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    710 Hospital Dr | Crestview, FL 32539 Crestview, FL 32539

    Sponsored
    For Lease
    $19 SF/Yr ($4,875 /Mo)

    Exceptional medical office space near North Okaloosa Medical Center.

    Lot size:
    3,000 SF

    Description

    Added:
    Jan 23, 2025
    Days on Market:
    366
    This 3,000 square foot, two-story medical office building is ideally situated in Crestview, Florida, offering a prime location for healthcare professionals. Located just off S Ferdon Blvd and adjacent to the North Okaloosa Medical Campus, this property benefits from excellent visibility and accessibility. Currently occupied by Panhandle Orthopaedics, the building features multiple exam rooms and private offices, catering to a variety of medical practices. A spacious breakroom and kitchen add to the functionality and convenience of the space. The building's proximity to the North Okaloosa County Medical Center makes it an attractive option for medical professionals seeking a location within a thriving healthcare hub. With limited office space available in this rapidly growing area of Crestview, this property presents a unique investment opportunity. The monthly rate is $19.50 per square foot. The building's design and amenities make it well-suited for a variety of medical specialties. This is a rare opportunity to secure a well-established medical office building in a high-demand location.

    Property Features for 710 Hospital Dr | Crestview, FL 32539

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    3,000 SF
    Class
    B
    Elevators
    N/A
    Total Rate
    4875

    Building Details

    Year Built
    2007

    We can help!

    Listing Contact
    Terry Koehn

    Learn more

    HighLights

    • Prime Crestview location near North Okaloosa Medical Center.
    • 3,000 sq ft medical office building with multiple exam rooms and offices.
    • Convenient access to S Ferdon Blvd and growing North Okaloosa County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical offices

    Map

    City
    Crestview
    State
    Florida

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    FAQs

    What type of property is this?
    Medical office - Exceptional medical office space near North Okaloosa Medical Center.
    Where is this medical office located?
    The property is located at 710 Hospital Dr | Crestview, FL 32539 Crestview, FL.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: Prime Crestview location near North Okaloosa Medical Center.; 3,000 sq ft medical office building with multiple exam rooms and offices.; Convenient access to S Ferdon Blvd and growing North Okaloosa County.
    (850) 249-2879
    Request Owner's contact information
    710 Hospital Dr | Crestview, FL 32539 Crestview, FL 32539
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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
    710 Hospital Dr | Crestview, FL 32539 Crestview, FL 32539
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    We can help!
    Listing Contact
    Terry Koehn
    (850) 249-2879
    Learn more
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