Medical Office on Hospital
For Sale
Contact for pricing
661 E Altamonte Dr ste 312, Altamonte Springs, FL 32701
Move-in ready medical office connected to AdventHealth Altamonte Springs.
Property Size2,449 SF
Price / SF$379.34
Days on Market741
Property Features for 661 E Altamonte Dr ste 312
General Information
Standard status
Active
Size
2,449 SF
Property subtype
Office
Building Details
Year Built
1989
Year Renovated
2006
Buildings
1
Stories
3
Units
1
Listing Agency:
RE/MAX 200 Realty
Listed By:
Chuck Rudis · License #FL SL667745
Source:
Crexi
Added: Aug 22, 2024
Changed: Aug 19
Last Checked: Aug 31 at 2:45AM
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 RE/MAX 200 Realty
Investment Insights
Based on property information with market context.
This fully built-out medical office is located on the campus of AdventHealth Altamonte Springs and is directly connected to the hospital. The office, formerly a cosmetic surgery practice, features five exam rooms and two procedure rooms. Additional spaces include a nurse's station, a doctor's office, a waiting area, and administrative space. The layout also includes two restrooms, a main entrance, and a rear entrance. Natural light fills the office through windows spanning the entire south wall. High-end wood finishes, counters, and sinks are present throughout the space. The property offers parking and access, with valet services available at the entrance. The grounds are meticulously maintained. The condo association has over $2.4 million in reserves for special assessments, and no current assessments are anticipated. The property size is 2449 square feet.
Key Highlights
- Located on the campus of AdventHealth Altamonte Springs and directly connected to the hospital.
- Fully built‑out medical office, formerly a cosmetic surgery office, move‑in ready.
- Features five exam rooms, two procedure rooms, a nurse's station, and a doctor's office.
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
3.94%
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 3.94%
Second Best
Healthcare Medical
$498.8K
$436.4K – $581.9K
NOI $34,913 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$696.9K
$609.8K – $813.1K
NOI $48,784 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready medical office connected to AdventHealth Altamonte Springs.
Where is this medical office space located?
The property is located at 661 E Altamonte Dr ste 312 Altamonte Springs, FL.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: Located on the campus of AdventHealth Altamonte Springs and directly connected to the hospital.; Fully built‑out medical office, formerly a cosmetic surgery office, move‑in ready.; Features **five exam rooms, two procedure rooms, a nurse's station, and a doctor's office.**
