Two-Story Office Building with Secured
For Sale
Contact for pricing
890 North State Road 434, Altamonte Springs, FL 32714
Modern two-story office building with an anchor tenant occupying the entire second floor and recent roof and HVAC improvements.
Property Size14,688 SF
Lot Size1.55 Acres
Price / SF$221.27
Days on Market66
Property Features for 890 North State Road 434
General Information
Standard status
Active
Size
14,688 SF
Lot size
1.55 Acres
Property subtype
Retail, Office
Zoning
Commercial / Office
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Clear Height
10 ft
Building Details
Year Built
1983
Stories
2
Units
155
Tenancy
Multi
Listing Agency:
KW Commercial Orlando Central
Listed By:
Mark E Arnold · License #FL BK3220138
Source:
Crexi
Added: Jun 19
Changed: Aug 15
Last Checked: Aug 22 at 10:30AM
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 KW Commercial Orlando Central
Investment Insights
Based on property information with market context.
This 14,668-square-foot, two-story office building was constructed in 1983 and has been carefully maintained and updated. The property is currently leased, with a primary anchor tenant using the entire second floor and a smaller tenant occupying a first-floor suite. Recent improvements include remodeling, installation of a new roof, and updated HVAC equipment, and the elevator and building systems have been professionally serviced. The building also features secured gated entries, break and open areas, and a modern, professional working environment.
The asset sits on a 1.55-acre parcel at the corner of SR 434 and Palm Springs Drive, across from the Jamestown Shopping Center. There are two entrances to the parking areas, one from SR 434 and one from Sand Lake Road, and the site provides ample parking and a client/customer-friendly setting. The property is located within an established small commercial campus that includes the subject property and an adjacent retail building, with surrounding commercial uses nearby.
For tenants and buyers seeking flexible occupancy, the first floor can support repositioning consistent with the stated Future Land Use of Commercial/Office, including medical or retail use. The current clear height on the first floor is 10 feet and can potentially be increased in sections to 13 feet, and the floor can be divided into multiple retail suites for a range of uses. With a primary tenant providing long-term stability and operating costs described as full service with moderate operating expenses, the building also supports an owner-user approach for use of the first floor.
The asset sits on a 1.55-acre parcel at the corner of SR 434 and Palm Springs Drive, across from the Jamestown Shopping Center. There are two entrances to the parking areas, one from SR 434 and one from Sand Lake Road, and the site provides ample parking and a client/customer-friendly setting. The property is located within an established small commercial campus that includes the subject property and an adjacent retail building, with surrounding commercial uses nearby.
For tenants and buyers seeking flexible occupancy, the first floor can support repositioning consistent with the stated Future Land Use of Commercial/Office, including medical or retail use. The current clear height on the first floor is 10 feet and can potentially be increased in sections to 13 feet, and the floor can be divided into multiple retail suites for a range of uses. With a primary tenant providing long-term stability and operating costs described as full service with moderate operating expenses, the building also supports an owner-user approach for use of the first floor.
Key Highlights
- 14,668 SF two‑story office building on a 1.55‑acre parcel in Altamonte Springs at SR 434 and Palm Springs Drive
- Leased investment: primary anchor tenant uses the entire second floor (50% of the building) and a smaller tenant uses a first‑floor suite
- Recent upgrades include remodeling plus new roof and HVAC equipment; elevator and building systems professionally serviced
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
$219,439
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
6.75%
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%
$4,388,780
$4.4M
Cap Rate 7%
$3,134,843
$3.1M
Cap Rate 9%
$2,438,211
$2.4M
Market Conditions
NOI Build-Up for 14,688 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
$352.5K $24.00/SF
− Vacancy
−$59.9K −$4.08/SF
EGI
$292.6K $19.92/SF
− OpEx
−$73.1K −$4.98/SF
NOI
$219.4K $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%
$4,388,780
Cap Rate 7%
$3,134,843
Cap Rate 9%
$2,438,211
Alternative Uses
Best Use
Office B
$3.13M
$2.74M – $3.66M
NOI $219,439 @ 7.0% cap · market cap 6.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.18M
$3.66M – $4.88M
NOI $292,585 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10 ft
Clear height
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
776
Businesses Nearby
Explore this area
Business Placement
Demographics for 32714, FL
38,049
Population
16,722
Households
2.3
Avg Household Size
37
Median Age
37%
College-Educated
92%
High-School Grad
8.5 sq mi
ZIP Area
4,476
Density / Sq Mi
$67,333
Median Household Income
$39,714
Median Earnings
$1,641
Median Rent
$292,300
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 - Modern two-story office building with an anchor tenant occupying the entire second floor and recent roof and HVAC improvements.
Where is this office building located?
The property is located at 890 North State Road 434 Altamonte Springs, FL.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 14,668 SF two‑story office building on a 1.55‑acre parcel in Altamonte Springs at SR 434 and Palm Springs Drive; Leased investment: primary anchor tenant uses the entire second floor (50% of the building) and a smaller tenant uses a first‑floor suite; Recent upgrades include remodeling plus new roof and HVAC equipment; elevator and building systems professionally serviced
