Built-Out Office
For Sale
$499,000
Pending
1065-1061 S Sun Dr, Lake Mary, FL 32746
Multiple private offices, a conference room, kitchenette, and two restrooms create a ready-to-use professional setting.
Property Size1,704 SF
Days on Market18
Property Features for 1065-1061 S Sun Dr
General Information
Standard status
Pending
Size
1,704 SF
Taxes and HOA fees
Annual Taxes
$4,303
Amenities
luxury vinyl plank flooring
glass entry doors and windows
conference room
five private offices
break room with a kitchenette
two restrooms
Building Details
Tenancy
Single
Listing Agency:
ADAMUS REALTY GROUP, INC
(407) 924-2505
Listed By:
Peter Piacenti · License #3186437
(407) 924-2505
Source:
Exprealty
Added: Jul 31
Changed: Aug 15
Last Checked: Aug 16 at 2:26PM
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 condo offers a fully constructed interior with a practical professional layout. The space includes a conference room, five private offices, a break area with kitchenette, and two restrooms. Luxury vinyl plank flooring extends throughout the suite, while glass entry doors and windows on both the front and rear bring natural light into the interior.
Located at 1065-1061 S Sun Dr in Lake Mary, the property is identified for professional office, medical, consulting, retail, and other commercial uses. Its existing improvements provide a functional setting for an owner-user seeking an established office configuration with defined rooms and support areas.
Located at 1065-1061 S Sun Dr in Lake Mary, the property is identified for professional office, medical, consulting, retail, and other commercial uses. Its existing improvements provide a functional setting for an owner-user seeking an established office configuration with defined rooms and support areas.
Key Highlights
- 1,704‑square‑foot office condo with a fully built‑out interior
- Five private offices and a dedicated conference room
- Break room equipped with a kitchenette
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
$33,461
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
6.71%
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%
$669,220
$669.2K
Cap Rate 7%
$478,014
$478.0K
Cap Rate 9%
$371,789
$371.8K
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
$49.5K $29.04/SF
− Vacancy
−$1.7K −$0.99/SF
EGI
$47.8K $28.05/SF
− OpEx
−$14.3K −$8.42/SF
NOI
$33.5K $19.64/SF
Area
Seminole County, FL
Vacancy
3.40%
Lease Rate
$29.04 /SF/Yr
Expense Ratio
30.00%
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%
$669,220
Cap Rate 7%
$478,014
Cap Rate 9%
$371,789
Alternative Uses
Best Use
Retail
$478.0K
$418.3K – $557.7K
NOI $33,461 @ 7.0% cap · market cap 6.71%
Second Best
Office B
$363.7K
$318.2K – $424.3K
NOI $25,458 @ 7.0% cap · market cap 5.10%
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
Current Use
Lease Details
Single-tenant
Tenancy
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 - Multiple private offices, a conference room, kitchenette, and two restrooms create a ready-to-use professional setting.
Where is this office units located?
The property is located at 1065-1061 S Sun Dr 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‑square‑foot office condo with a fully built‑out interior; Five private offices and a dedicated conference room; Break room equipped with a kitchenette
