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    21 HOSPITAL DRIVE Palm Coast, FL 32164

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    For Lease
    $7,662/Mo $1.33 SF/Yr (calc)

    Office - PALM COAST, FL

    Type:Office
    Property size:
    69,026 SF
    Lot size:
    0.74 Acres
    Added:
    Dec 1, 2023
    Days on Market:
    887
    Last Refresh:
    May 6 at 7:06 am

    Property Features for 21 HOSPITAL DRIVE

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Zoning
    MPD
    Security features
    Security Lighting
    Exterior features
    Security Lights
    Standard status
    Active
    APN
    06123158170000000A0
    Size
    69,026 SF
    Lot size
    0.74 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    242969.5

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    2008
    Flooring type
    Carpet, Laminate, Linoleum, Vinyl
    Building materials
    Concrete
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Smith
    Lisa Smith

    Listing agent Lisa Smith License #3242851

    Listing office OCEAN CITY REALTY LLC 725 N. Ocean Shore Blvd., Flagler Beach, FL

    Listing date Dec 1, 2023

    MLS# FC296479 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Medical Office Space Sublease

    Medical office space is available for sublease next to Advent Hospital Flagler. The space is approximately 2500 square feet and available for immediate occupancy. The monthly amount includes rent and CAM. Sublease must be approved by the building owner. No duplicate practice types are allowed in the building, with the exception of General/Family Practice. The property is located in Palm Coast, Florida, in Flagler County. The lot size is 0.74 acres, and the property size is 69026 square feet. The zoning is MPD.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Akers John O ... Dental Office Dr. Curt Schalit, ... Medical Clinic Dr. Brown, P. ... Physician Town Center Family ... Medical Clinic Radiology Associates Town ... Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Dental Office Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Flagler Animal Hospital — 130 Old Kings Rd S, Flagler Beach, FL 32136
    • Barron Gina DVM — 130 Old Kings Rd S, Flagler Beach, FL 32136

    Location Insight

    • Map
    • Local Demand
    City
    Palm Coast
    County
    Flagler
    State
    Florida
    Longitude
    -81.192648
    Latitude
    29.47987

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    FAQs

    What type of property is this?
    Medical Office Space - Sublease medical office space next to Advent Hospital Flagler.
    Where is this medical office space located?
    The property is located at 21 HOSPITAL DRIVE Palm Coast, FL.
    What is the lease rate?
    The lease rate is $7,662 /Mo.
    What are key features of this property?
    This property features: Prime Location: **Next door to Advent Hospital Flagler.**; Immediate Occupancy: **Available for immediate use.**; Included Rent and CAM: Monthly amount covers both.
    (386) 931-1903
    We can help!
    Listing Contact
    Lisa Smith
    Lisa Smith
    Real Estate License ID: 3242851
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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