Medical Office Condominium with Approved
For Sale
$3,000,000
214a-1050 Nw 15th St, Boca Raton, FL 33432
Clean-shell medical space supports a customized build-out with approved plans already in place.
Property Size48,555 SF
Price / SF$578.15
Days on Market42
Property Features for 214a-1050 Nw 15th St
General Information
Standard status
Active
Size
48,555 SF
Additional Details
Furnished
No
Highway Access
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$31,501
Building Details
Building Size
48,555 SF
Abandoned
No
Listing Agency:
Envision Realty Group
(786) 325-6305
Listed By:
Eric Grabois · License #3158895
(786) 325-6305
Source:
Exprealty
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 7:39PM
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 Envision Realty Group
Investment Insights
Based on property information with market context.
This medical office condominium offers approximately 5,189 square feet in a 48,555-square-foot professional building. Interior demolition is complete, leaving a clean shell for a new medical office build-out, and approved plans are included with the sale. The unfinished condition allows the next owner to shape the space around specific operational requirements without first removing an existing interior layout.
The property is in Boca Raton, within an established medical corridor and minutes from Boca Raton Regional Hospital. Access to I-95 and Glades Road supports convenient regional connectivity. The building also provides abundant parking and visibility, while the surrounding tenant mix includes medical and professional users.
The property is in Boca Raton, within an established medical corridor and minutes from Boca Raton Regional Hospital. Access to I-95 and Glades Road supports convenient regional connectivity. The building also provides abundant parking and visibility, while the surrounding tenant mix includes medical and professional users.
Key Highlights
- Approximately ±5, 189 SF medical office condominium
- Interior demolition completed to a clean shell
- Approved plans for a new medical office build‑out
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
$137,534
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
4.58%
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%
$2,750,680
$2.8M
Cap Rate 7%
$1,964,771
$2.0M
Cap Rate 9%
$1,528,156
$1.5M
Market Conditions
NOI Build-Up for 5,189 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
$236.6K $45.60/SF
− Vacancy
−$53.2K −$10.26/SF
EGI
$183.4K $35.34/SF
− OpEx
−$45.8K −$8.84/SF
NOI
$137.5K $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%
$2,750,680
Cap Rate 7%
$1,964,771
Cap Rate 9%
$1,528,156
Alternative Uses
Best Use
Office B
$1.96M
$1.72M – $2.29M
NOI $137,534 @ 7.0% cap · market cap 4.58%
Second Best
Healthcare Medical
$976.7K
$854.6K – $1.14M
NOI $68,370 @ 7.0% cap · market cap 2.28%
Theoretical Best
Office A
$3.65M
$3.20M – $4.26M
NOI $255,807 @ 7.0% cap · market cap 8.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,798
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33432, FL
22,061
Population
14,405
Households
1.5
Avg Household Size
52
Median Age
58%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
4,796
Density / Sq Mi
$94,375
Median Household Income
$54,481
Median Earnings
$2,226
Median Rent
$943,400
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 - Clean-shell medical space supports a customized build-out with approved plans already in place.
Where is this medical office space located?
The property is located at 214a-1050 Nw 15th St Boca Raton, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Approximately ±5, 189 SF medical office condominium; Interior demolition completed to a clean shell; Approved plans for a new medical office build‑out
