Medical Office Building With Three
New
For Sale
$1,500,000
323 W CYPRESS Street, Kissimmee, FL 34741
SINGLE_FAMILY - KISSIMMEE, FL
Property Size4,551 SF
Lot Size0.44 Acres
Price / SF$329.60
Days on Market1
Property Features for 323 W CYPRESS Street
General Information
Property type
Residential
Property subtype
Office
Zoning
KRPB
Subdivision
HILLCREST
Lot features
Central Business District, Corner Lot, City Limits, Sidewalk
Directions
FROM 192 AND OBT, TRAVEL WEST TO CENTRAL AVENUE, TURN RIGHT ONTO CENTRAL AVENUE, THEN RIGHT ONTO CYPRESS ST. PROPERTY WILL BE ON YOUR LEFT. SIGN ON PROPERTY.
Standard status
Active
APN
15-25-29-1490-0001-0060
Size
4,551 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HILLCREST PB 1 PG 294 LOTS 6-9 INC & VAC ALLEY ABUTTING LOTS 6-9
Tax Annual Amount
9116
Legal Description
HILLCREST PB 1 PG 294 LOTS 6-9 INC & VAC ALLEY ABUTTING LOTS 6-9
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1982
Floors in Building
1
Number of units
3
Flooring type
Carpet, Tile - Ceramic
Building materials
Brick
Roof type
Shingle
Listing Agency:
EAST PARK REALTY LLC
(321) 624-5780
Listed By:
Racquel Schroeder · License #3041375
(321) 624-5780
Added: Aug 18
Last Checked: Aug 18 at 7:06PM
MLS# S5155353
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,551-square-foot medical office building occupies a 0.44-acre corner lot and contains three separately addressable units beneath one roof. The interior includes approximately 26 rooms configured as exam rooms, private offices, and clinic space, along with six restrooms, a dedicated waiting room, and multiple reception and lobby areas. Brick construction, central heating, central air, carpet and ceramic tile flooring, and a shingle roof are in place. The roof is identified as new in 2026.
Units 325 and 327 have individual exterior entrances plus an interior connecting door, while 323 operates as a standalone unit. One unit is occupied under a month-to-month lease, and the other two are vacant. Each unit has separate electric and water metering. The property provides 19 parking spaces, including handicap parking, with building-mounted signage already installed. It is located at 323 W. Cypress Street in Kissimmee, one block from Hwy 192 and between two hospitals.
Units 325 and 327 have individual exterior entrances plus an interior connecting door, while 323 operates as a standalone unit. One unit is occupied under a month-to-month lease, and the other two are vacant. Each unit has separate electric and water metering. The property provides 19 parking spaces, including handicap parking, with building-mounted signage already installed. It is located at 323 W. Cypress Street in Kissimmee, one block from Hwy 192 and between two hospitals.
Key Highlights
- 4,551 SF medical office building on a 0.44‑acre corner lot
- Three separately addressable units under one roof
- Approximately 26 exam rooms, offices, and clinic rooms
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
$57,187
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
3.81%
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%
$1,143,740
$1.1M
Cap Rate 7%
$816,957
$817.0K
Cap Rate 9%
$635,411
$635.4K
Market Conditions
NOI Build-Up for 4,551 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
$106.5K $23.40/SF
− Vacancy
−$11.2K −$2.46/SF
EGI
$95.3K $20.94/SF
− OpEx
−$38.1K −$8.38/SF
NOI
$57.2K $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%
$1,143,740
Cap Rate 7%
$816,957
Cap Rate 9%
$635,411
Alternative Uses
Best Use
Healthcare Medical
$817.0K
$714.8K – $953.1K
NOI $57,187 @ 7.0% cap · market cap 3.81%
Second Best
Office B
$798.7K
$698.9K – $931.8K
NOI $55,909 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.09M
$956.9K – $1.28M
NOI $76,555 @ 7.0% cap · market cap 5.10%
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
Balanced
Demand for This Use
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
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 - Built-out clinical layout includes exam rooms, private offices, reception areas, and dedicated patient waiting space.
Where is this medical office space 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: 4,551 SF medical office building on a 0.44‑acre corner lot; Three separately addressable units under one roof; Approximately 26 exam rooms, offices, and clinic rooms
