Second-Floor Medical Office Condo Suite
For Sale
Contact for pricing
9430 Turkey Lake Rd, Orlando, FL 32819
Second-floor 952 SF medical office condo in the Dr. Phillips Hospital medical building complex with ample parking.
Property Size952 SF
Price / SF$420.17
Days on Market144
Property Features for 9430 Turkey Lake Rd
General Information
Standard status
Active
Size
952 SF
Property subtype
OFFICE
Additional Details
Floor
2
Building Details
Tenancy
Multi
Listing Agency:
Colliers | Orlando
(407) 843-1723
Listed By:
Kirk Fetter · License #BK3009060
(407) 920-8913
Source:
Moodyscre
Added: Apr 27
Changed: Sep 7
Last Checked: Sep 16 at 2:20PM
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 Colliers | Orlando
Investment Insights
Based on property information with market context.
Second-floor medical office condo for sale, Suite 204, within a Dr. Phillips Hospital medical building complex. The suite measures 952 SF and is identified by building directory and suite entrance signage. Ample parking is available for patients and staff.
The building is home to multiple established healthcare practices, including Orlando Health, Associates in Dermatology, The Cardiovascular Center of Florida, Gastro Health, Cardiac Clinic, and the Florida Institute of Neurology. The current owner is retiring.
Suite 204 offers a compact footprint for medical office use in a tenanted hospital-adjacent environment at 9430 Turkey Lake Rd, Orlando, FL 32819.
The building is home to multiple established healthcare practices, including Orlando Health, Associates in Dermatology, The Cardiovascular Center of Florida, Gastro Health, Cardiac Clinic, and the Florida Institute of Neurology. The current owner is retiring.
Suite 204 offers a compact footprint for medical office use in a tenanted hospital-adjacent environment at 9430 Turkey Lake Rd, Orlando, FL 32819.
Key Highlights
- 952 SF second‑floor medical office condo, Suite 204
- Located within the Dr. Phillips Hospital medical building complex
- Building directory and suite entrance signage
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
$17,779
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
4.44%
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%
$355,580
$355.6K
Cap Rate 7%
$253,986
$254.0K
Cap Rate 9%
$197,544
$197.5K
Market Conditions
NOI Build-Up for 952 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
$28.6K $30.00/SF
− Vacancy
−$4.9K −$5.10/SF
EGI
$23.7K $24.90/SF
− OpEx
−$5.9K −$6.23/SF
NOI
$17.8K $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%
$355,580
Cap Rate 7%
$253,986
Cap Rate 9%
$197,544
Alternative Uses
Best Use
Office B
$254.0K
$222.2K – $296.3K
NOI $17,779 @ 7.0% cap · market cap 4.44%
Second Best
Healthcare Medical
$193.9K
$169.7K – $226.2K
NOI $13,572 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$306.7K
$268.3K – $357.8K
NOI $21,467 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Orlando, FL
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Second-floor 952 SF medical office condo in the Dr. Phillips Hospital medical building complex with ample parking.
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: 952 SF second‑floor medical office condo, Suite 204; Located within the Dr. Phillips Hospital medical building complex; Building directory and suite entrance signage
