NNN-Leased Medical Office
For Sale
$1,138,500
145 N Nova Rd Ormond, Ormond Beach, FL 32174
Dental office improvements are subject to an NNN lease with landlord roof and structural responsibilities.
Property Size3,300 SF
Price / SF$345
Days on Market195
Property Features for 145 N Nova Rd Ormond
General Information
Standard status
Active
Size
3,300 SF
Class
B
Property subtype
Single Tenant Office
Net Operating Income
$75,900
Building Details
Building Size
3,300 SF
Tenancy
Single
Listing Agency:
SVN | Alliance Commercial Real Estate Advisors
(386) 310-7900
Listed By:
Carl Lentz · License #3068067
(386) 310-7900
Source:
Thebrokerlist
Added: Feb 17
Changed: Aug 29
Last Checked: Aug 29 at 5:18PM
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 | Alliance Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This 3,300 SF medical office property is configured as a dental office and leased on an NNN basis. The lease commenced 11/01/2025 and includes 3% annual increases, along with 2 X 5 year extension options. A 5% management fee applies to base rent and is included in the NOI; dollar amounts are omitted here.
The property is located at 145 N Nova Rd in Ormond Beach, Florida, directly across from the Trails Shopping Center and across from Trails Publix. The landlord remains responsible for the roof and structure. The property may be combined with the adjacent property north of W Granada Blvd (SR40).
The property is located at 145 N Nova Rd in Ormond Beach, Florida, directly across from the Trails Shopping Center and across from Trails Publix. The landlord remains responsible for the roof and structure. The property may be combined with the adjacent property north of W Granada Blvd (SR40).
Key Highlights
- 3,300 SF dental office
- NNN lease commenced 11/01/2025
- 3% annual increases
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
$49,451
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
4.34%
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%
$989,020
$989.0K
Cap Rate 7%
$706,443
$706.4K
Cap Rate 9%
$549,456
$549.5K
Market Conditions
NOI Build-Up for 3,300 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
$71.3K $21.60/SF
− Vacancy
−$5.3K −$1.62/SF
EGI
$65.9K $19.98/SF
− OpEx
−$16.5K −$5.00/SF
NOI
$49.5K $14.99/SF
Area
Volusia County, FL
Vacancy
7.50%
Lease Rate
$21.60 /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%
$989,020
Cap Rate 7%
$706,443
Cap Rate 9%
$549,456
Alternative Uses
Best Use
Office B
$706.4K
$618.1K – $824.2K
NOI $49,451 @ 7.0% cap · market cap 4.34%
Second Best
Healthcare Medical
$685.8K
$600.1K – $800.1K
NOI $48,007 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$973.0K
$851.4K – $1.14M
NOI $68,112 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,236
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32174, FL
53,097
Population
26,303
Households
2
Avg Household Size
55
Median Age
33%
College-Educated
93%
High-School Grad
125.4 sq mi
ZIP Area
423
Density / Sq Mi
$67,817
Median Household Income
$41,452
Median Earnings
$1,316
Median Rent
$315,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Fleuchaus Nixo Leslie DVM — 380 W Granada Blvd, Ormond Beach, FL 32174
- Volenec Debra DVM — Ormond Beach, FL 32174
- Shadow Lake Animal Hospital — 125 N Nova Rd, Ormond Beach, FL 32174
Frequently Asked Questions
What type of property is this?
Medical Office Space - Dental office improvements are subject to an NNN lease with landlord roof and structural responsibilities.
Where is this medical office space located?
The property is located at 145 N Nova Rd Ormond Ormond Beach, FL.
What is the asking price?
The asking price for this property is $1,138,500.
What are key features of this property?
This property features: 3,300 SF dental office; NNN lease commenced 11/01/2025; 3% annual increases
