Remodeled Two-Story Office
For Sale
$4,500,000
140 North Westmonte Drive Altamonte, Altamonte Springs, FL 32714
Shell-condition suites provide flexibility for medical, professional, or corporate occupancy.
Property Size14,514 SF
Days on Market194
Property Features for 140 North Westmonte Drive Altamonte
General Information
Standard status
Active
Size
14,514 SF
Class
B
Property subtype
Multi Tenant Office
Building Details
Building Size
14,514 SF
Year Built
1982
Properties For Sale
at 140 North Westmonte Drive Altamonte Contact us- Size
- 2,215 SF
- Lease Type
- NNN
Suite 2100
- Size
- 1,931 SF
- Lease Type
- NNN
Suite 2200
- Size
- 2,171 SF
- Lease Type
- NNN
Suite 2300
Listing Agency:
SVN | Saunders Ralston Dantzler Real Estate
(863) 648-1528
Listed By:
David Hungerford · License #3281084
(863) 648-1528
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 2:47PM
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 SVN | Saunders Ralston Dantzler Real Estate
Investment Insights
Based on property information with market context.
This 14,514-square-foot, two-story office building was completely remodeled in 2021 and includes occupied and vacant space. United Healthcare Services, Inc. (Optum) leases 56% of the property, while three second-floor units remain available in shell condition for customized build-out. A monument sign is available for tenant use, and Optum Health has 8 reserved parking spaces at the rear of the building.
The property is located at 140 North Westmonte Drive in Altamonte Springs, one block from a major I-4 interchange and just off Altamonte Drive. Altamonte Mall anchors the surrounding commercial area, which also includes a broad selection of retailers and amenities. The existing lease component, vacant suites, and flexible interior condition support a range of medical, professional, and corporate occupancy plans.
The property is located at 140 North Westmonte Drive in Altamonte Springs, one block from a major I-4 interchange and just off Altamonte Drive. Altamonte Mall anchors the surrounding commercial area, which also includes a broad selection of retailers and amenities. The existing lease component, vacant suites, and flexible interior condition support a range of medical, professional, and corporate occupancy plans.
Key Highlights
- 14,514 SF two‑story office building remodeled in 2021
- United Healthcare Services, Inc. (Optum) leases 56% of the property
- Three vacant second‑floor units delivered in shell condition
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
$216,839
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
4.82%
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%
$4,336,780
$4.3M
Cap Rate 7%
$3,097,700
$3.1M
Cap Rate 9%
$2,409,322
$2.4M
Market Conditions
NOI Build-Up for 14,514 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
$348.3K $24.00/SF
− Vacancy
−$59.2K −$4.08/SF
EGI
$289.1K $19.92/SF
− OpEx
−$72.3K −$4.98/SF
NOI
$216.8K $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%
$4,336,780
Cap Rate 7%
$3,097,700
Cap Rate 9%
$2,409,322
Alternative Uses
Best Use
Office B
$3.10M
$2.71M – $3.61M
NOI $216,839 @ 7.0% cap · market cap 4.82%
Second Best
Healthcare Medical
$2.96M
$2.59M – $3.45M
NOI $206,912 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$4.13M
$3.61M – $4.82M
NOI $289,119 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,966
Businesses Nearby
Explore this area
Business Placement
Demographics for 32714, FL
38,049
Population
16,722
Households
2.3
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
8.5 sq mi
ZIP Area
4,476
Density / Sq Mi
$67,333
Median Household Income
$39,714
Median Earnings
$1,641
Median Rent
$292,300
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?
Office building - Shell-condition suites provide flexibility for medical, professional, or corporate occupancy.
Where is this office building located?
The property is located at 140 North Westmonte Drive Altamonte Altamonte Springs, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 14,514 SF two‑story office building remodeled in 2021; United Healthcare Services, Inc. (Optum) leases 56% of the property; Three vacant second‑floor units delivered in shell condition
