Freestanding Medical Office
For Sale
$3,250,000
Pending
3333 20th St, Vero Beach, FL 32960
Vacant freestanding medical office built for multiple specialties with private exam rooms, waiting areas, and ample on-site parking.
Property Size8,256 SF
Days on Market93
Property Features for 3333 20th St
General Information
Standard status
Pending
Size
8,256 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,696
Building Details
Building Size
8,256 SF
Year Built
1998
Listing Agency:
Compass Florida, LLC
Listed By:
Ernesto Bascuas · License #3241345
(786) 417-1290
Source:
Elliman
Added: Jun 18
Changed: Sep 16
Last Checked: Sep 18 at 9:28AM
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 Compass Florida, LLC
Investment Insights
Based on property information with market context.
This vacant, freestanding medical office is offered as a turnkey, state-of-the-art facility. The building sits on nearly one acre of land and is designed for medical operations with a spacious layout that can support a variety of uses. Interior features include private exam rooms, administrative offices, and dedicated patient waiting areas. The property has modernized infrastructure intended to accommodate day-to-day clinical and office functions.
The building is located within a high-demand medical corridor in Vero Beach, with visibility and accessibility positioned to serve patient and staff traffic. On-site parking is available to support both appointments and daily operations, helping improve access and convenience for patients.
As a result, this property may fit medical providers looking for an immediately usable facility in a freestanding format. The configuration supports both clinical space and administrative needs, while the parking and patient-facing areas can help streamline day-to-day scheduling and reception. This is a practical option for buyers seeking a specialized office setting that is already set up for medical use.
The building is located within a high-demand medical corridor in Vero Beach, with visibility and accessibility positioned to serve patient and staff traffic. On-site parking is available to support both appointments and daily operations, helping improve access and convenience for patients.
As a result, this property may fit medical providers looking for an immediately usable facility in a freestanding format. The configuration supports both clinical space and administrative needs, while the parking and patient-facing areas can help streamline day-to-day scheduling and reception. This is a practical option for buyers seeking a specialized office setting that is already set up for medical use.
Key Highlights
- Vacant freestanding medical office designed for multiple specialties
- Nearly one acre of land with ample on‑site parking for staff and patients
- Spacious layout with private exam rooms, patient waiting areas, and administrative offices
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
$111,723
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
3.44%
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%
$2,234,460
$2.2M
Cap Rate 7%
$1,596,043
$1.6M
Cap Rate 9%
$1,241,367
$1.2M
Market Conditions
NOI Build-Up for 8,256 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
$208.1K $25.20/SF
− Vacancy
−$21.8K −$2.65/SF
EGI
$186.2K $22.55/SF
− OpEx
−$74.5K −$9.02/SF
NOI
$111.7K $13.53/SF
Area
Indian River County, FL
Vacancy
10.50%
Lease Rate
$25.20 /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%
$2,234,460
Cap Rate 7%
$1,596,043
Cap Rate 9%
$1,241,367
Alternative Uses
Best Use
Healthcare Medical
$1.60M
$1.40M – $1.86M
NOI $111,723 @ 7.0% cap · market cap 3.44%
Second Best
Office B
$1.26M
$1.10M – $1.47M
NOI $88,347 @ 7.0% cap · market cap 2.72%
Theoretical Best
Specialty Retail
$1.81M
$1.58M – $2.11M
NOI $126,740 @ 7.0% cap · market cap 3.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
611
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Vacant freestanding medical office built for multiple specialties with private exam rooms, waiting areas, and ample on-site parking.
Where is this medical office space located?
The property is located at 3333 20th St Vero Beach, FL.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Vacant freestanding medical office designed for multiple specialties; Nearly one acre of land with ample on‑site parking for staff and patients; Spacious layout with private exam rooms, patient waiting areas, and administrative offices
