Two-Story Medical Office
New
For Sale
$5,200,000
1115 E Ridgewood Street, Orlando, FL 32803
Healthcare facility with elevator access, clinical rooms, physician offices, imaging space, and a full-service kitchen.
Property Size11,200 SF
Price / SF$443.31
Days on Market6
Property Features for 1115 E Ridgewood Street
General Information
Standard status
Active
Size
11,200 SF
Elevators
Yes
Property subtype
Commercial
Occupancy
100%
Additional Details
Road Access
Yes
Amenities
waiting room
conference room
full service kitchen
Building Details
Year Built
2013
Buildings
1
Stories
2
Building Size
11,200 SF
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 340-4165
Listed By:
Alain Hart · License #3017893
Source:
Realtygroupfl
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 26 at 8:56AM
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 FLORIDA REALTY INVESTMENTS
Investment Insights
Based on property information with market context.
Built in 2013, this two-story medical office building contains 11,200 square feet configured for pulmonary care. The facility includes approximately 23 exam rooms, seven doctor offices, an X-ray room, storage, a conference room, multiple bathrooms, and a full-service kitchen. An elevator serves the building, and the interior includes a dedicated waiting area for patients.
The property fronts Mills Rd in Orlando’s medical and business district. It is fully leased to Advent Health under a Triple Net lease with a five-year term and a first right to renew. The existing layout and medical improvements support continued use as a specialized healthcare facility.
The property fronts Mills Rd in Orlando’s medical and business district. It is fully leased to Advent Health under a Triple Net lease with a five-year term and a first right to renew. The existing layout and medical improvements support continued use as a specialized healthcare facility.
Key Highlights
- 11,200‑square‑foot medical office building constructed in 2013
- Approximately 23 exam rooms and seven doctor offices
- Fully leased to Advent Health under a Triple Net lease
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
$219,058
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
4.21%
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%
$4,381,160
$4.4M
Cap Rate 7%
$3,129,400
$3.1M
Cap Rate 9%
$2,433,978
$2.4M
Market Conditions
NOI Build-Up for 11,730 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
$351.9K $30.00/SF
− Vacancy
−$59.8K −$5.10/SF
EGI
$292.1K $24.90/SF
− OpEx
−$73.0K −$6.23/SF
NOI
$219.1K $18.67/SF
Area
Orlando, FL
Vacancy
17.00%
Lease Rate
$30.00 /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%
$4,381,160
Cap Rate 7%
$3,129,400
Cap Rate 9%
$2,433,978
Alternative Uses
Best Use
Office B
$3.13M
$2.74M – $3.65M
NOI $219,058 @ 7.0% cap · market cap 4.21%
Second Best
Healthcare Medical
$2.39M
$2.09M – $2.79M
NOI $167,223 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,505 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,913
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32803, FL
21,003
Population
12,225
Households
1.7
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
3,089
Density / Sq Mi
$101,401
Median Household Income
$61,439
Median Earnings
$1,823
Median Rent
$421,300
Median Home Value
Market
Vacancy Rate% for Office in Orlando, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare facility with elevator access, clinical rooms, physician offices, imaging space, and a full-service kitchen.
Where is this medical office space located?
The property is located at 1115 E Ridgewood Street Orlando, FL.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 11,200‑square‑foot medical office building constructed in 2013; Approximately 23 exam rooms and seven doctor offices; Fully leased to Advent Health under a Triple Net lease
