Multi-Tenant Medical Office
For Sale
Contact for pricing
1540 Business Center Dr, Fleming Island, FL 32003
Fully leased medical office with specialized tenant buildouts and recently extended leases.
Property Size10,197 SF
Price / SF$311.25
Days on Market76
Property Features for 1540 Business Center Dr
General Information
Standard status
Active
Size
10,197 SF
Class
B
Property subtype
Retail, Office
Zoning
PUD (Planned Unit Development)
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Net Operating Income
$230,099
Additional Details
Cap Rate
7.25%
Building Details
Year Built
1998
Buildings
1
Units
1
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Jacob Allen · License #FL3558421
Source:
Crexi
Added: Jun 22
Changed: Aug 24
Last Checked: Sep 1 at 6:34AM
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 Matthews
Investment Insights
Based on property information with market context.
This 100% occupied multi-tenant medical office investment features Precision Imaging Centers, North Florida Eye Surgeons, and Bella Lei Aesthetics. The property is predominantly structured as a net lease, which helps minimize landlord responsibilities while supporting tenant-funded, specialized medical buildouts. The current leasing posture includes recently extended leases and annual rent increases.
The asset is located at 1540 Business Center Dr in Fleming Island, within the Jacksonville MSA.
As an occupied healthcare real estate holding, it offers stability supported by tenant investment in medical-specific improvements and a lease structure designed to shift the majority of ongoing responsibilities away from the landlord.
The asset is located at 1540 Business Center Dr in Fleming Island, within the Jacksonville MSA.
As an occupied healthcare real estate holding, it offers stability supported by tenant investment in medical-specific improvements and a lease structure designed to shift the majority of ongoing responsibilities away from the landlord.
Key Highlights
- Built in 1998 medical office building with fully leased, multi‑tenant occupancy
- Tenants include Precision Imaging Centers, North Florida Eye Surgeons, and Bella Lei Aesthetics
- Recently extended leases supporting continued occupancy
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
$142,799
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
4.50%
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%
$2,855,980
$2.9M
Cap Rate 7%
$2,039,986
$2.0M
Cap Rate 9%
$1,586,656
$1.6M
Market Conditions
NOI Build-Up for 10,197 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
$244.7K $24.00/SF
− Vacancy
−$54.3K −$5.33/SF
EGI
$190.4K $18.67/SF
− OpEx
−$47.6K −$4.67/SF
NOI
$142.8K $14.00/SF
Area
Clay County, FL
Vacancy
22.20%
Lease Rate
$24.00 /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%
$2,855,980
Cap Rate 7%
$2,039,986
Cap Rate 9%
$1,586,656
Alternative Uses
Best Use
Office B
$2.04M
$1.78M – $2.38M
NOI $142,799 @ 7.0% cap · market cap 4.50%
Second Best
Healthcare Medical
$1.94M
$1.70M – $2.26M
NOI $135,677 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,398 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,076
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32003, FL
29,142
Population
11,842
Households
2.5
Avg Household Size
44
Median Age
48%
College-Educated
98%
High-School Grad
15.8 sq mi
ZIP Area
1,844
Density / Sq Mi
$119,046
Median Household Income
$59,895
Median Earnings
$1,918
Median Rent
$387,400
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 - Fully leased medical office with specialized tenant buildouts and recently extended leases.
Where is this medical office space located?
The property is located at 1540 Business Center Dr Fleming Island, FL.
What is the asking price?
The asking price for this property is $3,173,785.
What are key features of this property?
This property features: Built in 1998 medical office building with fully leased, multi‑tenant occupancy; Tenants include Precision Imaging Centers, North Florida Eye Surgeons, and Bella Lei Aesthetics; Recently extended leases supporting continued occupancy
