Multi-Suite Office
For Sale
$1,235,000
407 LAKE HOWELL ROAD, Maitland, FL 32751
Well-maintained office building with 24 suites, shared amenities, five restrooms, and approximately 29 parking spaces.
Property Size6,117 SF
Price / SF$201.90
Days on Market137
Property Features for 407 LAKE HOWELL ROAD
General Information
Standard status
Active
Size
6,117 SF
Total Parking Spaces
29
Property subtype
Office
Additional Details
Business Included
Yes
Highway Access
Yes
Office Units
24
Building Details
Year Built
1959
Year Renovated
2010
Tenancy
Multi
Listing Agency:
RE/MAX ASSURED
(800) 393-8600
Listed By:
Brent DeHoop
(407) 448-8971
Source:
Xome
Added: Apr 20
Changed: Jul 18
Last Checked: Sep 2 at 2:37PM
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 well-maintained commercial office building is currently operating as a professional office suite property with 24 individual suites. The layout includes welcoming, fully furnished lobby areas, a shared kitchen, five restrooms, and a dedicated conference room. The building was renovated in 2010, with a roof replacement in 2016.
The property is located in the City of Casselberry with a Maitland address, just two blocks from Hwy 436. It is surrounded by established medical and professional offices, supporting a broad range of office use.
For buyers, the building is consistently occupied with strong month-to-month tenancy. The current leases are on a month-to-month basis, and some suites are currently rented below market value, offering flexibility for future adjustments or personal utilization. The property includes approximately 29 parking spaces.
The property is located in the City of Casselberry with a Maitland address, just two blocks from Hwy 436. It is surrounded by established medical and professional offices, supporting a broad range of office use.
For buyers, the building is consistently occupied with strong month-to-month tenancy. The current leases are on a month-to-month basis, and some suites are currently rented below market value, offering flexibility for future adjustments or personal utilization. The property includes approximately 29 parking spaces.
Key Highlights
- Well‑maintained commercial office building with 24 individual suites and strong month‑to‑month tenancy
- Approximately 29 parking spaces plus multiple fully furnished lobby areas with a shared kitchen and dedicated conference room
- 5 restrooms across the building and a designed office‑suite layout for professional use
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
7.40%
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 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,851 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Office units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office building with 24 suites, shared amenities, five restrooms, and approximately 29 parking spaces.
Where is this office building located?
The property is located at 407 LAKE HOWELL ROAD Maitland, FL.
What is the asking price?
The asking price for this property is $1,235,000.
What are key features of this property?
This property features: Well‑maintained commercial office building with 24 individual suites and strong month‑to‑month tenancy; Approximately 29 parking spaces plus multiple fully furnished lobby areas with a shared kitchen and dedicated conference room; 5 restrooms across the building and a designed office‑suite layout for professional use
