Remodeled Two-Unit Office
For Sale
$409,000
4-523 Wekiva Commons Cir, Apopka, FL 32712
Flexible office configuration with updated interiors, dual HVAC systems, and condominium-maintained common areas.
Property Size1,540 SF
Price / SF$265.58
Days on Market214
Property Features for 4-523 Wekiva Commons Cir
General Information
Standard status
Active
Size
1,540 SF
Occupancy
100%
Additional Details
Furnished
Yes
HOA Fee
$363.66
Taxes and HOA fees
Annual Taxes
$3,449
Building Details
Year Built
2004
Year Renovated
2018
Buildings
1
Tenancy
Single
Owner Occupied
Yes
Listing Agency:
LOU HAUBNER REALTY, INC.
(407) 886-8010
Listed By:
Lou Haubner, Jr. · License #123002
(407) 886-8010
Source:
Exprealty
Added: Jan 16
Changed: Aug 16
Last Checked: Aug 17 at 5:35PM
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 LOU HAUBNER REALTY, INC.
Investment Insights
Based on property information with market context.
Located at 4-523 Wekiva Commons Cir in Apopka, this 1,540-square-foot office building was completed at the end of 2004 and remodeled in 2018. The interior includes refreshed flooring, an upgraded kitchen, and new paint, while both HVAC units have since been replaced. A roof replacement was completed in 2025.
The current layout provides four offices, a conference room, lobby and reception area, bathroom, and storage room. The 930-square-foot Unit A and 610-square-foot Unit B share the bathroom and can support a two-unit configuration, with additional interior redesign possible. Most furnishings remain in place. Wekiva Commons Office Park is maintained by a condominium association responsible for common areas, including parking lots and trees; water and sewer are included in the condominium services.
The current layout provides four offices, a conference room, lobby and reception area, bathroom, and storage room. The 930-square-foot Unit A and 610-square-foot Unit B share the bathroom and can support a two-unit configuration, with additional interior redesign possible. Most furnishings remain in place. Wekiva Commons Office Park is maintained by a condominium association responsible for common areas, including parking lots and trees; water and sewer are included in the condominium services.
Key Highlights
- 1,540‑square‑foot office building completed at the end of 2004
- Interior remodel completed in 2018 with new floors, upgraded kitchen, and fresh paint
- Two‑unit configuration: Unit A is 930 square feet and Unit B is 610 square feet
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
$23,008
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
5.63%
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%
$460,160
$460.2K
Cap Rate 7%
$328,686
$328.7K
Cap Rate 9%
$255,644
$255.6K
Market Conditions
NOI Build-Up for 1,540 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
$37.0K $24.00/SF
− Vacancy
−$6.3K −$4.08/SF
EGI
$30.7K $19.92/SF
− OpEx
−$7.7K −$4.98/SF
NOI
$23.0K $14.94/SF
Area
Orange 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%
$460,160
Cap Rate 7%
$328,686
Cap Rate 9%
$255,644
Alternative Uses
Best Use
Office B
$328.7K
$287.6K – $383.5K
NOI $23,008 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$438.2K
$383.5K – $511.3K
NOI $30,677 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
Explore this area
Business Placement
Demographics for 32712, FL
50,085
Population
17,601
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
90%
High-School Grad
71.5 sq mi
ZIP Area
700
Density / Sq Mi
$106,264
Median Household Income
$47,049
Median Earnings
$1,995
Median Rent
$389,900
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 - Flexible office configuration with updated interiors, dual HVAC systems, and condominium-maintained common areas.
Where is this office building located?
The property is located at 4-523 Wekiva Commons Cir Apopka, FL.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: 1,540‑square‑foot office building completed at the end of 2004; Interior remodel completed in 2018 with new floors, upgraded kitchen, and fresh paint; Two‑unit configuration: Unit A is 930 square feet and Unit B is 610 square feet
