Medical Office Space For
For Sale
Contact for pricing
255 Fortenberry Road #1, Merritt Island, FL 32952
Ground floor office suites suitable for medical or professional use.
Property Size2,250 SF
Price / SF$142.22
Days on Market1015
Property Features for 255 Fortenberry Road #1
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Office
Building Details
Year Built
1974
Stories
2
Units
1
Listing Agency:
RE/MAX Aerospace Realty
(321) 432-5018
Listed By:
Dawn Stuckey · License #471796
Source:
Crexi
Added: Nov 11, 2023
Changed: Aug 16
Last Checked: Aug 21 at 9:07PM
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 RE/MAX Aerospace Realty
Investment Insights
Based on property information with market context.
This property offers a 2250 square foot unit suitable for a medical office, CPA, or insurance office. The unit is divided into two separate office suites located on the ground floor, providing step-free access. One suite is currently vacant, while the other is occupied by a tenant under a month-to-month lease. The property's location is advantageous for commercial use.
Key Highlights
- Great location.
- Ground floor location with no steps.
- 2250 sq ft unit suitable for medical, CPA, or insurance office.
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
$28,318
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
8.85%
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%
$566,360
$566.4K
Cap Rate 7%
$404,543
$404.5K
Cap Rate 9%
$314,644
$314.6K
Market Conditions
NOI Build-Up for 2,250 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
$51.3K $22.80/SF
− Vacancy
−$4.1K −$1.82/SF
EGI
$47.2K $20.98/SF
− OpEx
−$18.9K −$8.39/SF
NOI
$28.3K $12.59/SF
Area
Brevard County, FL
Vacancy
8.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
40.00%
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%
$566,360
Cap Rate 7%
$404,543
Cap Rate 9%
$314,644
Alternative Uses
Best Use
Office B
$437.4K
$382.7K – $510.3K
NOI $30,618 @ 7.0% cap · market cap 9.57%
Second Best
Healthcare Medical
$404.5K
$354.0K – $472.0K
NOI $28,318 @ 7.0% cap · market cap 8.85%
Theoretical Best
Office A
$593.6K
$519.4K – $692.6K
NOI $41,553 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,522
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 - Ground floor office suites suitable for medical or professional use.
Where is this medical office space located?
The property is located at 255 Fortenberry Road #1 Merritt Island, FL.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Great location.; Ground floor location with no steps.; 2250 sq ft unit suitable for medical, CPA, or insurance office.
