Established Medical Office
255 Fortenberry Rd, Merritt Island, FL 32952
For Sale
Contact for pricing
Profitable medical office near new hospital, Merritt Island, Florida.
Property Size5,550 SF
Price / SF$209.01
Days on Market252
Property Features for 255 Fortenberry Rd
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Investment Type
Building Details
Year Built
Year Renovated
Buildings
Stories
Units
Listing Agency:
Watson Commercial Real Estate, Inc.
Listed By:
Jackie Pope · License FL SL3619802
Source:
Crexi
Added: Mar 6
Changed: Nov 5
Last Checked: Nov 12 at 5:20AM
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 Watson Commercial Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This 5,550 square foot medical office is located at 255 Fortenberry Rd Unit A1, Merritt Island, FL 32952. The property is an established medical office with an 8.4% Cap Rate. It is located near the new Health First Hospital. The property features six fully built-out exam rooms, a spacious waiting room with a reception area, dedicated lab and nursing stations, and multiple physician offices. The property is zoned BU-1, offering commercial flexibility. This comprehensive medical suite is suitable for healthcare professionals. The property is located in a high-traffic area.
Key Highlights
- Impressive 8.4% Cap Rate for lucrative income potential.
- Prime location near Merritt Island's new Health First Hospital.
- Turnkey 5,550 SF medical office suite ready for immediate occupancy.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,881
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,577,620
$1.6M
Cap Rate 7%
$1,126,871
$1.1M
Cap Rate 9%
$876,456
$876.5K
Market Conditions
NOI Build-Up for 5,550 SF
Gross rent
$139.9K $25.20/SF
− Vacancy
−$8.4K −$1.51/SF
EGI
$131.5K $23.69/SF
− OpEx
−$52.6K −$9.48/SF
NOI
$78.9K $14.21/SF
Area
Brevard County, FL
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,577,620
Cap Rate 7%
$1,126,871
Cap Rate 9%
$876,456
Alternative Uses
Best Use
Healthcare Medical
$1.13M
$986.0K – $1.31M
NOI $78,881 @ 7.0% cap · market cap 6.80%
Second Best
Office B
$1.08M
$947.8K – $1.26M
NOI $75,824 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,287 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,522
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 32952, FL
20,670
Population
10,108
Households
2
Avg Household Size
52
Median Age
45%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
1,680
Density / Sq Mi
$98,651
Median Household Income
$53,478
Median Earnings
$1,353
Median Rent
$404,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Brevard County, FL
Properties on Market for Medical Office Space in Brevard County
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Profitable medical office near new hospital, Merritt Island, Florida.
Where is this medical office space located?
The property is located at 255 Fortenberry Rd Merritt Island, FL.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: Impressive 8.4% Cap Rate for lucrative income potential.; Prime location near Merritt Island's new Health First Hospital.; Turnkey 5,550 SF medical office suite ready for immediate occupancy.
