Medical Office Campus with NNN
For Sale
$7,500,000
2902 59th St W, Bradenton, FL 34209
Medical-only office campus with renovated suites, covered parking, and a tenant mix of established healthcare practices.
Property Size30,189 SF
Days on Market109
Property Features for 2902 59th St W
General Information
Standard status
Active
Size
30,189 SF
Class
B
Property subtype
Office
Occupancy
92%
Additional Details
Road Access
Yes
Building Details
Building Size
30,189 SF
Year Built
1987
Year Renovated
2019
Tenancy
Multi
Listing Agency:
Gulf Coast Commercial Group
(941) 932-7131
Listed By:
Angela Varga · License #BK3026434
Source:
Gulfcoastcommercialgroup
Added: May 15
Changed: Aug 30
Last Checked: Aug 30 at 2:56PM
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 Gulf Coast Commercial Group
Investment Insights
Based on property information with market context.
Parkside Medical is a medical office property built in 1987 with suites serving surgery, laboratory, oral surgery, neurology, women’s care, dental, and primary care providers. Interior suites have been renovated, while the building exteriors and common areas received updated finishes in 2019. The property includes an open surface parking area, covered parking for tenants, and private covered rear entrances serving the suites.
The campus is positioned on 59th Street West between Manatee Avenue and Cortez Road, approximately half a mile south of HCA Florida Blake Hospital. GT Bray Community Park is across the street, and the surrounding medical area includes Pointe West Medical Area, Blake Park, Coast Orthopedic West, and Tanglewood Professional Park.
Occupancy is reported at 92%, with NNN leases in place and an established property management company overseeing the property. Most tenants have remained at the campus for more than 15 years.
The campus is positioned on 59th Street West between Manatee Avenue and Cortez Road, approximately half a mile south of HCA Florida Blake Hospital. GT Bray Community Park is across the street, and the surrounding medical area includes Pointe West Medical Area, Blake Park, Coast Orthopedic West, and Tanglewood Professional Park.
Occupancy is reported at 92%, with NNN leases in place and an established property management company overseeing the property. Most tenants have remained at the campus for more than 15 years.
Key Highlights
- Medical‑only tenant mix includes surgery centers, Labcorp, oral surgery, neurology, women’s care, dental, and primary care
- 92% occupied with NNN leases in place
- Interior suites renovated; exterior facades modernized and common areas refreshed in 2019
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
$492,974
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
6.57%
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%
$9,859,480
$9.9M
Cap Rate 7%
$7,042,486
$7.0M
Cap Rate 9%
$5,477,489
$5.5M
Market Conditions
NOI Build-Up for 30,189 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
$695.6K $23.04/SF
− Vacancy
−$38.3K −$1.27/SF
EGI
$657.3K $21.77/SF
− OpEx
−$164.3K −$5.44/SF
NOI
$493.0K $16.33/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.04 /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%
$9,859,480
Cap Rate 7%
$7,042,486
Cap Rate 9%
$5,477,489
Alternative Uses
Best Use
Office B
$7.04M
$6.16M – $8.22M
NOI $492,974 @ 7.0% cap · market cap 6.57%
Second Best
Healthcare Medical
$6.66M
$5.83M – $7.77M
NOI $466,076 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$8.88M
$7.77M – $10.36M
NOI $621,435 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
92%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
622
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34209, FL
32,940
Population
18,896
Households
1.7
Avg Household Size
58
Median Age
36%
College-Educated
93%
High-School Grad
12.6 sq mi
ZIP Area
2,614
Density / Sq Mi
$80,829
Median Household Income
$41,649
Median Earnings
$1,847
Median Rent
$357,300
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 - Medical-only office campus with renovated suites, covered parking, and a tenant mix of established healthcare practices.
Where is this medical office space located?
The property is located at 2902 59th St W Bradenton, FL.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Medical‑only tenant mix includes surgery centers, Labcorp, oral surgery, neurology, women’s care, dental, and primary care; 92% occupied with NNN leases in place; Interior suites renovated; exterior facades modernized and common areas refreshed in 2019
