Well-Maintained Medical Office
For Sale
$6,000,000
2984 Alafaya Trl, Oviedo, FL 32765
A fully leased medical office building with multiple suites, generous parking, and frontage on a major six-lane corridor.
Property Size15,960 SF
Price / SF$375.94
Days on Market166
Property Features for 2984 Alafaya Trl
General Information
Standard status
Active
Size
15,960 SF
Listing Agency:
RATCLIFF PROPERTIES
(407) 496-5784
Listed By:
Stephen Ratcliff
(407) 496-5784
Source:
Exprealty
Added: Feb 24
Changed: Jul 10
Last Checked: Aug 9 at 10:48AM
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 RATCLIFF PROPERTIES
Investment Insights
Based on property information with market context.
This well-maintained medical office building offers seven medical office suites within a concrete block structure under a tile roof. The layout includes open corridors, a portico, and landscaped grounds. Suite sizes vary, supporting a range of medical and office configurations. The property also includes generous parking to support patient and staff access.
The building is located on 2.79 acres fronting a six-laned Alafaya Trail (SR 434). The property’s exterior presentation is supported by maintained grounds and an organized site arrangement, designed to serve a medical office environment.
The building is fully leased, making it a straightforward option for buyers seeking an income-producing medical office asset. The owner is also offering financing with a 30-year amortization at 5%, which may help reduce some acquisition friction such as loan procurement and related costs. With seven separate suites, the property may also appeal to operators or investors looking for flexibility in tenant mix within a dedicated medical office setting.
The building is located on 2.79 acres fronting a six-laned Alafaya Trail (SR 434). The property’s exterior presentation is supported by maintained grounds and an organized site arrangement, designed to serve a medical office environment.
The building is fully leased, making it a straightforward option for buyers seeking an income-producing medical office asset. The owner is also offering financing with a 30-year amortization at 5%, which may help reduce some acquisition friction such as loan procurement and related costs. With seven separate suites, the property may also appeal to operators or investors looking for flexibility in tenant mix within a dedicated medical office setting.
Key Highlights
- Fully leased 19,600 SF medical office building with seven suites
- Seven medical office suites totaling 1,046 SF to 3,756 SF per suite
- Located on 2.79 acres with frontage on 6‑laned Alafaya Trail (SR 434)
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
$238,442
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
3.97%
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%
$4,768,840
$4.8M
Cap Rate 7%
$3,406,314
$3.4M
Cap Rate 9%
$2,649,356
$2.6M
Market Conditions
NOI Build-Up for 15,960 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
$383.0K $24.00/SF
− Vacancy
−$65.1K −$4.08/SF
EGI
$317.9K $19.92/SF
− OpEx
−$79.5K −$4.98/SF
NOI
$238.4K $14.94/SF
Area
Seminole 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%
$4,768,840
Cap Rate 7%
$3,406,314
Cap Rate 9%
$2,649,356
Alternative Uses
Best Use
Office B
$3.41M
$2.98M – $3.97M
NOI $238,442 @ 7.0% cap · market cap 3.97%
Second Best
Healthcare Medical
$3.25M
$2.84M – $3.79M
NOI $227,526 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$4.54M
$3.97M – $5.30M
NOI $317,923 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32765, FL
65,228
Population
23,389
Households
2.8
Avg Household Size
36
Median Age
53%
College-Educated
96%
High-School Grad
39.0 sq mi
ZIP Area
1,673
Density / Sq Mi
$99,161
Median Household Income
$48,595
Median Earnings
$1,870
Median Rent
$418,600
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 - A fully leased medical office building with multiple suites, generous parking, and frontage on a major six-lane corridor.
Where is this medical office space located?
The property is located at 2984 Alafaya Trl Oviedo, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Fully leased 19,600 SF medical office building with seven suites; Seven medical office suites totaling 1,046 SF to 3,756 SF per suite; Located on 2.79 acres with frontage on 6‑laned Alafaya Trail (SR 434)
