Single-Tenant Medical Office
For Sale
Contact for pricing
80 W Michigan St, Orlando, FL 32806
Purpose-built medical office located near Orlando Health’s flagship campus and currently 100% leased to a single AA-rated tenant.
Property Size9,300 SF
Price / SF$602.15
Days on Market65
Property Features for 80 W Michigan St
General Information
Standard status
Active
Size
9,300 SF
Class
C
Total Parking Spaces
45
Property subtype
Office
Zoning
I-G/SP
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Stabilized
Building Details
Year Built
2010
Tenancy
Single
Listing Agency:
Bishop Beale Duncan
Listed By:
Christine Goldman · License #SL3610095
Source:
Crexi
Added: Jun 22
Changed: Aug 10
Last Checked: Aug 25 at 12:52PM
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 Bishop Beale Duncan
Investment Insights
Based on property information with market context.
This purpose-built single-tenant medical office building was developed for medical use and is currently 100% leased to a single AA-rated medical tenant.
The property is situated next to the Heart of Orlando Health’s flagship campus and lies within the City of Orlando’s Special Plan designation for the SODO plan area. The overlay is intended to encourage redevelopment and establish the Division Avenue and Kaley Street intersection as a western gateway into the south downtown subarea.
For medical operators and healthcare-oriented investors, the property offers a purpose-built configuration tied to an existing, long-term tenant profile. With the building already leased to one medical tenant, it may be well suited for buyers seeking a stabilized medical asset within the SODO plan area near a major healthcare anchor.
The property is situated next to the Heart of Orlando Health’s flagship campus and lies within the City of Orlando’s Special Plan designation for the SODO plan area. The overlay is intended to encourage redevelopment and establish the Division Avenue and Kaley Street intersection as a western gateway into the south downtown subarea.
For medical operators and healthcare-oriented investors, the property offers a purpose-built configuration tied to an existing, long-term tenant profile. With the building already leased to one medical tenant, it may be well suited for buyers seeking a stabilized medical asset within the SODO plan area near a major healthcare anchor.
Key Highlights
- Purpose‑built single‑tenant medical office (MOB) built in 2010
- 100% leased with a single AA‑rated medical tenant
- Located near Orlando Health’s flagship campus
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
$173,678
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
3.10%
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%
$3,473,560
$3.5M
Cap Rate 7%
$2,481,114
$2.5M
Cap Rate 9%
$1,929,756
$1.9M
Market Conditions
NOI Build-Up for 9,300 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
$279.0K $30.00/SF
− Vacancy
−$47.4K −$5.10/SF
EGI
$231.6K $24.90/SF
− OpEx
−$57.9K −$6.23/SF
NOI
$173.7K $18.67/SF
Area
Orlando, FL
Vacancy
17.00%
Lease Rate
$30.00 /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%
$3,473,560
Cap Rate 7%
$2,481,114
Cap Rate 9%
$1,929,756
Alternative Uses
Best Use
Office B
$2.48M
$2.17M – $2.89M
NOI $173,678 @ 7.0% cap · market cap 3.10%
Second Best
Healthcare Medical
$1.89M
$1.66M – $2.21M
NOI $132,581 @ 7.0% cap · market cap 2.37%
Theoretical Best
Office A
$3.00M
$2.62M – $3.50M
NOI $209,710 @ 7.0% cap · market cap 3.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,026
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32806, FL
26,582
Population
12,529
Households
2.1
Avg Household Size
40
Median Age
55%
College-Educated
95%
High-School Grad
6.8 sq mi
ZIP Area
3,909
Density / Sq Mi
$86,653
Median Household Income
$54,012
Median Earnings
$1,500
Median Rent
$415,800
Median Home Value
Market
Vacancy Rate% for Office in Orlando, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built medical office located near Orlando Health’s flagship campus and currently 100% leased to a single AA-rated tenant.
Where is this medical office space located?
The property is located at 80 W Michigan St Orlando, FL.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Purpose‑built single‑tenant medical office (MOB) built in 2010; 100% leased with a single AA‑rated medical tenant; Located near Orlando Health’s flagship campus
