Medical Office Building on
For Sale
$6,000,000
2984 ALAFAYA Trl, Oviedo, FL 32765
19,600 SF medical office building on 2.79 acres.
Property Size15,960 SF
Lot Size2.79 Acres
Price / SF$306.12
Days on Market108
Property Features for 2984 ALAFAYA Trl
General Information
Standard status
Active
Size
15,960 SF
Lot size
2.79 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$26,029
Building Details
Building Size
15,960 SF
Year Built
2005
Stories
2
Listing Agency:
RATCLIFF PROPERTIES
(407) 496-5784
Listed By:
Stephen Ratcliff
(407) 496-5784
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 3:06PM
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 RATCLIFF PROPERTIES
Investment Insights
Based on property information with market context.
This well-maintained 19,600 square foot medical office building is situated on 2.79 acres. The property fronts Alafaya Trail (SR 434), a six-lane road. Constructed with concrete block and featuring a tile roof, the building includes seven medical office suites ranging in size from 1,046 square feet to 3,756 square feet. Additional features include a portico, generous parking, open corridors, and landscaped grounds. The property is fully leased.
Key Highlights
- Fully Leased Medical Office Building
- Owner Financing Available
- Large 19,600sf Building on 2.79 Acres
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
$292,824
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
4.88%
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%
$5,856,480
$5.9M
Cap Rate 7%
$4,183,200
$4.2M
Cap Rate 9%
$3,253,600
$3.3M
Market Conditions
NOI Build-Up for 19,600 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
$470.4K $24.00/SF
− Vacancy
−$80.0K −$4.08/SF
EGI
$390.4K $19.92/SF
− OpEx
−$97.6K −$4.98/SF
NOI
$292.8K $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%
$5,856,480
Cap Rate 7%
$4,183,200
Cap Rate 9%
$3,253,600
Alternative Uses
Best Use
Office B
$4.18M
$3.66M – $4.88M
NOI $292,824 @ 7.0% cap · market cap 4.88%
Second Best
Healthcare Medical
$3.99M
$3.49M – $4.66M
NOI $279,418 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$5.58M
$4.88M – $6.51M
NOI $390,432 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32765, FL
65,228
Population
23,389
Households
2.8
Avg Household Size
36
Median Age
53%
College-Educated
96%
High-School Grad
39.0 sq mi
ZIP Area
1,673
Density / Sq Mi
$99,161
Median Household Income
$48,595
Median Earnings
$1,870
Median Rent
$418,600
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?
Medical Office Space - 19,600 SF medical office building on 2.79 acres.
Where is this medical office space located?
The property is located at 2984 ALAFAYA Trl Oviedo, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Fully Leased Medical Office Building; Owner Financing Available; Large 19,600sf Building on 2.79 Acres
