Medical Office Building with Exam
For Sale
$1,250,000
3333 Capital Oaks Dr, Tallahassee, FL 32308
Healthcare-oriented layout includes reception, private rooms, and kitchen space.
Property Size6,213 SF
Days on Market194
Property Features for 3333 Capital Oaks Dr
General Information
Standard status
Active
Size
6,213 SF
Class
B
Property subtype
Medical/Healthcare
Building Details
Building Size
6,213 SF
Year Built
1983
Listing Agency:
NAI TALCOR
(850) 224-2300
Listed By:
E. Edward Murray, Jr., SIOR, CCIM
(850) 224-2300
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 9:18AM
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 NAI TALCOR
Investment Insights
Based on property information with market context.
This 6,213-square-foot medical office building, constructed in 1983, provides a purpose-oriented arrangement for healthcare operations. Interior components include a reception and waiting area, multiple private offices, exam rooms, and kitchen space, creating a practical base for medical services and related professional use.
The property is positioned along Capital Oaks Drive in Tallahassee’s established medical and professional corridor. Nearby physician offices, specialty clinics, outpatient providers, and other healthcare users create a concentrated medical setting. Access to Capital Circle SE and Apalachee Parkway supports patient, staff, and visitor travel.
The property is positioned along Capital Oaks Drive in Tallahassee’s established medical and professional corridor. Nearby physician offices, specialty clinics, outpatient providers, and other healthcare users create a concentrated medical setting. Access to Capital Circle SE and Apalachee Parkway supports patient, staff, and visitor travel.
Key Highlights
- 6,213‑square‑foot medical office building constructed in 1983
- Reception and waiting area serve the primary entrance
- Multiple private offices and exam 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
$76,327
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
6.11%
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%
$1,526,540
$1.5M
Cap Rate 7%
$1,090,386
$1.1M
Cap Rate 9%
$848,078
$848.1K
Market Conditions
NOI Build-Up for 6,213 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
$130.5K $21.00/SF
− Vacancy
−$28.7K −$4.62/SF
EGI
$101.8K $16.38/SF
− OpEx
−$25.4K −$4.10/SF
NOI
$76.3K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /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%
$1,526,540
Cap Rate 7%
$1,090,386
Cap Rate 9%
$848,078
Alternative Uses
Best Use
Office B
$1.09M
$954.1K – $1.27M
NOI $76,327 @ 7.0% cap · market cap 6.11%
Second Best
Healthcare Medical
$1.05M
$921.0K – $1.23M
NOI $73,676 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,621 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,404
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32308, FL
23,355
Population
11,838
Households
2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
1,478
Density / Sq Mi
$73,125
Median Household Income
$46,786
Median Earnings
$1,327
Median Rent
$291,800
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 - Healthcare-oriented layout includes reception, private rooms, and kitchen space.
Where is this medical office space located?
The property is located at 3333 Capital Oaks Dr Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 6,213‑square‑foot medical office building constructed in 1983; Reception and waiting area serve the primary entrance; Multiple private offices and exam rooms
