Leased Medical Office
For Sale
$340,000
208-1515 Herbert St, Port Orange, FL 32129
Leased 1,385 SF office condo suited for medical or professional use with convenient access and ample parking.
Property Size1,385 SF
Price / SF$245.49
Days on Market98
Property Features for 208-1515 Herbert St
General Information
Standard status
Active
Size
1,385 SF
Occupancy
100%
Additional Details
Cap Rate
7.13%
Building Details
Tenancy
Single
Listing Agency:
SVN Alliance Commercial Real Estate Advisors
(386) 801-7435
Listed By:
Carl Lentz · License #3068067
(386) 801-7435
Source:
Exprealty
Added: May 1
Changed: Jul 10
Last Checked: Jul 31 at 3:01PM
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 offering is a 1,385 SF office condo within a NNN structure, currently leased to a tenant that has been in place since 2025. The lease runs through December 31, 2028, providing an existing in-place tenancy. The property features Florida vernacular architecture and a metal roof. Ownership is designed for low day-to-day involvement, with the condo association handling building and grounds maintenance.
The building is positioned for visibility and convenient access, with entry from Clyde Morris Boulevard and Herbert Street. Off-street parking is available, supporting easy arrival for patients, clients, and visitors.
The configuration and ongoing lease make this unit a practical fit for medical or professional office users looking for a space aligned to office operations. For buyers, it also offers straightforward ownership through condo-association maintenance, while the current lease provides continuity through the end of 2028. The property’s exposure, access points, and parking availability support client-facing use for a range of professional and healthcare-related tenants.
The building is positioned for visibility and convenient access, with entry from Clyde Morris Boulevard and Herbert Street. Off-street parking is available, supporting easy arrival for patients, clients, and visitors.
The configuration and ongoing lease make this unit a practical fit for medical or professional office users looking for a space aligned to office operations. For buyers, it also offers straightforward ownership through condo-association maintenance, while the current lease provides continuity through the end of 2028. The property’s exposure, access points, and parking availability support client-facing use for a range of professional and healthcare-related tenants.
Key Highlights
- 1,385 SF office condo in West End Village, leased to an in‑place tenant since 2025 and running through Dec 31, 2028
- Annual base rent of $24,251.35 with a stated 7.13% cap rate (NNN office condo)
- Condo association handles building and grounds maintenance for low‑effort ownership
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
$20,754
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
6.10%
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%
$415,080
$415.1K
Cap Rate 7%
$296,486
$296.5K
Cap Rate 9%
$230,600
$230.6K
Market Conditions
NOI Build-Up for 1,385 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
$29.9K $21.60/SF
− Vacancy
−$2.2K −$1.62/SF
EGI
$27.7K $19.98/SF
− OpEx
−$6.9K −$5.00/SF
NOI
$20.8K $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%
$415,080
Cap Rate 7%
$296,486
Cap Rate 9%
$230,600
Alternative Uses
Best Use
Office B
$296.5K
$259.4K – $345.9K
NOI $20,754 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$408.4K
$357.3K – $476.4K
NOI $28,586 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 32129, FL
21,594
Population
11,991
Households
1.8
Avg Household Size
50
Median Age
25%
College-Educated
93%
High-School Grad
7.5 sq mi
ZIP Area
2,879
Density / Sq Mi
$65,936
Median Household Income
$39,226
Median Earnings
$1,538
Median Rent
$241,500
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 units - Leased 1,385 SF office condo suited for medical or professional use with convenient access and ample parking.
Where is this office units located?
The property is located at 208-1515 Herbert St Port Orange, FL.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 1,385 SF office condo in West End Village, leased to an in‑place tenant since 2025 and running through Dec 31, 2028; Annual base rent of $24,251.35 with a stated 7.13% cap rate (NNN office condo); Condo association handles building and grounds maintenance for low‑effort ownership
