Medical Office Suite with 7
For Sale
$1,175,000
1500 NW 10th Avenue 201, Boca Raton, FL 33486
Medical office suite with seven treatment rooms and four bathrooms, suited for clinical or professional uses.
Property Size60,202 SF
Lot Size1.38 Acres
Price / SF$449.16
Days on Market135
Property Features for 1500 NW 10th Avenue 201
General Information
Standard status
Active
Size
60,202 SF
Lot size
1.38 Acres
Property subtype
Business
Additional Details
Office Units
7
Taxes and HOA fees
Annual Taxes
$15,055
Building Details
Building Size
60,202 SF
Year Built
1986
Listing Agency:
The Keyes Company
Listed By:
Mauricio Y. Levi · License #3409602
(561) 558-5058
Source:
Scottandrachelle
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 4 at 11:02AM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This medical office suite offers approximately 2,616 square feet with a functional medical build-out. The interior layout includes seven treatment rooms and four bathrooms, providing a practical setup for clinical operations. The space is also designed to accommodate physician flexibility, including the ability to share the suite and reconfigure it as needed.
The suite is positioned within a medical corridor and is located near Boca Raton Regional Hospital, offering convenient access to an established healthcare area.
The broader property is a 60,202-square-foot medical office building with seven medical units on 1.382 acres, with ample on-site parking.
The suite is positioned within a medical corridor and is located near Boca Raton Regional Hospital, offering convenient access to an established healthcare area.
The broader property is a 60,202-square-foot medical office building with seven medical units on 1.382 acres, with ample on-site parking.
Key Highlights
- Approx. 2,616 SF medical office suite in a medical corridor near Boca Raton Regional Hospital
- Suite includes seven (7) treatment rooms and four (4) bathrooms
- Functional medical build‑out designed to support clinical operations and flexible space use
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
$69,337
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
5.90%
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%
$1,386,740
$1.4M
Cap Rate 7%
$990,529
$990.5K
Cap Rate 9%
$770,411
$770.4K
Market Conditions
NOI Build-Up for 2,616 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
$119.3K $45.60/SF
− Vacancy
−$26.8K −$10.26/SF
EGI
$92.4K $35.34/SF
− OpEx
−$23.1K −$8.84/SF
NOI
$69.3K $26.51/SF
Area
Palm Beach 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%
$1,386,740
Cap Rate 7%
$990,529
Cap Rate 9%
$770,411
Alternative Uses
Best Use
Office B
$990.5K
$866.7K – $1.16M
NOI $69,337 @ 7.0% cap · market cap 5.90%
Second Best
Healthcare Medical
$492.4K
$430.9K – $574.5K
NOI $34,468 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,963 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Office units
Location Intelligence
Trade Area within ½ mile
1,972
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33486, FL
22,947
Population
9,583
Households
2.4
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
5.4 sq mi
ZIP Area
4,249
Density / Sq Mi
$113,575
Median Household Income
$58,526
Median Earnings
$2,226
Median Rent
$636,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office suite with seven treatment rooms and four bathrooms, suited for clinical or professional uses.
Where is this medical office space located?
The property is located at 1500 NW 10th Avenue 201 Boca Raton, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Approx. 2,616 SF medical office suite in a medical corridor near Boca Raton Regional Hospital; Suite includes seven (7) treatment rooms and four (4) bathrooms; Functional medical build‑out designed to support clinical operations and flexible space use
