Multi-Tenant Medical Office
New
For Sale
$7,250,000
2510 Miccosukee Rd, Tallahassee, FL 32308
Medical office space with NNN leases and annual rent increases.
Property Size24,000 SF
Price / SF$302.08
Days on Market3
Property Features for 2510 Miccosukee Rd
General Information
Standard status
Active
Size
24,000 SF
Property subtype
Office Medical
Occupancy
86%
Net Operating Income
$517,434
Financials
Asking Price
$7,391,914
Cap Rate
7%
Additional Details
Tenant in Place
Yes
Property Use
Medical
Amenities
Attractive Basis Below Replacement Cost
Expense Recovery Structure
Contractual Rent Growth
Strong Medical Location
Embedded Value-Add Opportunity
Building Details
Building Size
24,000 SF
Year Built
2017
Tenancy
Multi
Listing Agency:
Orlando Office
Listed By:
Fort Carden · License #License(s): FL: SL3646643
(407) 557-3838
Source:
Marcusmillichap
Added: Oct 24
Changed: Oct 25
Last Checked: Oct 26 at 12:44PM
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 Orlando Office
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Investment Insights
Based on property information with market context.
Built in 2017, this 24,000-square-foot medical office property is configured for multiple tenants. Occupancy is 86.4%, with 3,273 square feet vacant. Leases use an NNN structure, with expense recoveries calculated based on 95% occupancy.
Annual rent increases are approximately 3%.
Annual rent increases are approximately 3%.
Key Highlights
- 24,000‑square‑foot medical office property built in 2017
- 86.4% occupancy with 3,273 SF vacant
- NNN lease structure with expense recoveries based on 95% occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$294,840
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,896,800
$5.9M
Cap Rate 7%
$4,212,000
$4.2M
Cap Rate 9%
$3,276,000
$3.3M
Market Conditions
NOI Build-Up for 24,000 SF
Gross rent
$504.0K $21.00/SF
− Vacancy
−$110.9K −$4.62/SF
EGI
$393.1K $16.38/SF
− OpEx
−$98.3K −$4.10/SF
NOI
$294.8K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,896,800
Cap Rate 7%
$4,212,000
Cap Rate 9%
$3,276,000
Alternative Uses
Best Use
Office B
$4.21M
$3.69M – $4.91M
NOI $294,840 @ 7.0% cap · market cap 4.07%
Second Best
Healthcare Medical
$4.07M
$3.56M – $4.74M
NOI $284,602 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$5.88M
$5.15M – $6.86M
NOI $411,863 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,223
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32308, FL
23,355
Population
11,838
Households
2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
1,478
Density / Sq Mi
$73,125
Median Household Income
$46,786
Median Earnings
$1,327
Median Rent
$291,800
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office space with NNN leases and annual rent increases.
Where is this medical office space located?
The property is located at 2510 Miccosukee Rd Tallahassee, FL.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: 24,000‑square‑foot medical office property built in 2017; 86.4% occupancy with 3,273 SF vacant; NNN lease structure with expense recoveries based on 95% occupancy
