Medical Office
For Sale
$375,000
230 NW 76th Drive B, Gainesville, FL 32607
Office condominium in an established professional park with parking and access to Newberry Road, I-75, and nearby services.
Property Size1,873 SF
Price / SF$200.21
Days on Market41
Property Features for 230 NW 76th Drive B
General Information
Standard status
Active
Size
1,873 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2003
Construction
concrete block
Listing Agency:
UNIVERSITY REALTY
(352) 283-1384
Listed By:
Eric Warm · License #259505058
Source:
Whitneyperkinsteam
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:09PM
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 UNIVERSITY REALTY
Investment Insights
Based on property information with market context.
This medical office condominium contains 1,873 SF within a professional office park. The suite features a flexible layout, concrete block construction, and ample parking, providing a functional setting for medical office operations. Built in 2003, the property is offered for sale as a complete office condominium.
Located at 230 NW 76th Drive, Suite B, the office has visibility from Tower Road and convenient connections to Newberry Road and I-75. Surrounding medical, professional, and retail services add to the established office-park setting.
Located at 230 NW 76th Drive, Suite B, the office has visibility from Tower Road and convenient connections to Newberry Road and I-75. Surrounding medical, professional, and retail services add to the established office-park setting.
Key Highlights
- 1,873 SF medical office condominium
- Built in 2003
- Flexible, functional office layout
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
$23,573
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
6.29%
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%
$471,460
$471.5K
Cap Rate 7%
$336,757
$336.8K
Cap Rate 9%
$261,922
$261.9K
Market Conditions
NOI Build-Up for 1,873 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
$42.7K $22.80/SF
− Vacancy
−$3.4K −$1.82/SF
EGI
$39.3K $20.98/SF
− OpEx
−$15.7K −$8.39/SF
NOI
$23.6K $12.59/SF
Area
Gainesville, FL
Vacancy
8.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
40.00%
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%
$471,460
Cap Rate 7%
$336,757
Cap Rate 9%
$261,922
Alternative Uses
Best Use
Healthcare Medical
$336.8K
$294.7K – $392.9K
NOI $23,573 @ 7.0% cap · market cap 6.29%
Second Best
Office B
$333.8K
$292.1K – $389.4K
NOI $23,364 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$463.9K
$405.9K – $541.2K
NOI $32,473 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,240
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32607, FL
35,420
Population
16,465
Households
2.2
Avg Household Size
28
Median Age
53%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,811
Density / Sq Mi
$46,517
Median Household Income
$30,690
Median Earnings
$1,222
Median Rent
$297,800
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Office condominium in an established professional park with parking and access to Newberry Road, I-75, and nearby services.
Where is this medical office space located?
The property is located at 230 NW 76th Drive B Gainesville, FL.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,873 SF medical office condominium; Built in 2003; Flexible, functional office layout
