Medical Condo with Exam
For Sale
Contact for pricing
4106 W Lake Mary Blvd, Lake Mary, FL 32746
Vacant second-generation medical office condo featuring four exam rooms and direct frontage on W Lake Mary Blvd.
Property Size2,675 SF
Price / SF$222.43
Days on Market160
Property Features for 4106 W Lake Mary Blvd
General Information
Standard status
Active
Size
2,675 SF
Class
B
Property subtype
Office
Additional Details
Road Access
Yes
Building Details
Year Built
1989
Stories
3
Listing Agency:
Marcus & Millichap - Orlando
Listed By:
Ray Turchi · License #FL BK3015549
(407) 557-3847
Source:
Crexi
Added: Apr 1
Changed: Sep 6
Last Checked: Sep 3 at 12:00AM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
Located at 4106 W Lake Mary Blvd, this vacant medical office condo is available for sale within MedPlex at Lake Mary. The space totals 2,675 SF and is laid out for clinical use, with four exam rooms, two offices, and a nurse’s station.
The condo has direct access and frontage on W Lake Mary Blvd. It is part of a 50,705 SF office building designed for medical practices.
For context, the property is described as being near retail centers including Shoppes of Lake Mary and Lake Mary Centre, with proximity to Orlando Health Lake Mary referenced in the remarks.
The condo has direct access and frontage on W Lake Mary Blvd. It is part of a 50,705 SF office building designed for medical practices.
For context, the property is described as being near retail centers including Shoppes of Lake Mary and Lake Mary Centre, with proximity to Orlando Health Lake Mary referenced in the remarks.
Key Highlights
- Vacant second‑generation medical office condo at 4106 W Lake Mary Blvd, Lake Mary, FL 32746
- 2,675 SF medical condo within MedPlex at Lake Mary
- Includes four exam rooms, two offices, and a nurse’s station
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
$39,965
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
6.72%
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%
$799,300
$799.3K
Cap Rate 7%
$570,929
$570.9K
Cap Rate 9%
$444,056
$444.1K
Market Conditions
NOI Build-Up for 2,675 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
$64.2K $24.00/SF
− Vacancy
−$10.9K −$4.08/SF
EGI
$53.3K $19.92/SF
− OpEx
−$13.3K −$4.98/SF
NOI
$40.0K $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%
$799,300
Cap Rate 7%
$570,929
Cap Rate 9%
$444,056
Alternative Uses
Best Use
Office B
$570.9K
$499.6K – $666.1K
NOI $39,965 @ 7.0% cap · market cap 6.72%
Second Best
Healthcare Medical
$544.8K
$476.7K – $635.6K
NOI $38,135 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$761.2K
$666.1K – $888.1K
NOI $53,286 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,799
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32746, FL
45,828
Population
20,204
Households
2.3
Avg Household Size
42
Median Age
53%
College-Educated
97%
High-School Grad
21.1 sq mi
ZIP Area
2,172
Density / Sq Mi
$111,534
Median Household Income
$55,860
Median Earnings
$1,912
Median Rent
$420,200
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 - Vacant second-generation medical office condo featuring four exam rooms and direct frontage on W Lake Mary Blvd.
Where is this medical office space located?
The property is located at 4106 W Lake Mary Blvd Lake Mary, FL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Vacant second‑generation medical office condo at 4106 W Lake Mary Blvd, Lake Mary, FL 32746; 2,675 SF medical condo within MedPlex at Lake Mary; Includes four exam rooms, two offices, and a nurse’s station
