Built-Out Medical Office
For Sale
$1,250,000
661 E Altamonte Dr Ste 231 Altamonte, Altamonte Springs, FL 32701
Configured for clinical operations with exam rooms, procedure areas, private offices, and separate patient and staff access.
Property Size3,467 SF
Price / SF$360.54
Days on Market193
Property Features for 661 E Altamonte Dr Ste 231 Altamonte
General Information
Standard status
Active
Size
3,467 SF
Class
A
Property subtype
Medical/Healthcare
Additional Details
Highway Access
Yes
Office Units
1
Amenities
valet services
Building Details
Building Size
3,467 SF
Year Built
1987
Listing Agency:
Amy Calandrino Orlando Commercial Real Estate Expert
(407) 492-0433
Listed By:
Amy Calandrino, CCIM, SIOR
(407) 492-0433
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 1:03PM
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 Amy Calandrino Orlando Commercial Real Estate Expert
Investment Insights
Based on property information with market context.
This 3,467 SF medical office suite is configured for immediate clinical use within the AdventHealth Altamonte Springs campus. The interior includes nine private offices, nine clinic or exam rooms, procedure areas, nurse stations, two restrooms, administrative areas, storage, and a patient waiting area. Main and rear entrances support separate circulation, while large windows provide natural light throughout the suite. Medical-grade infrastructure and finished interiors are already in place.
The property is adjacent to AdventHealth and near SR 436 and I-4, providing access to the broader Orlando area. The surrounding setting includes retail, dining, and additional medical services. Parking is available for staff and patients, with valet service at the entrance. Built in 1987, the suite is located within a maintained medical complex with a condo association.
The property is adjacent to AdventHealth and near SR 436 and I-4, providing access to the broader Orlando area. The surrounding setting includes retail, dining, and additional medical services. Parking is available for staff and patients, with valet service at the entrance. Built in 1987, the suite is located within a maintained medical complex with a condo association.
Key Highlights
- 3,467 SF medical office suite within the AdventHealth Altamonte Springs campus
- Nine private offices and nine clinic/exam rooms
- Procedure areas, nurse stations, storage, administrative space, and waiting area
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
$51,797
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
4.14%
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%
$1,035,940
$1.0M
Cap Rate 7%
$739,957
$740.0K
Cap Rate 9%
$575,522
$575.5K
Market Conditions
NOI Build-Up for 3,467 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
$83.2K $24.00/SF
− Vacancy
−$14.1K −$4.08/SF
EGI
$69.1K $19.92/SF
− OpEx
−$17.3K −$4.98/SF
NOI
$51.8K $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%
$1,035,940
Cap Rate 7%
$739,957
Cap Rate 9%
$575,522
Alternative Uses
Best Use
Office B
$740.0K
$647.5K – $863.3K
NOI $51,797 @ 7.0% cap · market cap 4.14%
Second Best
Healthcare Medical
$706.1K
$617.8K – $823.8K
NOI $49,426 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$986.6K
$863.3K – $1.15M
NOI $69,063 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,075
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32701, FL
23,265
Population
12,085
Households
1.9
Avg Household Size
40
Median Age
35%
College-Educated
93%
High-School Grad
5.6 sq mi
ZIP Area
4,154
Density / Sq Mi
$62,008
Median Household Income
$37,359
Median Earnings
$1,609
Median Rent
$258,100
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.
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- Altamonte Veterinary Hospital — 1089 E Altamonte Dr, Altamonte Springs, FL 32701
- Animal Healing Solutions — 1117 E Altamonte Dr, Altamonte Springs, FL 32701
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for clinical operations with exam rooms, procedure areas, private offices, and separate patient and staff access.
Where is this medical office space located?
The property is located at 661 E Altamonte Dr Ste 231 Altamonte Altamonte Springs, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 3,467 SF medical office suite within the AdventHealth Altamonte Springs campus; Nine private offices and nine clinic/exam rooms; Procedure areas, nurse stations, storage, administrative space, and waiting area
