Built-Out Office
For Sale
$499,000
1061 SUN DRIVE, Lake Mary, FL 32746
Professional office condominium with private workrooms, shared meeting space, and abundant daylight throughout.
Property Size1,704 SF
Price / SF$292.84
Days on Market35
Property Features for 1061 SUN DRIVE
General Information
Standard status
Active
Size
1,704 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$4,304
Amenities
Central Air
3
Shared Driveway.
City Road, County Road, Asphalt.
Building Details
Year Built
2006
Stories
1
Listing Agency:
ADAMUS REALTY GROUP, INC
(407) 620-6608
Listed By:
Peter Piacenti · License #3186437
Source:
Xome
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 30 at 2:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ADAMUS REALTY GROUP, INC
Investment Insights
Based on property information with market context.
This 1,704-square-foot office condominium was built in 2006 and has been fully configured for professional operations. The interior includes five private offices, a conference room, a break area with kitchenette, and two restrooms. Luxury vinyl plank flooring extends throughout the space, while glazing at both the front and rear provides natural light to an otherwise interior unit.
The layout supports a range of professional applications, including office, medical, consulting, and retail uses identified for the property. Glass entry doors contribute to a welcoming arrival area, and the existing build-out allows an occupant to use the space without undertaking a major interior construction program.
The layout supports a range of professional applications, including office, medical, consulting, and retail uses identified for the property. Glass entry doors contribute to a welcoming arrival area, and the existing build-out allows an occupant to use the space without undertaking a major interior construction program.
Key Highlights
- 1,704 SF fully built‑out office condominium
- Five private offices plus a dedicated conference room
- Break area with kitchenette and two restrooms
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
$25,458
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
5.10%
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%
$509,160
$509.2K
Cap Rate 7%
$363,686
$363.7K
Cap Rate 9%
$282,867
$282.9K
Market Conditions
NOI Build-Up for 1,704 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
$40.9K $24.00/SF
− Vacancy
−$7.0K −$4.08/SF
EGI
$33.9K $19.92/SF
− OpEx
−$8.5K −$4.98/SF
NOI
$25.5K $14.94/SF
Area
Seminole County, FL
Vacancy
17.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$509,160
Cap Rate 7%
$363,686
Cap Rate 9%
$282,867
Alternative Uses
Best Use
Office B
$363.7K
$318.2K – $424.3K
NOI $25,458 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$484.9K
$424.3K – $565.7K
NOI $33,944 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 32746, FL
45,828
Population
20,204
Households
2.3
Avg Household Size
42
Median Age
53%
College-Educated
97%
High-School Grad
21.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$111,534
Median Household Income
$55,860
Median Earnings
$1,912
Median Rent
$420,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office condominium with private workrooms, shared meeting space, and abundant daylight throughout.
Where is this office units located?
The property is located at 1061 SUN DRIVE Lake Mary, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,704 SF fully built‑out office condominium; Five private offices plus a dedicated conference room; Break area with kitchenette and two restrooms
