Medical Office Condo For
For Sale
$400,000
9430 Turkey Lake Rd, Orlando, FL 32819
Second-floor medical office condo in Dr. Phillips Hospital complex.
Property Size1,000 SF
Price / SF$400
Days on Market132
Property Features for 9430 Turkey Lake Rd
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Office
Listing Agency:
Orlando
(407) 362-6121
Listed By:
Kirk Fetter · License #BK3009060
(407) 362-6121
Source:
Colliers
Added: Apr 8
Changed: Aug 8
Last Checked: Aug 8 at 5:56AM
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 Orlando
Investment Insights
Based on property information with market context.
A second-floor medical office condo, comprising just under 1,000 square feet, is available for sale. The suite, identified as Suite 204, is situated within a medical building complex associated with Dr. Phillips Hospital. The building provides a directory and suite entrance signage. Ample parking is available for tenants and visitors. The building's tenant roster includes Orlando Health, Associates in Dermatology, The Cardiovascular Center of Florida, Gastro Health, Cardiac Clinic, and Florida Institute of Neurology. The original condo owner is retiring.
Key Highlights
- Located within Dr. Phillips Hospital medical building complex
- Ample parking for patients and staff
- Suite entrance signage to highlight your practice
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
$18,675
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
4.67%
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%
$373,500
$373.5K
Cap Rate 7%
$266,786
$266.8K
Cap Rate 9%
$207,500
$207.5K
Market Conditions
NOI Build-Up for 1,000 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
$30.0K $30.00/SF
− Vacancy
−$5.1K −$5.10/SF
EGI
$24.9K $24.90/SF
− OpEx
−$6.2K −$6.23/SF
NOI
$18.7K $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%
$373,500
Cap Rate 7%
$266,786
Cap Rate 9%
$207,500
Alternative Uses
Best Use
Office B
$266.8K
$233.4K – $311.3K
NOI $18,675 @ 7.0% cap · market cap 4.67%
Second Best
Healthcare Medical
$203.7K
$178.2K – $237.6K
NOI $14,256 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$322.1K
$281.9K – $375.8K
NOI $22,549 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,083
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 - Second-floor medical office condo in Dr. Phillips Hospital complex.
Where is this medical office space located?
The property is located at 9430 Turkey Lake Rd Orlando, FL.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Located within Dr. Phillips Hospital medical building complex; Ample parking for patients and staff; Suite entrance signage to highlight your practice
