Winter Park Medical Building
For Sale
$5,900,000
2200 Glenwood Dr, Winter Park, FL 32792
Outstanding opportunity for group practices, ASC and or diagnostic facility
Property Size14,210 SF
Lot Size0.94 Acres
Price / SF$415.20
Days on Market142
Property Features for 2200 Glenwood Dr
General Information
Standard status
Active
Property type
Medical Office Space, Office Spaces
Size
14,210 SF
Net Rentable
12,410 SF
Class
B
Total Parking Spaces
69
Elevators
Yes
Lot size
0.94 Acres
Sale Condition
High Vacancy
Investment Type
Owner User
Building Details
Year Built
2008
Buildings
1
Stories
2
Listing Agency:
(407) 947-5074
Listed By:
(407) 947-5074
Added: Mar 25
Changed: Apr 8
Investment Insights
Based on property information with market context.
This two-story medical building, totaling 14,206 square feet, is located one block from AdventHealth Winter Park. The construction is concrete block and includes a fire sprinkler system. The first floor, comprising 6,977 square feet, is delivered as a gray shell. The second floor, consisting of 7,229 square feet, is built out and requires minor cosmetic refreshing. The building is elevator-served. Situated in the affluent Winter Park medical corridor, the property offers a flexible layout with a fully built-out second floor and a shell first floor. The property sits on a 0.94-acre lot. This location presents an outstanding opportunity for group practices, ambulatory surgery centers, and diagnostic facilities. There is value-add potential through lease-up or partial owner-occupancy.
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
$212,297
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
3.60%
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%
$4,245,940
$4.2M
Cap Rate 7%
$3,032,814
$3.0M
Cap Rate 9%
$2,358,856
$2.4M
Market Conditions
NOI Build-Up for 14,210 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
$341.0K $24.00/SF
− Vacancy
−$58.0K −$4.08/SF
EGI
$283.1K $19.92/SF
− OpEx
−$70.8K −$4.98/SF
NOI
$212.3K $14.94/SF
Area
Orange 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%
$4,245,940
Cap Rate 7%
$3,032,814
Cap Rate 9%
$2,358,856
Alternative Uses
Best Use
Office B
$3.03M
$2.65M – $3.54M
NOI $212,297 @ 7.0% cap · market cap 3.60%
Second Best
Healthcare Medical
$2.89M
$2.53M – $3.38M
NOI $202,578 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$4.04M
$3.54M – $4.72M
NOI $283,063 @ 7.0% cap · market cap 4.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,648
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32792, FL
51,376
Population
24,169
Households
2.1
Avg Household Size
36
Median Age
42%
College-Educated
91%
High-School Grad
12.1 sq mi
ZIP Area
4,246
Density / Sq Mi
$66,176
Median Household Income
$39,326
Median Earnings
$1,612
Median Rent
$343,500
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?
Medical Office Space - Outstanding opportunity for group practices, ASC and or diagnostic facility
Where is this medical office space located?
The property is located at 2200 Glenwood Dr Winter Park, FL.
What is the asking price?
The asking price for this property is $5,900,000.
