Turnkey Office Building in
For Sale
$409,000
523 WEKIVA COMMONS CIR #4, Apopka, FL 32712
Remodeled office building in Wekiva Commons Office Park.
Property Size1,540 SF
Price / SF$265.58
Days on Market228
Property Features for 523 WEKIVA COMMONS CIR #4
General Information
Standard status
Active
Size
1,540 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,449
Building Details
Building Size
1,540 SF
Year Built
2004
Listing Agency:
LOU HAUBNER REALTY, INC.
(407) 886-8010
Listed By:
Lou Haubner, Jr. · License #123002
Source:
Kingofrealestate
Added: Jan 15
Changed: Aug 23
Last Checked: Aug 30 at 10:48PM
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.
This 1,540 sq. ft. office building is located in Wekiva Commons Office Park in Apopka, Florida. Completed at the end of 2004, the interior was fully remodeled in 2018 with new floors, an upgraded kitchen, and fresh paint. Both HVAC units have been replaced, and the roof was replaced in 2025. The building has no deferred maintenance. Currently owner-occupied, it can function as a two-unit facility, with unit A having 930 sq. ft. and unit B having 610 sq. ft., sharing one bathroom. The current layout includes 4 offices, 1 conference room, 1 lobby/reception area, 1 bathroom, and 1 storage room. The interior can be redesigned for more offices. This property is suitable for owner occupancy and presents a promising investment opportunity, as approximately half of the buildings in the seven-building office park are rented. Wekiva Commons is a condominium association that maintains common areas, including parking lots and trees. Water and sewer are included in the condo fee, which is currently $363.66 per month. Most furnishings will remain in place. The bike score is 83, indicating it is very bikeable. The walk score is 68, indicating it is somewhat walkable. The transit score is 37, indicating some transit is available.
Key Highlights
- Turnkey office building with flexible lease purchase options
- Recent roof replacement (2025) and HVAC unit replacements; no deferred maintenance
- Remodeled interior (2018) with new floors, upgraded kitchen, and fresh paint
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
Property Profile
Current Use
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 - Remodeled office building in Wekiva Commons Office Park.
Where is this office building located?
The property is located at 523 WEKIVA COMMONS CIR #4 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: Turnkey office building with flexible lease purchase options; Recent roof replacement (2025) and HVAC unit replacements; no deferred maintenance; Remodeled interior (2018) with new floors, upgraded kitchen, and fresh paint
