Medical Outpatient Building Near
For Sale
Contact for pricing
9350 Turkey Lake Rd #2, Orlando, FL 32819
14,865 SF medical building, 100% leased, near Orlando Health.
Property Size14,865 SF
Price / SF$403.63
Days on Market205
Property Features for 9350 Turkey Lake Rd #2
General Information
Standard status
Active
Size
14,865 SF
Total Parking Spaces
148
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$345,647
Building Details
Year Built
1990
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
CBRE - Healthcare Capital Markets
Listed By:
Jaime Jones Vantsa · License #100103493
Source:
Crexi
Added: Feb 6
Changed: Aug 8
Last Checked: Aug 8 at 2:46PM
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 CBRE - Healthcare Capital Markets
Investment Insights
Based on property information with market context.
The property at 9350 Turkey Lake Road is a 14,865 square foot multi-tenant medical outpatient building. It is 100% leased and located directly adjacent to Orlando Health Dr. P. Phillips Hospital in Orlando, Florida. The property is anchored by Rayus Radiology, a national imaging provider occupying 81% of the gross leasable area (GLA). Rayus Radiology is leased through 2031 with 2.5% annual increases. Quest Diagnostics, a Fortune 500 laboratory provider, occupies the remaining 19% of the GLA and is leased through 2029. Both tenants operate under NNN lease structures, with landlord responsibilities limited to the roof, structure, and foundation.
Key Highlights
- 100% leased multi‑tenant medical outpatient building.
- Located directly adjacent to Orlando Health Dr. P. Phillips Hospital.
- Anchored by Rayus Radiology (81% of GLA) leased through 2031 with 2.5% annual increases.
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
$277,604
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
4.63%
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%
$5,552,080
$5.6M
Cap Rate 7%
$3,965,771
$4.0M
Cap Rate 9%
$3,084,489
$3.1M
Market Conditions
NOI Build-Up for 14,865 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
$446.0K $30.00/SF
− Vacancy
−$75.8K −$5.10/SF
EGI
$370.1K $24.90/SF
− OpEx
−$92.5K −$6.23/SF
NOI
$277.6K $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%
$5,552,080
Cap Rate 7%
$3,965,771
Cap Rate 9%
$3,084,489
Alternative Uses
Best Use
Office B
$3.97M
$3.47M – $4.63M
NOI $277,604 @ 7.0% cap · market cap 4.63%
Second Best
Healthcare Medical
$3.03M
$2.65M – $3.53M
NOI $211,915 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$4.79M
$4.19M – $5.59M
NOI $335,197 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32819, FL
30,857
Population
14,689
Households
2.1
Avg Household Size
40
Median Age
51%
College-Educated
92%
High-School Grad
20.7 sq mi
ZIP Area
1,491
Density / Sq Mi
$94,386
Median Household Income
$47,166
Median Earnings
$1,947
Median Rent
$454,000
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 - 14,865 SF medical building, 100% leased, near Orlando Health.
Where is this medical office space located?
The property is located at 9350 Turkey Lake Rd #2 Orlando, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 100% leased multi‑tenant medical outpatient building.; Located directly adjacent to Orlando Health Dr. P. Phillips Hospital.; Anchored by Rayus Radiology (81% of GLA) leased through 2031 with 2.5% annual increases.
