Medical Office Condo with Exam
For Sale
$399,500
1801 S 23rd Street, Fort Pierce, FL
Commercial Sale, Fort Pierce, FL
Property Size1,734 SF
Price / SF$230.39
Days on Market122
Property Features for 1801 S 23rd Street
General Information
Property type
Residential
Property subtype
Office
Zoning
PROFESSIONAL
Parking
80
Subdivision
7080
Standard status
Active
APN
241670100030006
Size
1,734 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
FORT PIERCE MEDICAL CENTER CONDOMINIUM UNIT 3
Tax Annual Amount
4474
HOA Fee
$652 Monthly
Legal Description
FORT PIERCE MEDICAL CENTER CONDOMINIUM UNIT 3
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1988
Floors in Building
1
Building materials
Concrete Block - With Stucco
Roof type
Rolled Hot Mop
Listing Agency:
Coldwell Banker Paradise · Coldwell Banker Real Estate
(772) 461-3250
Listed By:
Hoyt C Murphy Jr. · License #186988
(772) 971-7424
Added: Apr 24
Changed: Aug 19
Last Checked: Aug 23 at 12:06AM
MLS# B26020306
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Move-in ready medical office condo offering 1,734 square feet of clinical office space. The layout includes four exam rooms, a large waiting and receptionist area, private doctors’ offices, a lab/prep area, a break room, and two bathrooms. A new 200-amp 3-phase break panel has been installed.
The property is zoned PROFESSIONAL and is located near Lawnwood Medical Center, described as a Level II Trauma Center with a Stroke Center and Heart Institute.
This condo is configured as established medical space and is noted as being suitable for a pediatric practice, with prior pediatric use referenced in the remarks.
The property is zoned PROFESSIONAL and is located near Lawnwood Medical Center, described as a Level II Trauma Center with a Stroke Center and Heart Institute.
This condo is configured as established medical space and is noted as being suitable for a pediatric practice, with prior pediatric use referenced in the remarks.
Key Highlights
- Move‑in ready medical office condo with 1,734 sq ft.
- Located near Lawnwood Medical Center (Level II Trauma Center, Stroke Center, and Heart Institute).
- Features 4 exam rooms, large waiting area, receptionist area, private doctor's office, lab/prep area, break room, and 2 bathrooms.
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
5.87%
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 5.87%
Second Best
Office B
$313.0K
$273.9K – $365.2K
NOI $21,911 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$436.1K
$381.6K – $508.8K
NOI $30,525 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
980
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Move-in ready medical office condo with four exam rooms, private doctor offices, and on-site lab/prep area.
Where is this medical office space located?
The property is located at 1801 S 23rd Street Fort Pierce, FL.
What is the asking price?
The asking price for this property is $399,500.
What are key features of this property?
This property features: Move‑in ready medical office condo with 1,734 sq ft.; Located near Lawnwood Medical Center (Level II Trauma Center, Stroke Center, and Heart Institute).; Features 4 exam rooms, large waiting area, receptionist area, private doctor's office, lab/prep area, break room, and 2 bathrooms.
