Single-Story Office
For Sale
$5,350,000
2301 Southeast Monterey Rd, Stuart, FL 34996
Built in 1993 and 100% leased to Merrill Lynch, with a lease set to expire 10/31/31.
Property Size12,253 SF
Days on Market53
Property Features for 2301 Southeast Monterey Rd
General Information
Standard status
Active
Size
12,253 SF
Class
A
Property subtype
Office
Occupancy
100%
Building Details
Building Size
12,253 SF
Year Built
1993
Year Renovated
2020
Stories
1
Tenancy
Single
Listing Agency:
SLC Commercial
Listed By:
Jeffrey D. Chamberlin
(772) 528-6056
Source:
Slccommercial
Added: Jul 15
Changed: Sep 4
Last Checked: Sep 5 at 6:51AM
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 SLC Commercial
Investment Insights
Based on property information with market context.
Beautifully maintained single-story office building built in 1993. The property is 100% leased to Merrill Lynch, an original tenant, with the current lease expiring 10/31/31 and two additional 5-year renewal options. The landlord has certain roof and structure responsibilities, and the roof was replaced in 2020.
The building is located within a node of Class “A” office buildings occupied by financial, legal, medical, and professional office tenants.
The lease includes annual rent increases of 2%. The estimated NOI is $343,084.
The building is located within a node of Class “A” office buildings occupied by financial, legal, medical, and professional office tenants.
The lease includes annual rent increases of 2%. The estimated NOI is $343,084.
Key Highlights
- Single‑story office building built in 1993 and 100% leased to Merrill Lynch (original tenant).
- Lease set to expire 10/31/31 with two 5‑year renewal options.
- Roof replaced in 2020; landlord has certain roof and structure responsibilities.
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
$154,829
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
2.89%
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%
$3,096,580
$3.1M
Cap Rate 7%
$2,211,843
$2.2M
Cap Rate 9%
$1,720,322
$1.7M
Market Conditions
NOI Build-Up for 12,253 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
$264.7K $21.60/SF
− Vacancy
−$58.2K −$4.75/SF
EGI
$206.4K $16.85/SF
− OpEx
−$51.6K −$4.21/SF
NOI
$154.8K $12.64/SF
Area
Martin County, FL
Vacancy
22.00%
Lease Rate
$21.60 /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%
$3,096,580
Cap Rate 7%
$2,211,843
Cap Rate 9%
$1,720,322
Alternative Uses
Best Use
Office B
$2.21M
$1.94M – $2.58M
NOI $154,829 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$3.22M
$2.82M – $3.76M
NOI $225,329 @ 7.0% cap · market cap 4.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
Explore this area
Business Placement
Demographics for 34996, FL
11,042
Population
8,684
Households
1.3
Avg Household Size
64
Median Age
46%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
1,648
Density / Sq Mi
$82,898
Median Household Income
$38,365
Median Earnings
$1,334
Median Rent
$409,400
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?
Office building - Built in 1993 and 100% leased to Merrill Lynch, with a lease set to expire 10/31/31.
Where is this office building located?
The property is located at 2301 Southeast Monterey Rd Stuart, FL.
What is the asking price?
The asking price for this property is $5,350,000.
What are key features of this property?
This property features: Single‑story office building built in 1993 and 100% leased to Merrill Lynch (original tenant).; Lease set to expire 10/31/31 with two 5‑year renewal options.; Roof replaced in 2020; landlord has certain roof and structure responsibilities.
