Geometrically frustrated magnetic molecules have attracted a lot of interest in the field of molecular magnetism as well as frustrated Heisenberg antiferromagnets. In this article we demonstrate how an approximate diagonalization scheme can be used in order to obtain thermodynamic and spectroscopic information about frustrated magnetic molecules. To this end we theoretically investigate an antiferromagnetically coupled spin system with cuboctahedral structure modeled by an isotropic Heisenberg Hamiltonian.