Medical Office Building with NNN
For Sale
$14,239,863
201 N Pine Island Rd., Plantation, FL 33324
Medical facility supported by an absolute NNN lease and scheduled annual increases.
Property Size15,052 SF
Price / SF$946.04
Days on Market64
Property Features for 201 N Pine Island Rd.
General Information
Standard status
Active
Size
15,052 SF
Property subtype
Office Medical
Occupancy
100%
Additional Details
Cap Rate
5.85%
Amenities
Absolute Triple Net Lease Structure Allows for Passive Ownership
New 10-Year Lease Executed in May 2025 Features One Ten-Year Option to Renew
Beneficial Rental Increase Schedule Provides Cash Flow Growth and Appreciation 3% Annual Increases Throughout Base Term and Option Period
Established Practice with Strong Guarantor Financial Performance Multiple Company Guarantee Structure Nearly $25MM Net Income Securing Lease Location is Responsible for Nearly Half of Total Revenue of Company Across Eight Locations Exceptionally Low Rent/Revenue for Individual Location at 3.9% for FY-2025
Ample Physician Count with Multiple Specialties Five Surgeons Offering Services in Neurology, Orthopedics, and Spine
Immediate Area Features Consistent Population Growth and Strong Economic Demos 387,000+ People within 5-Mile Radius Average Household Income of $113,000+ within 1 Mile Radius
Significant Cap Ex Taking Place of $130,000+ New Roof, Paint and Stucco of Exterior Parking Overlay, Seal and Stripe
Major Medical and Commerce Sector of Broward County Baptist Health Wellness & Medical Complex: This 112,000 SF, Four-Story Facility is Baptist Health's Largest in Broward County Houses an Urgent Care Center and Specialized Care for Cardiology, Orthopedics, and Cancer HCA Florida Westside Hospital: A major full-service, 250-bed hospital providing a wide range of emergency, surgical, and specialized medical services UHealth Plantation (University of Miami Health System): Brings top-tier Miami-b
Building Details
Building Size
15,052 SF
Year Built
2005
Tenancy
Single
Listing Agency:
Marcus & Millichap - Orlando
(407) 557-3841
Listed By:
Christopher Biuso · License #License(s): FL: SL3424071
(407) 557-3841
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 30
Last Checked: Aug 30 at 4:05PM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
The 15,052-square-foot medical office property was built in 2005 and is leased under an absolute NNN structure. A new 10-year lease was executed in May 2025, with one additional 10-year renewal option and 3% annual increases during both the base term and option period. The established practice includes five surgeons serving neurology, orthopedics, and spine patients, supported by a multiple-company guarantee structure.
Located at 201 N Pine Island Rd. in Plantation, the property is positioned within Broward County’s medical and commercial sector. The surrounding area includes Baptist Health Wellness & Medical Complex, HCA Florida Westside Hospital, and UHealth Plantation. The immediate trade area includes more than 387,000 people within a 5-mile radius, while the property is near major healthcare facilities serving a range of specialties.
Recent capital improvements include a new roof, exterior paint and stucco, and parking overlay, seal, and striping. The offering reflects a 5.85% cap rate.
Located at 201 N Pine Island Rd. in Plantation, the property is positioned within Broward County’s medical and commercial sector. The surrounding area includes Baptist Health Wellness & Medical Complex, HCA Florida Westside Hospital, and UHealth Plantation. The immediate trade area includes more than 387,000 people within a 5-mile radius, while the property is near major healthcare facilities serving a range of specialties.
Recent capital improvements include a new roof, exterior paint and stucco, and parking overlay, seal, and striping. The offering reflects a 5.85% cap rate.
Key Highlights
- 15,052‑square‑foot medical office property built in 2005
- Absolute NNN lease executed for 10 years in May 2025
- One 10‑year renewal option with 3% annual increases
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
$398,953
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
2.80%
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%
$7,979,060
$8.0M
Cap Rate 7%
$5,699,329
$5.7M
Cap Rate 9%
$4,432,811
$4.4M
Market Conditions
NOI Build-Up for 15,052 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
$686.4K $45.60/SF
− Vacancy
−$154.4K −$10.26/SF
EGI
$531.9K $35.34/SF
− OpEx
−$133.0K −$8.84/SF
NOI
$399.0K $26.51/SF
Area
Broward 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%
$7,979,060
Cap Rate 7%
$5,699,329
Cap Rate 9%
$4,432,811
Alternative Uses
Best Use
Office B
$5.70M
$4.99M – $6.65M
NOI $398,953 @ 7.0% cap · market cap 2.80%
Second Best
Healthcare Medical
$2.83M
$2.48M – $3.31M
NOI $198,325 @ 7.0% cap · market cap 1.39%
Theoretical Best
Office A
$7.64M
$6.68M – $8.91M
NOI $534,556 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,760
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33324, FL
46,766
Population
22,375
Households
2.1
Avg Household Size
41
Median Age
45%
College-Educated
94%
High-School Grad
9.0 sq mi
ZIP Area
5,196
Density / Sq Mi
$83,678
Median Household Income
$45,560
Median Earnings
$2,152
Median Rent
$350,500
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 facility supported by an absolute NNN lease and scheduled annual increases.
Where is this medical office space located?
The property is located at 201 N Pine Island Rd. Plantation, FL.
What is the asking price?
The asking price for this property is $14,239,863.
What are key features of this property?
This property features: 15,052‑square‑foot medical office property built in 2005; Absolute NNN lease executed for 10 years in May 2025; One 10‑year renewal option with 3% annual increases
