Multi-Suite Medical Office
For Sale
$1,500,000
323 W CYPRESS Street, Kissimmee, FL 34741
Commercial Sale, KISSIMMEE, FL
Property Size4,551 SF
Lot Size0.44 Acres
Price / SF$329.60
Days on Market26
Property Features for 323 W CYPRESS Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
KRPB
Subdivision
HILLCREST
Lot features
Central Business District, Corner Lot, City Limits, Sidewalk
Directions
FROM 192 AND OBT, TRAVEL WEST TO CENTRAL AVENUE, TURN RIGHT ONTO CENTRAL AVENUE, THEN RIGHT ONTO CYPRESS ST. PROPERTY WILL BE ON YOUR LEFT. SIGN ON PROPERTY.
Standard status
Active
APN
15-25-29-1490-0001-0060
Size
4,551 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HILLCREST PB 1 PG 294 LOTS 6-9 INC & VAC ALLEY ABUTTING LOTS 6-9
Tax Annual Amount
9116
Legal Description
HILLCREST PB 1 PG 294 LOTS 6-9 INC & VAC ALLEY ABUTTING LOTS 6-9
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
dedicated waiting room
multiple reception/lobby areas
building-mounted signage
Building Details
Year built
1982
Floors in Building
1
Number of units
3
Flooring type
Tile - Ceramic, Carpet
Building materials
Brick
Roof type
Shingle
Listing Agency:
EAST PARK REALTY LLC
Listed By:
Racquel Schroeder · License #3041375
(321) 624-5780
Added: Aug 18
Changed: Sep 6
Last Checked: Sep 12 at 8:06AM
MLS# S5155353
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,551-square-foot medical office building contains three addressable units beneath one roof at 323–327 W. Cypress St. The interior includes approximately 26 rooms arranged as exam rooms, private offices, and clinic areas, along with 6 restrooms, a dedicated waiting room, and multiple reception and lobby spaces. Each unit is separately metered for electric and water. The property has brick construction, ceramic tile and carpet flooring, central heating, central air, public water, and public sewer. A 2026 roof and 19 parking spaces, including handicap spaces, are also provided.
The corner property sits one block off Hwy 192 and between two hospitals. Unit 323 is occupied under a month-to-month lease, while units 325 and 327 are vacant. The two latter suites have separate exterior entrances and an interior connecting door, allowing approximately 2,900–3,200 square feet to function together or independently. The full building or individual units may be leased separately.
The corner property sits one block off Hwy 192 and between two hospitals. Unit 323 is occupied under a month-to-month lease, while units 325 and 327 are vacant. The two latter suites have separate exterior entrances and an interior connecting door, allowing approximately 2,900–3,200 square feet to function together or independently. The full building or individual units may be leased separately.
Key Highlights
- 4,551 SF medical office building on a 0.44‑acre corner lot
- Approximately 26 rooms, including exam rooms, private offices, and clinic areas
- 6 restrooms, dedicated waiting room, and multiple reception or lobby areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$57,187
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,143,740
$1.1M
Cap Rate 7%
$816,957
$817.0K
Cap Rate 9%
$635,411
$635.4K
Market Conditions
NOI Build-Up for 4,551 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$106.5K $23.40/SF
− Vacancy
−$11.2K −$2.46/SF
EGI
$95.3K $20.94/SF
− OpEx
−$38.1K −$8.38/SF
NOI
$57.2K $12.57/SF
Area
Polk County, FL
Vacancy
10.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,143,740
Cap Rate 7%
$816,957
Cap Rate 9%
$635,411
Alternative Uses
Best Use
Healthcare Medical
$817.0K
$714.8K – $953.1K
NOI $57,187 @ 7.0% cap · market cap 3.81%
Second Best
Office B
$798.7K
$698.9K – $931.8K
NOI $55,909 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.09M
$956.9K – $1.28M
NOI $76,555 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,948
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34741, FL
56,454
Population
22,043
Households
2.6
Avg Household Size
35
Median Age
28%
College-Educated
87%
High-School Grad
15.0 sq mi
ZIP Area
3,764
Density / Sq Mi
$50,278
Median Household Income
$30,415
Median Earnings
$1,591
Median Rent
$270,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Corner-lot medical office property with flexible suite configurations, separate metering, and existing clinical improvements.
Where is this medical office space located?
The property is located at 323 W CYPRESS Street Kissimmee, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 4,551 SF medical office building on a 0.44‑acre corner lot; Approximately 26 rooms, including exam rooms, private offices, and clinic areas; 6 restrooms, dedicated waiting room, and multiple reception or lobby areas
