Established Medical Office
For Sale
Contact for pricing
255 Fortenberry Rd, Merritt Island, FL 32952
Profitable medical office near new hospital, Merritt Island, Florida.
Property Size5,550 SF
Price / SF$209.01
Days on Market159
Property Features for 255 Fortenberry Rd
General Information
Standard status
Active
Size
5,550 SF
Property subtype
Office
Zoning
BU-1
Occupancy
100%
Investment Type
Owner/User
Building Details
Year Built
1974
Year Renovated
2023
Buildings
1
Stories
1
Units
1
Listing Agency:
Watson Commercial Real Estate, Inc.
Listed By:
Jackie Pope · License #SL3619802
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 11 at 3:36PM
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.
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 = 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
$75,524
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
6.51%
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%
$1,510,480
$1.5M
Cap Rate 7%
$1,078,914
$1.1M
Cap Rate 9%
$839,156
$839.2K
Market Conditions
NOI Build-Up for 5,550 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
$119.9K $21.60/SF
− Vacancy
−$19.2K −$3.46/SF
EGI
$100.7K $18.14/SF
− OpEx
−$25.2K −$4.54/SF
NOI
$75.5K $13.61/SF
Area
Brevard County, FL
Vacancy
16.00%
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%
$1,510,480
Cap Rate 7%
$1,078,914
Cap Rate 9%
$839,156
Alternative Uses
Best Use
Office B
$1.08M
$944.1K – $1.26M
NOI $75,524 @ 7.0% cap · market cap 6.51%
Second Best
Healthcare Medical
$997.9K
$873.1K – $1.16M
NOI $69,850 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,497 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,940
Businesses Nearby
Balanced
Demand for This Use
Explore this area
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
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 - 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.
