Two-Unit Office
For Sale
$450,000
Pending
407 E ALFRED STREET, Tavares, FL 32778
Two office suites combine an established tenancy with space currently used by the owner.
Property Size2,379 SF
Days on Market566
Property Features for 407 E ALFRED STREET
General Information
Standard status
Pending
Size
2,379 SF
Property subtype
Commercial/Industrial
Additional Details
Road Access
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$5,290
Building Details
Year Built
1986
Buildings
1
Owner Occupied
Yes
Listing Agency:
MORRIS REALTY AND INVESTMENTS
Listed By:
Scott Strem · License #3106245
(352) 435-4663
Source:
Exitrealty
Added: Apr 5, 2025
Changed: Oct 3
Last Checked: Oct 5 at 3:31PM
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 MORRIS REALTY AND INVESTMENTS
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,379-square-foot office property contains two separate units within a building constructed in 1986. Unit 407 is occupied by a national insurance agency, while Unit 405 is used by the owner, creating a combination of established occupancy and existing user space.
The property carries a Tavares address on E Alfred Street and is situated near downtown. Building signage is positioned along the street, providing an identifiable presence for occupants and visitors.
The property carries a Tavares address on E Alfred Street and is situated near downtown. Building signage is positioned along the street, providing an identifiable presence for occupants and visitors.
Key Highlights
- 2,379‑square‑foot office building with two units
- Unit 407 occupied by a national insurance agency
- Unit 405 currently occupied by the owner
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,542
Cap Rate
7.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$710,840
$710.8K
Cap Rate 7%
$507,743
$507.7K
Cap Rate 9%
$394,911
$394.9K
Market Conditions
NOI Build-Up for 2,379 SF
Gross rent
$57.1K $24.00/SF
− Vacancy
−$9.7K −$4.08/SF
EGI
$47.4K $19.92/SF
− OpEx
−$11.8K −$4.98/SF
NOI
$35.5K $14.94/SF
Area
Lake 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 Rate 5%
$710,840
Cap Rate 7%
$507,743
Cap Rate 9%
$394,911
Alternative Uses
Best Use
Office B
$507.7K
$444.3K – $592.4K
NOI $35,542 @ 7.0% cap · market cap 7.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$677.0K
$592.4K – $789.8K
NOI $47,390 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Explore this area
Business Placement
Demographics for 32778, FL
23,993
Population
12,720
Households
1.9
Avg Household Size
52
Median Age
25%
College-Educated
88%
High-School Grad
25.4 sq mi
ZIP Area
945
Density / Sq Mi
$61,815
Median Household Income
$40,942
Median Earnings
$1,384
Median Rent
$241,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Two office suites combine an established tenancy with space currently used by the owner.
Where is this office unit located?
The property is located at 407 E ALFRED STREET Tavares, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 2,379‑square‑foot office building with two units; Unit 407 occupied by a national insurance agency; Unit 405 currently occupied by the owner
