Built-Out Medical Office
For Sale
Contact for pricing
661 East Altamonte Drive, Altamonte Springs, FL 32701
Configured healthcare space with exam and procedure rooms, administrative areas, and dual entrances on a hospital campus.
Property Size2,449 SF
Price / SF$367.09
Days on Market8
Property Features for 661 East Altamonte Drive
General Information
Standard status
Active
Size
2,449 SF
Property subtype
Office
Listing Agency:
CEP - Commercial Equity Partners
(407) 302-0446
Listed By:
Brian Smith · License #FL 3371533
Source:
Crexi
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 18 at 11:17AM
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 CEP - Commercial Equity Partners
Investment Insights
Based on property information with market context.
This 2,449 SF medical office is fully configured for clinical operations within the AdventHealth Altamonte Springs campus and has a direct connection to the hospital. The interior includes five exam rooms, two procedure rooms, a nurse’s station, physician office, reception and waiting area, administrative space, and two restrooms. Both front and rear entry points support access through the suite, while wood finishes, counters, and sinks provide a consistent high-end interior package.
The property includes access to parking and valet service at the entrance. The campus grounds are maintained, and the purchaser is required to be a member of Advent Health Group.
The property includes access to parking and valet service at the entrance. The campus grounds are maintained, and the purchaser is required to be a member of Advent Health Group.
Key Highlights
- 2,449 SF fully built‑out medical office
- Five exam rooms and two procedure rooms
- Direct connection to AdventHealth Altamonte Springs hospital
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
$36,588
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
4.07%
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%
$731,760
$731.8K
Cap Rate 7%
$522,686
$522.7K
Cap Rate 9%
$406,533
$406.5K
Market Conditions
NOI Build-Up for 2,449 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
$58.8K $24.00/SF
− Vacancy
−$10.0K −$4.08/SF
EGI
$48.8K $19.92/SF
− OpEx
−$12.2K −$4.98/SF
NOI
$36.6K $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%
$731,760
Cap Rate 7%
$522,686
Cap Rate 9%
$406,533
Alternative Uses
Best Use
Office B
$522.7K
$457.4K – $609.8K
NOI $36,588 @ 7.0% cap · market cap 4.07%
Second Best
Healthcare Medical
$498.8K
$436.4K – $581.9K
NOI $34,913 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$696.9K
$609.8K – $813.1K
NOI $48,784 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,460
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured healthcare space with exam and procedure rooms, administrative areas, and dual entrances on a hospital campus.
Where is this medical office space located?
The property is located at 661 East Altamonte Drive Altamonte Springs, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 2,449 SF fully built‑out medical office; Five exam rooms and two procedure rooms; Direct connection to AdventHealth Altamonte Springs hospital
