Medical Office
For Sale
Contact for pricing
1612 W Plaza Dr, Tallahassee, FL 32308
Medical office building offering six exam rooms, three doctor’s offices, a waiting/reception area, and ample parking in Eastwood Office Plaza.
Property Size3,277 SF
Price / SF$167.84
Days on Market601
Property Features for 1612 W Plaza Dr
General Information
Standard status
Active
Size
3,277 SF
Property subtype
OFFICE
Zoning
PUD
Building Details
Year Built
1980
Listing Agency:
Coldwell Banker Hartung
(850) 386-6160
Listed By:
Lawrence "Chip" Hartung · License #BK139932
(850) 980-4007
Source:
Moodyscre
Added: Mar 7, 2025
Changed: Oct 25
Last Checked: Oct 28 at 10:48AM
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
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Investment Insights
Based on property information with market context.
This medical office building, built in 1980, offers approximately 3,277 square feet of flexible space designed for clinical and professional use. The floor plan includes six exam rooms, three doctor’s offices, a waiting room and reception area, five bathrooms, plus additional rooms and storage.
The property is located within Eastwood Office Plaza, a medical office complex that includes pharmacy, medical and specialty offices, dental, and other business offices. It has abundant parking and convenient access to Riggins Rd, Blair Stone Rd, and Mahan Dr.
The existing use is medical office. Zoning is PUD - Eastwood Office Plaza, and the parcel is identified as 112860 B0030.
The property is located within Eastwood Office Plaza, a medical office complex that includes pharmacy, medical and specialty offices, dental, and other business offices. It has abundant parking and convenient access to Riggins Rd, Blair Stone Rd, and Mahan Dr.
The existing use is medical office. Zoning is PUD - Eastwood Office Plaza, and the parcel is identified as 112860 B0030.
Key Highlights
- Medical office building approx. 3,277 SF built in 1980
- Floor plan includes 6 exam rooms, 3 doctor’s offices, a waiting room, and reception area
- Includes 5 bathrooms plus extra rooms and storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,258
Cap Rate
7.32%
Suggested Prices Based on Cap Rates
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
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 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 7.32%
Second Best
Healthcare Medical
$555.1K
$485.8K – $647.7K
NOI $38,860 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$803.4K
$703.0K – $937.3K
NOI $56,236 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,053
Businesses Nearby
Well-served
Demand for This Use
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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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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building offering six exam rooms, three doctor’s offices, a waiting/reception area, and ample parking in Eastwood Office Plaza.
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 $550,000.
What are key features of this property?
This property features: Medical office building approx. 3,277 SF built in 1980; Floor plan includes 6 exam rooms, 3 doctor’s offices, a waiting room, and reception area; Includes 5 bathrooms plus extra rooms and storage
