Office Building with Medical
For Sale
$1,500,000
323 W Cypress Street, Kissimmee, FL 34741
Corner office property with multiple suites, clinical rooms, separate metering, and flexible occupancy options near two hospitals.
Property Size4,551 SF
Price / SF$324.68
Days on Market8
Property Features for 323 W Cypress Street
General Information
Standard status
Active
Size
4,551 SF
Total Parking Spaces
19
Property subtype
Commercial
Zoning
T4-O
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
3
Building Details
Year Built
1982
Buildings
1
Building Size
4,551 SF
Tenancy
Multi
Listing Agency:
EAST PARK REALTY LLC
(321) 624-5780
Listed By:
Racquel Schroeder · License #3041375
Source:
Realtygroupfl
Added: Aug 15
Changed: Aug 22
Last Checked: Aug 22 at 9:47AM
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 EAST PARK REALTY LLC
Investment Insights
Based on property information with market context.
This office building at 323–327 W. Cypress Street contains three addressable units within one structure, with separate electric and water meters for each unit. The interior includes approximately 26 rooms configured as exam rooms, private offices, and clinic areas, along with 6 restrooms, a dedicated waiting room, and multiple reception and lobby spaces. A new roof is scheduled for 2026, and the site includes 19 parking spaces, including handicap spaces, plus building-mounted signage.
The property sits on a corner lot one block from Hwy 192 and between two hospitals. T4-O zoning conditionally permits office and medical/professional office use, while the MU-V Future Land Use designation supports continued use and identifies longer-term redevelopment potential subject to City approval. Unit 323 is occupied under a month-to-month lease; units 325 and 327 are vacant. The latter two suites have separate exterior entrances and an interior connecting door, allowing combined or independent operation.
The property sits on a corner lot one block from Hwy 192 and between two hospitals. T4-O zoning conditionally permits office and medical/professional office use, while the MU-V Future Land Use designation supports continued use and identifies longer-term redevelopment potential subject to City approval. Unit 323 is occupied under a month-to-month lease; units 325 and 327 are vacant. The latter two suites have separate exterior entrances and an interior connecting door, allowing combined or independent operation.
Key Highlights
- Three addressable office units under one roof with separate electric and water meters
- Approximately 26 rooms, including exam rooms, private offices, and clinic areas
- 6 restrooms, a dedicated waiting room, and multiple reception or lobby areas
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
$58,054
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
3.87%
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%
$1,161,080
$1.2M
Cap Rate 7%
$829,343
$829.3K
Cap Rate 9%
$645,044
$645.0K
Market Conditions
NOI Build-Up for 4,620 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
$108.1K $23.40/SF
− Vacancy
−$11.4K −$2.46/SF
EGI
$96.8K $20.94/SF
− OpEx
−$38.7K −$8.38/SF
NOI
$58.1K $12.57/SF
Area
Polk County, FL
Vacancy
10.50%
Lease Rate
$23.40 /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%
$1,161,080
Cap Rate 7%
$829,343
Cap Rate 9%
$645,044
Alternative Uses
Best Use
Healthcare Medical
$829.3K
$725.7K – $967.6K
NOI $58,054 @ 7.0% cap · market cap 3.87%
Second Best
Office B
$810.8K
$709.5K – $946.0K
NOI $56,757 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$1.11M
$971.5K – $1.30M
NOI $77,716 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,948
Businesses Nearby
Explore this area
Business Placement
Demographics for 34741, FL
56,454
Population
22,043
Households
2.6
Avg Household Size
35
Median Age
28%
College-Educated
87%
High-School Grad
15.0 sq mi
ZIP Area
3,764
Density / Sq Mi
$50,278
Median Household Income
$30,415
Median Earnings
$1,591
Median Rent
$270,200
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 building - Corner office property with multiple suites, clinical rooms, separate metering, and flexible occupancy options near two hospitals.
Where is this office building located?
The property is located at 323 W Cypress Street Kissimmee, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three addressable office units under one roof with separate electric and water meters; Approximately 26 rooms, including exam rooms, private offices, and clinic areas; 6 restrooms, a dedicated waiting room, and multiple reception or lobby areas
