Multi-Parcel Medical Office
For Sale
Contact for pricing
1212 S Andrews Ave, Fort Lauderdale, FL 33316
Seven-parcel office portfolio with five buildings totaling 17,489 RSF along Andrews Avenue.
Property Size17,489 SF
Price / SF$300.19
Days on Market51
Property Features for 1212 S Andrews Ave
General Information
Standard status
Active
Size
17,489 SF
Total Parking Spaces
64
Property subtype
Office, Land
Zoning
SRAC-SAe
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Value Add
Net Operating Income
$333,185
Building Details
Year Built
1950
Buildings
5
Units
8
Tenancy
Multi
Listing Agency:
Franklin Street
Listed By:
Dylan Morse · License #SL3500133
Source:
Crexi
Added: Jul 20
Changed: Aug 31
Last Checked: Sep 8 at 5:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Franklin Street
Investment Insights
Based on property information with market context.
Tarpon Village is a multi-parcel medical and professional office investment featuring seven parcels and five buildings totaling 17,489 RSF. The property provides covered land and an in-place income base, with tenants operating under short-term gross leases at below-market rents as described in the seller’s remarks.
The tenancy is anchored by Holy Cross, occupying approximately 3,200 SF, and Sharpe Project Developments, which has operated from the property for more than 20 years and occupies 4,989 SF.
In addition to current operations, the property is positioned for long-term redevelopment. A proposed 107-unit residential concept has been studied across the site, and substantial preliminary redevelopment work has been completed, though the project is not currently entitled. The asset is located along Andrews Avenue in Fort Lauderdale, near Downtown Fort Lauderdale, Las Olas, and Flagler Village, per the provided remarks.
The tenancy is anchored by Holy Cross, occupying approximately 3,200 SF, and Sharpe Project Developments, which has operated from the property for more than 20 years and occupies 4,989 SF.
In addition to current operations, the property is positioned for long-term redevelopment. A proposed 107-unit residential concept has been studied across the site, and substantial preliminary redevelopment work has been completed, though the project is not currently entitled. The asset is located along Andrews Avenue in Fort Lauderdale, near Downtown Fort Lauderdale, Las Olas, and Flagler Village, per the provided remarks.
Key Highlights
- Seven‑parcel office portfolio along Andrews Avenue in Fort Lauderdale
- 5 buildings totaling 17,489 RSF
- Approx. 1.19 acres total land across the seven parcels
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
$235,472
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
4.49%
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%
$4,709,440
$4.7M
Cap Rate 7%
$3,363,886
$3.4M
Cap Rate 9%
$2,616,356
$2.6M
Market Conditions
NOI Build-Up for 17,489 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
$419.7K $24.00/SF
− Vacancy
−$27.3K −$1.56/SF
EGI
$392.5K $22.44/SF
− OpEx
−$157.0K −$8.98/SF
NOI
$235.5K $13.46/SF
Area
Fort Lauderdale, FL
Vacancy
6.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$4,709,440
Cap Rate 7%
$3,363,886
Cap Rate 9%
$2,616,356
Alternative Uses
Best Use
Office B
$7.18M
$6.28M – $8.37M
NOI $502,424 @ 7.0% cap · market cap 9.57%
Second Best
Healthcare Medical
$3.36M
$2.94M – $3.92M
NOI $235,472 @ 7.0% cap · market cap 4.49%
Theoretical Best
Office A
$11.75M
$10.28M – $13.71M
NOI $822,683 @ 7.0% cap · market cap 15.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,362
Businesses Nearby
Explore this area
Business Placement
Demographics for 33316, FL
12,669
Population
8,946
Households
1.4
Avg Household Size
50
Median Age
54%
College-Educated
95%
High-School Grad
4.1 sq mi
ZIP Area
3,090
Density / Sq Mi
$89,200
Median Household Income
$52,992
Median Earnings
$2,047
Median Rent
$793,500
Median Home Value
Market
Vacancy Rate% for Office in Fort Lauderdale, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Seven-parcel office portfolio with five buildings totaling 17,489 RSF along Andrews Avenue.
Where is this office building located?
The property is located at 1212 S Andrews Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Seven‑parcel office portfolio along Andrews Avenue in Fort Lauderdale; 5 buildings totaling 17,489 RSF; Approx. 1.19 acres total land across the seven parcels
