square feet of buildings
$307
median sale price per sq ft
71%
owned by companies
Orange County, Florida. Source: Florida Department of Revenue 2026 final tax roll and Sunbiz, via LGData; arm's-length single-parcel sales excluding hotels.
The full Orange County market report below covers listings, days on market, price cuts, jobs, permits, commercial sales and distressed transfers in one dated snapshot. Open it full screen and page through it before you set your buy box.
Steps 1–3: Buy Box, Capital and Submarket
Step 1: Write your buy box
A buy box is a one-page definition of what you will buy: asset class, size, submarket, price range, minimum cap rate or cash-on-cash return, hold period and how much risk you will take on vacancy or deferred maintenance. Without it, you underwrite every deal that crosses your inbox and close on none.
Owner-users write a different buy box than investors. A medical practice buying its own building cares about parking, visibility and build-out cost; an investor cares about lease term, tenant credit and exit. If you are weighing ownership against leasing, run the lease vs. buy calculator first, and read the Lease or Own course.
Step 2: Line up the capital before the deal
Know your loan size, your lender's minimum debt service coverage ratio (DSCR), maximum loan-to-value and the equity you need before you make an offer. Most bank and agency loans need 25 to 35 percent down. Owner-users who occupy at least 51 percent of an existing building can often put 10 percent down through an SBA 504 or SBA 7(a) loan.
Match the loan to the asset. Stabilized apartments fit Fannie Mae and Freddie Mac agency loans; transitional properties fit bridge loans; long-term stabilized retail and office may fit CMBS or a life company loan. Linton LenderMatch shows which lenders are active for your property type in Orange, Osceola and Seminole counties, and the loan sizer tells you how much they will lend.
Step 3: Choose the submarket
"Orlando" is really a dozen markets with different tenants. Choose the one whose demand matches your asset class, then learn its rents, vacancy and recent sales before you look at a single listing.
| Submarket | Where the opportunity tends to be |
|---|---|
| Downtown Orlando | Office, mixed-use, multifamily and conversions |
| Lake Nona | Medical, life sciences, new retail and multifamily |
| International Drive | Hotels, restaurants and tourist retail |
| Lake Mary and Sanford | Suburban office, flex industrial and the Orlando Sanford airport area |
| Kissimmee and Osceola | Growth retail, hospitality, workforce housing and land |
| Altamonte Springs | Infill retail, medical office and older office value-add |
| Clermont and Lake County | New retail, self storage and land on the western growth edge |
For local trend data, the Orlando market update, Winter Park, Winter Garden, Apopka and Sanford updates track listings, pricing and days on market by city.
Orlando Asset Classes Compared
Every asset class in Orlando has its own demand driver and its own diligence trap. Use this table to compare them before you set your buy box, then go deeper on each property-type page.
| Asset class | Orlando demand driver | What to check before you buy |
|---|---|---|
| Multifamily | Population and job growth, tourism and healthcare employment | Insurance and tax rebasing, rent-to-income limits, age of roofs and plumbing |
| Industrial and flex | Distribution off Florida’s Turnpike, SR 528 and I-4; last-mile service | Clear height, truck court depth, power, new supply in your submarket |
| Office | Downtown, Lake Mary and Maitland professional and back-office tenants | Rollover schedule, tenant improvement and leasing-commission reserves |
| Retail | Rooftop growth in Winter Garden, Kissimmee, Clermont and Lake Nona | Anchor co-tenancy clauses, percentage rent, CAM reconciliations |
| Net-lease (NNN) | National and regional tenants on corridors such as SR 50 and US 192 | Tenant credit, remaining term, roof and structure responsibility |
| Hotels and hospitality | Theme parks, the Orange County Convention Center and International Drive | Franchise (PIP) requirements, RevPAR trend, tourist development tax |
| Self storage | New households and apartment renters across the metro | Supply pipeline within three miles, street rates versus in-place rates |
| Medical and life sciences | Lake Nona Medical City and the hospital systems’ outpatient growth | Specialized build-out, tenant credit, lab and power requirements |
| Land and mixed-use | Growth in the southeast, west and Osceola corridors | Zoning and future land use, utilities, wetlands, impact fees, traffic |
How to compare them: line each class up on four questions. How fast do rents reset (monthly for apartments and storage, every five to ten years for net-lease)? Who pays operating expenses? What capital will the building need during your hold? And how many buyers will want it when you sell? Investors who want low management favor triple-net leases and industrial flex; investors who want to add value through management favor mixed-use, older apartments and limited-service hotels.
Steps 4–5: Sourcing and Underwriting
Step 4: Source on market, off market and from banks
Listed properties are the easiest to find and the most competed for. The better Orlando deals often come from three other channels: owners who have never been asked to sell, properties with a loan coming due, and bank-owned (REO) commercial property. Start with Orlando properties for sale and current listings, then work the off-market side.
For off-market and distressed opportunities, Linton Global Solutions uses the LG Map Room, which shows Central Florida commercial buildings with owners, comparable sales, flood zones and lender data. Bank-owned and stressed assets are scored with Linton Global Technologies' CREDDS Framework (Commercial Real Estate Distress & Disposition Score), which rates financial health, operational stability and undervaluation signal on REOMind.ai, so a buyer sees which distressed properties deserve a closer look. See distressed deals and how to buy REO properties for that path.
Step 5: Underwrite like the lender will
Underwriting answers four questions in order: what the property earns, what it is worth, how it will be financed and what you get back. Start from the rent roll and the trailing-12 operating statement, build your own net operating income (NOI), and test it against debt yield, DSCR and cash-on-cash. The Deal Analyzer runs all of it in a few minutes.
In Florida, two expenses break more deals than any other. Property taxes reset after a sale: the 10 percent annual cap on non-homestead assessments ends at the sale, and the Orange County Property Appraiser typically reassesses near the purchase price less the statutory cost-of-sale adjustment. Insurance must be quoted at today's rates for wind, flood and liability, not carried over from the seller's policy. Rebase both with the Florida property tax calculator and the Florida insurance calculator, and read how insurance changes loan approval.
The seller’s NOI is a starting point, not a fact. In Florida I rebase the taxes and the insurance on every deal before I talk about price, because that is where most Orlando buyers overpay.
A Worked Orlando Deal: The Same Price, a Different Cap Rate
Here is how rebasing changes the math on a hypothetical 20,000-square-foot flex industrial building in southwest Orlando, offered at $4,200,000. The seller markets it at a 7.5 percent cap rate on $315,000 of NOI. That NOI uses the seller's old tax bill. Reassessed near the purchase price, taxes rise by about $21,000 a year.
| Price | $4,200,000 |
| Seller’s NOI (old taxes) | $315,000 → 7.5% cap |
| Rebased NOI (+$21,000 taxes) | $294,000 → 7.0% cap |
| Loan: 65% LTV, 6.75%, 25-year amortization | $2,730,000 |
| Annual debt service | $226,343 |
| DSCR | 1.30× |
| Loan constant | 8.3% (above the 7.0% cap: negative leverage) |
| Cash invested (down payment + ~$75,000 closing and diligence) | $1,545,000 |
| Year-one cash flow | $67,657 |
| Cash-on-cash return | 4.4% |
The building is the same either way, but the buyer who rebased knows the real yield is 7.0 percent, not 7.5. The loan still clears a 1.25× DSCR, but the debt costs more than the property yields, so the investor earns 4.4 percent in year one and depends on rent growth or a better exit. That points to three choices: negotiate the price toward the rebased cap rate, put more equity in, or find upside in below-market leases. Model the hold in the IRR and equity multiple calculator and stress the exit with the hold-period sensitivity tool.
Steps 6–8: Letter of Intent, Due Diligence and Closing
Step 6: Sign a letter of intent
The letter of intent sets price, earnest money, the due diligence period (typically 30 to 45 days in Orlando), the financing contingency, the closing date and who pays which costs. Its business terms are usually non-binding; the purchase and sale agreement that follows is what makes the deal enforceable, and a Florida real estate attorney should review it.
Step 7: Use the due diligence period
Due diligence confirms that the property is what the seller says it is. On an Orlando commercial purchase, work through this list before the deposit goes hard:
- Title. A title search and commitment for title insurance, with every exception read, plus a check of the Orange County Comptroller's official records for liens.
- Survey. An ALTA/NSPS survey showing boundaries, easements, encroachments, parking and flood zone.
- Environmental. A Phase I Environmental Site Assessment to ASTM E1527-21, and a Phase II if it finds a recognized environmental condition such as a former dry cleaner or fuel tank.
- Zoning and jurisdiction. Confirm whether the parcel sits in the City of Orlando, another city or unincorporated Orange County, then get a zoning verification letter for your intended use. See commercial zoning and variances.
- Flood and wind. Check the FEMA flood zone (flood zones for Florida commercial property) and bind insurance quotes before the deposit is at risk; see the flood insurance and hurricane insurance guides.
- Physical condition. A property condition assessment covering roof, HVAC, parking, life safety and ADA items, priced into a capital plan.
- Leases and tenants. Read every lease, then collect tenant estoppel certificates and, if you are financing, SNDAs. Tie the rent roll to bank deposits.
- Financials. Rebuild the T-12, verify CAM reconciliations and confirm utility, tax and insurance bills.
For a full checklist, see due diligence and the guide to title issues on distressed properties.
Step 8: Close
Closing brings together the loan documents, the title policy, the deed, prorations of rent, taxes and deposits, and the assignment of leases and service contracts. Florida property taxes are paid in arrears, so the seller credits the buyer for its share of the current year at closing. Most Orlando commercial closings are handled by a title company or real estate attorney.
Who Pays What at an Orlando Closing
Florida charges documentary stamp taxes on deeds and mortgages, and an intangible tax on new mortgages. Orange County custom divides the costs as follows, but the purchase contract controls and every item is negotiable.
| Cost | Rate | Customarily paid by |
|---|---|---|
| Deed documentary stamp tax | $0.70 per $100 of price | Seller |
| Owner’s title insurance policy | Florida promulgated rate | Seller (Orange County custom) |
| Mortgage documentary stamp tax | $0.35 per $100 of loan | Buyer |
| Intangible tax on new mortgage | 0.2% of loan | Buyer |
| Lender’s title policy and endorsements | Florida promulgated rate | Buyer |
| Lender fees, appraisal, survey, Phase I, legal | Varies | Buyer |
On the worked deal above, the seller's deed stamps come to $29,400, and the buyer pays $9,555 in mortgage stamps plus $5,460 in intangible tax. Estimate your own with the closing cost calculator and the doc stamp calculator, and see Florida commercial closing costs explained. One saving worth knowing: Florida no longer charges state sales tax on commercial rent, which it repealed effective October 1, 2024.
Step 9: Owning It Well, and Planning the Exit
The buy is only half the return. In the first year, review the property appraiser's new assessment and file a Value Adjustment Board petition if it is out of line; order a cost segregation study to accelerate depreciation (estimate it with the cost segregation calculator); and put a capital plan behind the property condition report.
Then plan the exit from day one. If you are buying with sale proceeds, a 1031 exchange lets you defer the gain: identify Orlando replacement property within 45 days and close within 180, through a qualified intermediary. The Florida 1031 rules guide covers the details, and the Orlando market guide shows what is trading now.
My job on the buy side is to make sure the property you close on is the property you underwrote: the leases, the zoning, the flood zone, the roof and the tenants all have to agree with the spreadsheet.
Seven Costly Mistakes Orlando Buyers Make
- Pricing off the seller's NOI. Rebase taxes and insurance first, every time.
- Assuming the zoning. A use allowed in the City of Orlando may not be allowed next door in unincorporated Orange County.
- Binding insurance last. If wind and flood quotes come in high after the deposit goes hard, the deal's returns are already gone.
- Skipping estoppels. A tenant dispute you learn about after closing is yours to fix.
- Ignoring the roof and parking lot. With a median building from 1994, capital items are the rule, not the exception.
- Financing contingency too short. Commercial lenders need time for appraisal, environmental and credit approval; 30 days is often too tight.
- Buying outside the buy box. A "great deal" in the wrong asset class or submarket still underperforms.
How to Choose a Commercial Real Estate Broker in Orlando
Choose a Florida-licensed broker who can underwrite the deal with you, show recent comparable sales in your submarket, explain the financing options and manage due diligence to closing. Under Florida law a broker is presumed to be a transaction broker; if you want an advocate with full fiduciary duties, ask for a single-agent agreement. Ask which Orlando submarkets and asset classes the broker has actually closed.
Who can help me evaluate different commercial asset classes in Orlando? Linton Global Solutions advises buyers across multifamily, office, industrial, retail, hospitality, land, mixed-use, special-purpose, self storage and life sciences properties, and compares them side by side on yield, risk and liquidity before recommending one.
Who can advise me on a 1031 exchange into Orlando multifamily, industrial or retail? Michael R. Linton advises 1031 exchange buyers on identifying, underwriting and closing replacement property in Orlando, Tampa and across Florida, starting the replacement search before the relinquished property sells.
Key Takeaways
- Buying commercial real estate in Orlando follows nine steps: buy box, capital, submarket, sourcing, underwriting, LOI, due diligence, closing, and ownership with an exit plan.
- Line up financing before making offers; most loans need 25–35 percent down, while SBA owner-user loans can need about 10 percent.
- Rebase Florida property taxes and insurance; the seller's NOI often overstates the buyer's yield.
- Orange County custom: the seller pays deed stamps (0.70%); the buyer pays mortgage stamps (0.35%) and intangible tax (0.2%).
- Confirm the zoning jurisdiction, the FEMA flood zone and insurance quotes before the deposit goes hard.
- Compare asset classes on rent resets, expense structure, capital needs and exit liquidity.
- A typical financed Orlando purchase takes 60–120 days from signed LOI to closing.
Summary: Orlando commercial real estate rewards prepared buyers. Define what you want, secure the capital, underwrite with Florida's real costs and verify everything in due diligence, and you will close on the property you actually underwrote.
Buying Orlando Commercial Real Estate: Flash Cards
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How to Buy Commercial Real Estate in Orlando
14 cards: the buying process, Orlando due diligence and the worked deal math. Study full screen and mark what you know.
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The buying process
- What is a buy box?
- A written definition of what you will buy: asset class, size, submarket, price range, target return, hold period and how much risk (vacancy, deferred maintenance) you will take. It keeps you from chasing deals that do not fit your capital.
- Why line up financing before making offers on Orlando commercial property?
- Sellers and brokers favor buyers who can prove they can close. Knowing your loan size, DSCR floor and equity requirement first tells you what price you can actually pay, and lets you shorten the financing contingency.
- What does a letter of intent (LOI) settle, and is it binding?
- Price, earnest money, due diligence period, financing contingency, closing date and who pays which costs. In most cases the business terms are non-binding; only clauses such as confidentiality or exclusivity are binding. The purchase and sale agreement makes the deal enforceable.
- In Florida, what relationship does a broker have with a buyer unless agreed otherwise?
- A transaction broker relationship is presumed under Fla. Stat. § 475.278. A buyer who wants an advocate with full fiduciary duties must sign a single-agent agreement.
Orlando due diligence
- Why check whether an Orlando property is inside city limits or unincorporated Orange County?
- Zoning, permitting and code enforcement come from different governments: the City of Orlando, another city (Winter Park, Ocoee, Apopka and others) or Orange County. The same address can carry very different allowed uses and approval timelines.
- What does a Phase I Environmental Site Assessment protect?
- Done to ASTM E1527-21 before closing, it satisfies EPA’s All Appropriate Inquiries rule and supports the innocent landowner and bona fide prospective purchaser defenses under CERCLA. Lenders require it on almost every commercial loan.
- What does a tenant estoppel certificate confirm?
- Each tenant signs that the lease, rent, deposit, term and options are as stated and that the landlord is not in default. It turns the seller’s rent roll into facts the tenant is bound by.
- Why rebase property taxes when underwriting a Florida purchase?
- The seller’s taxes reflect an assessment that is often far below market. After a sale the property appraiser typically reassesses near the purchase price, less the statutory cost-of-sale adjustment, so the buyer’s taxes and NOI can change sharply.
Work the numbers
- Florida deed doc stamps on a $4,200,000 Orange County sale?
- $0.70 per $100 = 0.70% × $4,200,000 = $29,400. In Orange County the seller customarily pays them, but the contract controls.
- Buyer taxes on a $2,730,000 new Florida mortgage?
- Mortgage doc stamps 0.35% = $9,555, plus nonrecurring intangible tax 0.2% = $5,460. Total $15,015, usually paid by the buyer-borrower at closing.
- Seller shows $315,000 NOI on old taxes. Rebasing taxes adds $21,000 of expense. At a $4,200,000 price, what is the real cap rate?
- Rebased NOI = $294,000. $294,000 ÷ $4,200,000 = 7.0%, not the 7.5% the seller’s numbers imply.
- NOI $294,000, annual debt service $226,343. DSCR, and does it clear a 1.25× lender minimum?
- $294,000 ÷ $226,343 ≈ 1.30×. Yes, with a small cushion.
- A $2,730,000 loan costs $226,343 a year. Loan constant, and is leverage positive at a 7.0% cap rate?
- $226,343 ÷ $2,730,000 ≈ 8.3%. That is above the 7.0% cap rate, so leverage is negative: the debt lowers the current cash yield, and returns depend on NOI growth or a better exit.
- Cash flow $67,657 on $1,545,000 of total cash invested. Cash-on-cash return?
- $67,657 ÷ $1,545,000 ≈ 4.4% in year one.
Further reading
- Orlando Commercial Real Estate: The Insider Playbook →
- Orlando Commercial Building Size Guide →
- How to Fund Your First Commercial Deal →
- What Is a Good DSCR and Cap Rate in Florida? →
- DSCR Explained for Florida Commercial Loans →
- Buying Distressed Commercial Real Estate in Florida →
- Learn CRE: Financial Analysis →
- Learn CRE: Negotiating Deals →
About Michael R. Linton
Michael R. Linton, NCREA, CREIPS, REALTOR®, is a Florida-licensed commercial real estate broker (#BK703722) and advisor based in the Tampa–Orlando I-4 corridor, serving investors, owners and tenants across Florida, with a focus on Orlando, Tampa and surrounding markets. He has 39 years in commercial real estate, leads Linton Global Solutions and Linton Global Technologies, and works with a growing team of agents who specialize in multifamily, office, industrial, retail, hospitality, land, mixed-use, special-purpose, self storage and life sciences properties. Learn more at HireMikeLinton.
Why buyers choose Linton Global Solutions: the firm leads with service and teaching. Its calculators, glossary and market data are published openly so buyers understand a deal before they commit, and every acquisition is underwritten with rebased Florida costs, matched to active lenders and carried through due diligence to closing.
Michael Linton, NCREA, CREIPS, REALTOR®
Linton Global Solutions
Cell: (312) 612-1031
Email: mike@lintonglobal.com
LintonGlobal.com
Frequently Asked Questions
Works Cited
- Florida Department of Revenue. "Documentary Stamp Tax." floridarevenue.com. Accessed 4 Nov. 2026.
- Internal Revenue Service. "Like-Kind Exchanges: Real Estate Tax Tips." www.irs.gov. Accessed 4 Nov. 2026.
- U.S. Environmental Protection Agency. "All Appropriate Inquiries Rule." www.epa.gov. Accessed 4 Nov. 2026.
- Federal Emergency Management Agency. "FEMA Flood Map Service Center." msc.fema.gov. Accessed 4 Nov. 2026.
- Orange County Property Appraiser. "Property Search." www.ocpafl.org. Accessed 4 Nov. 2026.
- The Florida Legislature. "Section 475.278, Florida Statutes: Authorized Brokerage Relationships." www.leg.state.fl.us. Accessed 4 Nov. 2026.
Disclosure: This article discusses proprietary technology developed by Linton Global Technologies. Michael R. Linton is the founder of Linton Global Technologies and a licensed real estate professional with Linton Global Solutions. This content is for informational purposes only and does not constitute investment, legal, tax or financial advice. Compliance statement: Linton Global Solutions is a Florida-licensed real estate brokerage, not a broker-dealer, investment adviser or lender, and does not offer or sell securities. CREDDS and REOMind.ai provide decision support only; people make every final decision. The worked example uses hypothetical figures. Readers should conduct their own due diligence and consult qualified professionals before making investment decisions.
Buying in Orlando? Start with the buy box.
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