Professional Office
New
For Sale
$825,000
2108 SE Rays Way 2110, Stuart, FL 34994
Condominium office suite with an existing lease and future owner-user flexibility.
Property Size2,774 SF
Price / SF$297.40
Days on Market2
Property Features for 2108 SE Rays Way 2110
General Information
Standard status
Active
Size
2,774 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,082
Building Details
Building Size
2,774 SF
Year Built
2006
Stories
1
Tenancy
Single
Listing Agency:
NAI Southcoast
(772) 631-4248
Listed By:
Reid Armor · License #SL3328981
(772) 631-4248
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 6 at 6:56AM
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 NAI Southcoast
Investment Insights
Based on property information with market context.
This professional office condominium contains approximately 2,774 square feet of office space within City Professional Center. Constructed in 2006, the property is configured for professional office use and is currently leased through April 2028. The existing occupancy provides a defined lease term while the property information also identifies potential for future owner-user occupancy.
The condominium is located at 2108 SE Rays Way 2110 in Stuart, Florida, within Martin County’s professional office corridor. Walk Score is 65, described as Somewhat Walkable, while Bike Score is 60, described as Bikeable. The combination of an existing lease, office configuration, and future occupancy flexibility supports multiple ownership considerations without changing the property’s established office use.
The condominium is located at 2108 SE Rays Way 2110 in Stuart, Florida, within Martin County’s professional office corridor. Walk Score is 65, described as Somewhat Walkable, while Bike Score is 60, described as Bikeable. The combination of an existing lease, office configuration, and future occupancy flexibility supports multiple ownership considerations without changing the property’s established office use.
Key Highlights
- Approximately 2,774 square feet of professional office space
- Existing lease runs through April 2028
- Potential to accommodate an owner‑user
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
$35,052
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
4.25%
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%
$701,040
$701.0K
Cap Rate 7%
$500,743
$500.7K
Cap Rate 9%
$389,467
$389.5K
Market Conditions
NOI Build-Up for 2,774 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
$59.9K $21.60/SF
− Vacancy
−$13.2K −$4.75/SF
EGI
$46.7K $16.85/SF
− OpEx
−$11.7K −$4.21/SF
NOI
$35.1K $12.64/SF
Area
Martin County, FL
Vacancy
22.00%
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%
$701,040
Cap Rate 7%
$500,743
Cap Rate 9%
$389,467
Alternative Uses
Best Use
Office B
$500.7K
$438.2K – $584.2K
NOI $35,052 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$728.8K
$637.7K – $850.2K
NOI $51,013 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,694
Businesses Nearby
Explore this area
Business Placement
Demographics for 34994, FL
17,843
Population
10,086
Households
1.8
Avg Household Size
51
Median Age
36%
College-Educated
92%
High-School Grad
6.7 sq mi
ZIP Area
2,663
Density / Sq Mi
$62,895
Median Household Income
$33,547
Median Earnings
$1,558
Median Rent
$248,900
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 - Condominium office suite with an existing lease and future owner-user flexibility.
Where is this office units located?
The property is located at 2108 SE Rays Way 2110 Stuart, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Approximately 2,774 square feet of professional office space; Existing lease runs through April 2028; Potential to accommodate an owner‑user
