Medical Office Building with Exam
For Sale
$575,000
1612 W Plaza Dr, Tallahassee, FL 32308
A built 1980 medical office with exam rooms, doctor offices, and ample on-site parking for clinical and related uses.
Property Size3,277 SF
Price / SF$175.47
Days on Market90
Property Features for 1612 W Plaza Dr
General Information
Standard status
Active
Size
3,277 SF
Class
C
Property subtype
Office - General Office
Zoning
PUD
Building Details
Building Size
3,277 SF
Year Built
1980
Listing Agency:
Coldwell Banker Hartung
Listed By:
Lawrence Hartung · License #BK139932
(850) 386-6160
Source:
Commercialcafe
Added: Jun 17
Changed: Sep 8
Last Checked: Sep 13 at 4:18AM
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 Coldwell Banker Hartung
Investment Insights
Based on property information with market context.
This 3,277-square-foot medical office building was built in 1980 and is configured for healthcare use. The floor plan includes six exam rooms, three doctors’ offices, a waiting room, a reception area, and multiple additional rooms and storage. The space is supported by five bathrooms, plus a lounge, making it suitable for patient-facing workflows and day-to-day staff needs.
The property is located at 1612 West Plaza Drive in Tallahassee and sits on a parcel identified as 112860 B0030. It is zoned PUD (Eastwood Office Plaza) and offers abundant parking, an important convenience factor for patients and visitors. Owner association dues are listed as $2,638 annually. 2024 real estate taxes are listed as $5,495.48.
For buyers or operators seeking an office building already laid out for medical services, the existing exam room and office layout can reduce the need for major reconfiguration. With reception, waiting, and multiple treatment and support areas on one floor plan, the property is well-suited to practices that value an organized patient intake and flexible internal room usage. Existing medical office use may also be advantageous for teams looking to maintain continuity of space utilization.
The property is located at 1612 West Plaza Drive in Tallahassee and sits on a parcel identified as 112860 B0030. It is zoned PUD (Eastwood Office Plaza) and offers abundant parking, an important convenience factor for patients and visitors. Owner association dues are listed as $2,638 annually. 2024 real estate taxes are listed as $5,495.48.
For buyers or operators seeking an office building already laid out for medical services, the existing exam room and office layout can reduce the need for major reconfiguration. With reception, waiting, and multiple treatment and support areas on one floor plan, the property is well-suited to practices that value an organized patient intake and flexible internal room usage. Existing medical office use may also be advantageous for teams looking to maintain continuity of space utilization.
Key Highlights
- 3,277 SF medical office building built in 1980
- Floor plan includes 6 exam rooms, 3 doctor’s offices, waiting room, and reception area
- Includes 5 bathrooms plus lounge and additional rooms/storage
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
$40,258
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
7.00%
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%
$805,160
$805.2K
Cap Rate 7%
$575,114
$575.1K
Cap Rate 9%
$447,311
$447.3K
Market Conditions
NOI Build-Up for 3,277 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
$68.8K $21.00/SF
− Vacancy
−$15.1K −$4.62/SF
EGI
$53.7K $16.38/SF
− OpEx
−$13.4K −$4.10/SF
NOI
$40.3K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /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%
$805,160
Cap Rate 7%
$575,114
Cap Rate 9%
$447,311
Alternative Uses
Best Use
Office B
$575.1K
$503.2K – $671.0K
NOI $40,258 @ 7.0% cap · market cap 7.00%
Second Best
Healthcare Medical
$555.1K
$485.8K – $647.7K
NOI $38,860 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$803.4K
$703.0K – $937.3K
NOI $56,236 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32308, FL
23,355
Population
11,838
Households
2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
1,478
Density / Sq Mi
$73,125
Median Household Income
$46,786
Median Earnings
$1,327
Median Rent
$291,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A built 1980 medical office with exam rooms, doctor offices, and ample on-site parking for clinical and related uses.
Where is this medical office space located?
The property is located at 1612 W Plaza Dr Tallahassee, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,277 SF medical office building built in 1980; Floor plan includes 6 exam rooms, 3 doctor’s offices, waiting room, and reception area; Includes 5 bathrooms plus lounge and additional rooms/storage
