Class A Flex Office
For Sale
$11,500,000
12001 Science Dr, Orlando, FL 32826
Class A, four-tenant flex office property leased 100% on a passive NNN structure with a roof replacement completed in 2026.
Property Size55,609 SF
Price / SF$206.80
Days on Market113
Property Features for 12001 Science Dr
General Information
Standard status
Active
Size
55,609 SF
Class
A
Property subtype
Office
Occupancy
100%
Additional Details
Cap Rate
8.01%
Amenities
Class A Core-Plus Flex Office Located Directly Adjacent to the Central Florida Research Park, a Leading Hub for Defense, Simulation & Advanced Training Industries
NNN Leases | Passive Investment | New Roof ($228,000; 20-Year Warranty) and New Exterior Paint (2026) Enhances Cash Flow Durability | Potential to Add Roll-Up Doors in the Future
100% Occupied w/ Long-Term Tenants & Staggered Lease Expirations | Tenant Mix by GLA: Government & Defense Services (57%), Healthcare (15%), Security & Life Safety (15%), Information Technology (13%)
WALE: 4.11 Years (Area) / 4.09 Years (Rent) | In-Place Rents ~30% Below Submarket (CoStar)
Mission-Critical Location for Tenants | Driven by Proximity to Clients Located Within the Central Florida Research Park, Including Naval Warfare Training, Defense Simulation, Intelligence, and Government Command Centers
Tenants: Katmai Government Services (Since 2007), MicroHealth, Security?101, DaVita (NYSE:?DVA; S&P: BB)
Orlando MSA: 2,940,513 Population (Rank: 20th) | Fastest Growing U.S. Metro for Jobs, Population & GDP
Demographics (Within 10 Miles of Subject Property): $107,572 AHHI | 674,136 Population
Building Details
Building Size
55,609 SF
Year Built
1999
Tenancy
Multi
Listing Agency:
Marcus & Millichap | Indianapolis
Listed By:
Julia Evinger · License #License(s): IN: RB14040143
(317) 218-5366
Source:
Marcusmillichap
Added: May 14
Changed: Sep 3
Last Checked: Sep 2 at 1:43PM
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 Marcus & Millichap | Indianapolis
Investment Insights
Based on property information with market context.
12001 Science Drive is a Class A flex office property configured as a four-tenant building and currently 100% occupied. The offering is structured with a passive NNN lease approach, including reimbursement of management fees, and includes recent capital improvements such as a new roof completed in 2026. In-place lease terms include 3% annual rent escalations and weighted-average lease terms of 4.11 years (area) and 4.09 years (rent).
The property is directly adjacent to the Central Florida Research Park, a hub for defense, simulation, and advanced training industries. It is also positioned near UCF, supporting access to labor and continued demand from mission-critical industries located within the research park. Tenants include Katmai, MicroHealth, Security 101, and DaVita (NYSE: DVA), with the tenant mix described as spanning defense, healthcare, security, and government services.
For investors seeking current income durability, the property’s in-place base rents are described as approximately 30% below the submarket average, with reimbursement of OpEx built into the passive NNN structure.
The property is directly adjacent to the Central Florida Research Park, a hub for defense, simulation, and advanced training industries. It is also positioned near UCF, supporting access to labor and continued demand from mission-critical industries located within the research park. Tenants include Katmai, MicroHealth, Security 101, and DaVita (NYSE: DVA), with the tenant mix described as spanning defense, healthcare, security, and government services.
For investors seeking current income durability, the property’s in-place base rents are described as approximately 30% below the submarket average, with reimbursement of OpEx built into the passive NNN structure.
Key Highlights
- 55,609 SF, Class A flex office built in 1999 with 4 tenants and 100% occupancy
- Passive NNN lease structure with 3% annual rent escalations and 4.11‑year WALE (area) / 4.09‑year WALE (rent)
- In‑place rents of $16.24 NNN plus $6.52 SF in OpEx; reimbursement of management fees noted
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
$1,038,498
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
9.03%
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%
$20,769,960
$20.8M
Cap Rate 7%
$14,835,686
$14.8M
Cap Rate 9%
$11,538,867
$11.5M
Market Conditions
NOI Build-Up for 55,609 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
$1.67M $30.00/SF
− Vacancy
−$283.6K −$5.10/SF
EGI
$1.38M $24.90/SF
− OpEx
−$346.2K −$6.23/SF
NOI
$1.04M $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%
$20,769,960
Cap Rate 7%
$14,835,686
Cap Rate 9%
$11,538,867
Alternative Uses
Best Use
Office B
$14.84M
$12.98M – $17.31M
NOI $1,038,498 @ 7.0% cap · market cap 9.03%
Second Best
Industrial
$4.44M
$3.88M – $5.18M
NOI $310,646 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$17.91M
$15.67M – $20.90M
NOI $1,253,952 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32826, FL
33,065
Population
10,714
Households
3.1
Avg Household Size
25
Median Age
34%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
4,529
Density / Sq Mi
$61,784
Median Household Income
$27,066
Median Earnings
$1,478
Median Rent
$224,100
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?
Flex space - Class A, four-tenant flex office property leased 100% on a passive NNN structure with a roof replacement completed in 2026.
Where is this flex space located?
The property is located at 12001 Science Dr Orlando, FL.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: 55,609 SF, Class A flex office built in 1999 with 4 tenants and 100% occupancy; Passive NNN lease structure with 3% annual rent escalations and 4.11‑year WALE (area) / 4.09‑year WALE (rent); In‑place rents of $16.24 NNN plus $6.52 SF in OpEx; reimbursement of management fees noted
