Leased Office
For Sale
$825,000
2110-2108 Se Rays Way, Stuart, FL
Existing tenancy provides rental income through April 2028, with flexibility for future owner occupancy.
Property Size2,774 SF
Price / SF$297.40
Days on Market30
Property Features for 2110-2108 Se Rays Way
General Information
Standard status
Active
Size
2,774 SF
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,082
Building Details
Year Built
2006
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
NAI Southcoast
(772) 631-4248
Listed By:
Reid Armor · License ##SL3328981
(772) 631-4248
Source:
Exprealty
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 8:43PM
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 unit is configured for professional office use and is currently occupied under an existing lease.
The tenancy extends through April 2028, providing ongoing rental income while preserving the possibility of future owner occupancy. The property is located on SE Rays Way in Stuart, Florida, within Martin County’s professional office corridor.
The tenancy extends through April 2028, providing ongoing rental income while preserving the possibility of future owner occupancy. The property is located on SE Rays Way in Stuart, Florida, within Martin County’s professional office corridor.
Key Highlights
- Approximately 2,774 square feet of professional office space
- Office condominium within City Professional Center
- Constructed in 2006
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
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,601
Businesses Nearby
Explore this area
Business Placement
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 - Existing tenancy provides rental income through April 2028, with flexibility for future owner occupancy.
Where is this office units located?
The property is located at 2110-2108 Se Rays Way 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; Office condominium within City Professional Center; Constructed in 2006
