Medical Office with Exam
For Sale
$500,000
1801 S 23rd Street Unit 3, Fort Pierce, FL 34950
Medical office layout includes reception, exam, administrative, lab-prep, break, and restroom areas.
Property Size1,734 SF
Price / SF$288.35
Days on Market475
Property Features for 1801 S 23rd Street Unit 3
General Information
Standard status
Active
Size
1,734 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$3,966
Amenities
Electric
3
Building Details
Year Built
1988
Stories
1
Listing Agency:
One Sotheby's Int'l Realty
(772) 633-8200
Listed By:
Daniel Ochse · License #3012872
(772) 633-8200
Source:
Xome
Added: May 14, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:44PM
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 One Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
This 1,734-square-foot medical office at 1801 S 23rd Street Unit 3 includes four exam rooms, a spacious reception and waiting area, and two to three private offices in a flexible arrangement. Additional improvements include a lab and procedure-preparation area, kitchen and break space, and two bathrooms. Built in 1988, the property is configured for medical office use with on-site parking.
The office is directly across from HCA Florida Lawnwood Hospital in Fort Pierce. Indian River State College is nearby, providing proximity to a college with Healthcare Management degree programs. The combination of clinical rooms, administrative offices, support areas, and hospital-facing access creates a practical medical office configuration.
The office is directly across from HCA Florida Lawnwood Hospital in Fort Pierce. Indian River State College is nearby, providing proximity to a college with Healthcare Management degree programs. The combination of clinical rooms, administrative offices, support areas, and hospital-facing access creates a practical medical office configuration.
Key Highlights
- 1,734 SF medical office at 1801 S 23rd Street Unit 3
- Directly across from HCA Florida Lawnwood Hospital
- Four exam rooms plus a large waiting and reception area
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
$23,465
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
4.69%
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%
$469,300
$469.3K
Cap Rate 7%
$335,214
$335.2K
Cap Rate 9%
$260,722
$260.7K
Market Conditions
NOI Build-Up for 1,734 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
$43.7K $25.20/SF
− Vacancy
−$4.6K −$2.65/SF
EGI
$39.1K $22.55/SF
− OpEx
−$15.6K −$9.02/SF
NOI
$23.5K $13.53/SF
Area
St. Lucie County, FL
Vacancy
10.50%
Lease Rate
$25.20 /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%
$469,300
Cap Rate 7%
$335,214
Cap Rate 9%
$260,722
Alternative Uses
Best Use
Healthcare Medical
$335.2K
$293.3K – $391.1K
NOI $23,465 @ 7.0% cap · market cap 4.69%
Second Best
Office B
$313.0K
$273.9K – $365.2K
NOI $21,911 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$436.1K
$381.6K – $508.8K
NOI $30,525 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34950, FL
16,582
Population
8,055
Households
2.1
Avg Household Size
37
Median Age
14%
College-Educated
64%
High-School Grad
5.2 sq mi
ZIP Area
3,189
Density / Sq Mi
$32,707
Median Household Income
$29,214
Median Earnings
$1,121
Median Rent
$175,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Animal Clinic of Fort Pierce: Cathy Scott, DVM — 2508 okeechobee rd, fort pierce, fl 34947
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office layout includes reception, exam, administrative, lab-prep, break, and restroom areas.
Where is this medical office space located?
The property is located at 1801 S 23rd Street Unit 3 Fort Pierce, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1,734 SF medical office at 1801 S 23rd Street Unit 3; Directly across from HCA Florida Lawnwood Hospital; Four exam rooms plus a large waiting and reception area
