24-Suite Professional Office
For Sale
$1,195,000
407 LAKE HOWELL, Maitland, FL 32751
Multi-suite office property with shared amenities, furnished lobby areas, and flexible month-to-month occupancy.
Property Size6,117 SF
Days on Market24
Property Features for 407 LAKE HOWELL
General Information
Standard status
Active
Size
6,117 SF
Total Parking Spaces
29
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Office Units
24
Taxes and HOA fees
Annual Taxes
$12,239
Amenities
shared kitchen
conference room
Building Details
Building Size
6,117 SF
Year Built
1959
Year Renovated
2010
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX ASSURED
Listed By:
Brent DeHoop
(407) 448-8971
Source:
Elliman
Added: Sep 1
Changed: Sep 23
Last Checked: Sep 22 at 4:52PM
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 RE/MAX ASSURED
Investment Insights
Based on property information with market context.
This professional office building contains 24 individual suites supported by three furnished lobby areas, a shared kitchen, five restrooms, and a dedicated conference room. Approximately 29 parking spaces serve the property. The building was renovated in 2010, and the roof was replaced in 2016. Current leases are month-to-month, with some suites rented below market value.
The property is located at 407 Lake Howell in Maitland, Florida, within the City of Casselberry and two blocks from Hwy 436. Surrounding properties include established medical and professional offices. Walk Score is 31, Transit Score is 26, and bikeScore is 39. The building was originally constructed in 1959.
The property is located at 407 Lake Howell in Maitland, Florida, within the City of Casselberry and two blocks from Hwy 436. Surrounding properties include established medical and professional offices. Walk Score is 31, Transit Score is 26, and bikeScore is 39. The building was originally constructed in 1959.
Key Highlights
- 24 individual office suites with month‑to‑month leases
- Approximately 29 parking spaces
- Three fully furnished lobby areas, shared kitchen, five restrooms, and conference room
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
$91,388
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
7.65%
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%
$1,827,760
$1.8M
Cap Rate 7%
$1,305,543
$1.3M
Cap Rate 9%
$1,015,422
$1.0M
Market Conditions
NOI Build-Up for 6,117 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
$146.8K $24.00/SF
− Vacancy
−$25.0K −$4.08/SF
EGI
$121.9K $19.92/SF
− OpEx
−$30.5K −$4.98/SF
NOI
$91.4K $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%
$1,827,760
Cap Rate 7%
$1,305,543
Cap Rate 9%
$1,015,422
Alternative Uses
Best Use
Office B
$1.31M
$1.14M – $1.52M
NOI $91,388 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,851 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 32751, FL
23,230
Population
10,730
Households
2.2
Avg Household Size
40
Median Age
56%
College-Educated
96%
High-School Grad
7.0 sq mi
ZIP Area
3,319
Density / Sq Mi
$94,277
Median Household Income
$51,357
Median Earnings
$1,841
Median Rent
$433,100
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.
Frequently Asked Questions
What type of property is this?
Office building - Multi-suite office property with shared amenities, furnished lobby areas, and flexible month-to-month occupancy.
Where is this office building located?
The property is located at 407 LAKE HOWELL Maitland, FL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 24 individual office suites with month‑to‑month leases; Approximately 29 parking spaces; Three fully furnished lobby areas, shared kitchen, five restrooms, and conference room
