451 Milwee StLongwood, FL 32750

Property Details for 451 Milwee St

Year built

1983

Lot size

0.71 AC

Property size (Sq ft)

9,000 SF

Property type

Office properties

Property subtype

Medical offices

Description

This fee-simple medical office building, totaling 9,000 square feet, presents a compelling value-add investment opportunity in Longwood, Florida. Located at 451 S Milwee St, 32750, this single-building property, constructed in 1983, sits on a 0.71-acre lot and enjoys a prime location adjacent to the 206-bed Orlando Health South Seminole Hospital. Currently, the building has one tenant under a gross lease agreement with a remaining lease term of approximately 0.1 years. The lease commenced January 1, 2014, and expires December 31, 2024, with a 4% annual rent bump and four one-year lease options. The current occupancy is 66.67%, offering significant upside potential through lease-up of vacant space and rent increases, particularly as the first-floor tenant is currently 25% below market rates. The asking price is $1,735,000, translating to $192.78 per square foot, a price point below replacement cost. The property boasts a pro-forma cap rate of 10.19% and a pro-forma NOI of $176,853, compared to the current NOI of $69,415. Benefitting from high visibility due to direct frontage and monument signage on West State Road 434 (42,000 AADT), this property is ideally positioned to capitalize on Orlando Health's planned redevelopment of the South Seminole campus into a healthcare hub. The strong demographics within a five-mile radius, encompassing a population of 200,293 and an average household income of $96,452, further enhance the investment prospects.

Location Insight

City

Longwood

County

Seminole

State

Florida

Latitude

28.6981

Longitude

-81.3504

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