Two-Story Medical Office
New
For Sale
$5,200,000
1115 E RIDGEWOOD Street, Orlando, FL 32803
Commercial Sale, ORLANDO, FL
Property Size11,200 SF
Lot Size0.64 Acres
Price / SF$464.29
Days on Market1
Property Features for 1115 E RIDGEWOOD Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
ORL-O-1/T
Security features
Security System
Appliances
Refrigerator
Lot features
Corner Lot, Drainage Canal, Landscaped, Paved
Directions
Exit I-4 going east on Colonial, make a right on Mills road, make a right on Ridgewood st.
Subdivision
32803 - Orlando/Colonial Town
Standard status
Active
APN
252229250805130
Size
11,200 SF
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EOLA PARK HEIGHTS H/33 LOTS 13 THRU 16 BLK E
Tax Annual Amount
68000
Legal Description
EOLA PARK HEIGHTS H/33 LOTS 13 THRU 16 BLK E
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
welcoming waiting room
state of the art conference room
full service Kitchen
Building Details
Year built
2013
Flooring type
Laminate, Carpet
Building materials
Block, Stucco
Listing Agency:
FLORIDA REALTY INVESTMENTS
(407) 207-2220
Listed By:
Alain Hart · License #3017893
(407) 207-2220
Added: Aug 24
Last Checked: Aug 24 at 8:06PM
MLS# O6436074
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 two-story medical office building was constructed in 2013 and contains 11,200 square feet. The layout includes approximately 23 exam rooms, seven physician offices, an X-ray room, storage, multiple bathrooms, a conference room, a full-service kitchen, and a reception waiting area. An elevator serves the building, which features block and stucco construction, laminate and carpet flooring, central heating, and central air conditioning.
The property occupies 0.64 acres with frontage on Mills Road in Orlando’s medical and business district. Public water and public sewer serve the site, and electricity is available. The building is fully leased under a triple-net lease with a five-year term and a first right to renew. Zoning is ORL-O-1/T.
The property occupies 0.64 acres with frontage on Mills Road in Orlando’s medical and business district. Public water and public sewer serve the site, and electricity is available. The building is fully leased under a triple-net lease with a five-year term and a first right to renew. Zoning is ORL-O-1/T.
Key Highlights
- 11,200 square feet medical office building on 0.64 acres
- Constructed in 2013 with block and stucco construction
- Approximately 23 exam rooms and seven doctor offices
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
$209,160
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
4.02%
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%
$4,183,200
$4.2M
Cap Rate 7%
$2,988,000
$3.0M
Cap Rate 9%
$2,324,000
$2.3M
Market Conditions
NOI Build-Up for 11,200 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
$336.0K $30.00/SF
− Vacancy
−$57.1K −$5.10/SF
EGI
$278.9K $24.90/SF
− OpEx
−$69.7K −$6.23/SF
NOI
$209.2K $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%
$4,183,200
Cap Rate 7%
$2,988,000
Cap Rate 9%
$2,324,000
Alternative Uses
Best Use
Office B
$2.99M
$2.61M – $3.49M
NOI $209,160 @ 7.0% cap · market cap 4.02%
Second Best
Healthcare Medical
$2.28M
$2.00M – $2.66M
NOI $159,667 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,554 @ 7.0% cap · market cap 4.86%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased healthcare facility with specialized clinical rooms, professional offices, elevator access, and public utilities.
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 feet medical office building on 0.64 acres; Constructed in 2013 with block and stucco construction; Approximately 23 exam rooms and seven doctor offices
