Renovated Medical Office in
For Sale
$1,699,999
45 NW 4th St, Homestead, FL 33030
Free-standing, renovated medical office with ample parking in Homestead, FL.
Property Size2,600 SF
Lot Size0.30 Acres
Days on Market155
Property Features for 45 NW 4th St
General Information
Standard status
Active
Size
2,600 SF
Lot size
0.30 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,673
Building Details
Building Size
2,600 SF
Year Built
2000
Listing Agency:
Royal Palm Real Estate Services LLC
(305) 216-1211
Listed By:
June Makis · License #3161894
(305) 216-1211
Source:
Elliman
Added: Mar 11
Changed: Aug 7
Last Checked: Aug 12 at 5:36AM
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 Royal Palm Real Estate Services LLC
Investment Insights
Based on property information with market context.
This free-standing medical office is located in Homestead, Florida. The building underwent a complete renovation in 2018. The layout includes 9 exam rooms, two private offices, two reception areas, a chart room, and a patient waiting room. It also features two bathrooms and back access doors with a kitchenette area. There are 13 parking spaces available, in addition to street parking. The property is connected to municipal water and sewer services. This property presents an opportunity for a medical professional to establish a practice.
Key Highlights
- Prime Homestead location ideal for a medical office
- Completely renovated in 2018
- Features 9 exam rooms and 2 private offices
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
$68,913
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
4.05%
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%
$1,378,260
$1.4M
Cap Rate 7%
$984,471
$984.5K
Cap Rate 9%
$765,700
$765.7K
Market Conditions
NOI Build-Up for 2,600 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
$118.6K $45.60/SF
− Vacancy
−$26.7K −$10.26/SF
EGI
$91.9K $35.34/SF
− OpEx
−$23.0K −$8.84/SF
NOI
$68.9K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$1,378,260
Cap Rate 7%
$984,471
Cap Rate 9%
$765,700
Alternative Uses
Best Use
Office B
$984.5K
$861.4K – $1.15M
NOI $68,913 @ 7.0% cap · market cap 4.05%
Second Best
Healthcare Medical
$489.4K
$428.2K – $571.0K
NOI $34,258 @ 7.0% cap · market cap 2.02%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,336 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,085
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33030, FL
36,776
Population
11,217
Households
3.3
Avg Household Size
33
Median Age
15%
College-Educated
61%
High-School Grad
17.6 sq mi
ZIP Area
2,090
Density / Sq Mi
$43,231
Median Household Income
$28,214
Median Earnings
$1,307
Median Rent
$382,200
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Free-standing, renovated medical office with ample parking in Homestead, FL.
Where is this medical office space located?
The property is located at 45 NW 4th St Homestead, FL.
What is the asking price?
The asking price for this property is $1,699,999.
What are key features of this property?
This property features: Prime Homestead location ideal for a medical office; Completely renovated in 2018; Features **9 exam rooms** and **2 private offices**
