Leased Medical Office
For Sale
$1,000,000
506 4TH Avenue W, Palmetto, FL 34221
Commercial Sale, PALMETTO, FL
Property Size3,171 SF
Lot Size0.60 Acres
Price / SF$315.36
Days on Market14
Property Features for 506 4TH Avenue W
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CG
Window features
Window Treatments
Subdivision
EAST PALMETTO
Directions
Take Manatee Ave - SR 64 to US41 North. Go North on US-41 N (Turns into 14th St W in Bradenton). Cross over Manatee River on the Green Bridge / US-41 N into Palmetto. Continue on US-41 N / 8th Ave W as you enter Palmetto. Turn left onto 10th St W (or 5th St W depending on precise block routing). Take to 4th Ave W, to 506 4th Ave W (located near Lincoln Memorial Middle School).
Standard status
Active
APN
2798810159
Size
3,171 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
THE S 115 FT OF LOTS 1-4 & THE S 115 FT OF THE E 45 FT OF LOT 5, BLK Q, E PALMETTO SUB. PI #2798.1015/9
Tax Annual Amount
8760
Legal Description
THE S 115 FT OF LOTS 1-4 & THE S 115 FT OF THE E 45 FT OF LOT 5, BLK Q, E PALMETTO SUB. PI #2798.1015/9
Utilities
Utilities
Electricity Available
Cooling system
Central Air
Building Details
Year built
1978
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Listing Agency:
RE/MAX ALLIANCE GROUP · RE/MAX International
(941) 360-7777
Listed By:
Lily Behrends · License #3152514
(941) 526-9121
Added: Aug 22
Changed: Aug 26
Last Checked: Sep 4 at 10:06PM
MLS# A4703877
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.
Investment Insights
Based on property information with market context.
This 3,171-square-foot medical office property at 506 4th Avenue W in Palmetto is fully leased to a single occupant under an NNN lease. The layout includes seven exam rooms, three private physician offices, a dedicated laboratory, and a staff kitchen and lounge. Three new HVAC systems have been installed, while block, concrete, and stucco construction and a shingle roof serve the 1978-built facility.
The property occupies 0.6 acres and carries CG zoning. Lease terms include annual rent escalations and two 2-year renewal options. The NNN structure places responsibility for taxes, insurance, and maintenance with the tenant.
The property occupies 0.6 acres and carries CG zoning. Lease terms include annual rent escalations and two 2-year renewal options. The NNN structure places responsibility for taxes, insurance, and maintenance with the tenant.
Key Highlights
- 3,171 SF medical office building on 0.6 acres
- Fully leased to a single medical office tenant
- NNN lease with annual rent escalations and two 2‑year renewal options
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
$51,781
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
5.18%
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%
$1,035,620
$1.0M
Cap Rate 7%
$739,729
$739.7K
Cap Rate 9%
$575,344
$575.3K
Market Conditions
NOI Build-Up for 3,171 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
$73.1K $23.04/SF
− Vacancy
−$4.0K −$1.27/SF
EGI
$69.0K $21.77/SF
− OpEx
−$17.3K −$5.44/SF
NOI
$51.8K $16.33/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.04 /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%
$1,035,620
Cap Rate 7%
$739,729
Cap Rate 9%
$575,344
Alternative Uses
Best Use
Office B
$739.7K
$647.3K – $863.0K
NOI $51,781 @ 7.0% cap · market cap 5.18%
Second Best
Healthcare Medical
$699.4K
$612.0K – $815.9K
NOI $48,956 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$932.5K
$815.9K – $1.09M
NOI $65,274 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34221, FL
48,082
Population
24,812
Households
1.9
Avg Household Size
45
Median Age
28%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
892
Density / Sq Mi
$74,314
Median Household Income
$40,072
Median Earnings
$1,459
Median Rent
$298,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Tejbir Sandhu — 520 7th St W, Palmetto, FL 34221
- Palmetto Animal Clinic: Lucas McClain DVM, Jack Beal DVM, Chelsea Hawkins DVM, and Christin Eley DVM — 220 7th st w, palmetto, fl 34221
- Palmetto Animal Clinic — 220 7th St W, Palmetto, FL 34221
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant medical facility under an NNN lease with renewal options and recently replaced HVAC systems.
Where is this medical office space located?
The property is located at 506 4TH Avenue W Palmetto, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 3,171 SF medical office building on 0.6 acres; Fully leased to a single medical office tenant; NNN lease with annual rent escalations and two 2‑year renewal options
