Modern Freestanding Office
For Sale
$1,400,000
3966 US 41 N, Palmetto, FL 34221
Renovated standalone property with contemporary finishes, parking, storage, and direct placement at a major transportation interchange.
Property Size4,200 SF
Days on Market194
Property Features for 3966 US 41 N
General Information
Standard status
Active
Size
4,200 SF
Class
A
Property subtype
Single Tenant Office
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Amenities
storage
generator
RV hookups
fenced backyard
electric gate
lighting
irrigation
Building Details
Building Size
4,200 SF
Year Built
1955
Buildings
1
Listing Agency:
NDC COMMERCIAL REAL ESTATE
(941) 724-8009
Listed By:
BENJAMIN BAKKER · License #3279071
(941) 724-8009
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 7:08PM
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 NDC COMMERCIAL REAL ESTATE
Investment Insights
Based on property information with market context.
This freestanding office building, originally constructed in 1955, has been renovated and modernized with contemporary finishes and a clean industrial-style interior. The property includes parking and storage areas, along with a fenced backyard and electric gate. Three full RV hookups add functional site infrastructure, while a 26kw generator supports the property’s electrical systems.
The building is positioned at the US41 and US19 interchange in north Manatee County, placing it at a prominent transportation junction with exposure to local and through traffic. Exterior improvements include FPL lighting throughout the property and irrigation serving the landscaping. Plumbing, sewer, and electrical systems were all replaced within the last 7 years.
The building is positioned at the US41 and US19 interchange in north Manatee County, placing it at a prominent transportation junction with exposure to local and through traffic. Exterior improvements include FPL lighting throughout the property and irrigation serving the landscaping. Plumbing, sewer, and electrical systems were all replaced within the last 7 years.
Key Highlights
- Renovated freestanding office building originally constructed in 1955
- Plumbing, sewer, and electrical systems replaced within the last 7 years
- 26kw generator and (3) full RV hookups
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
$68,584
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
4.90%
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%
$1,371,680
$1.4M
Cap Rate 7%
$979,771
$979.8K
Cap Rate 9%
$762,044
$762.0K
Market Conditions
NOI Build-Up for 4,200 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
$96.8K $23.04/SF
− Vacancy
−$5.3K −$1.27/SF
EGI
$91.4K $21.77/SF
− OpEx
−$22.9K −$5.44/SF
NOI
$68.6K $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%
$1,371,680
Cap Rate 7%
$979,771
Cap Rate 9%
$762,044
Alternative Uses
Best Use
Office B
$979.8K
$857.3K – $1.14M
NOI $68,584 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,456 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
106
Businesses Nearby
Explore this area
Business Placement
Demographics for 34221, FL
48,082
Population
24,812
Households
1.9
Avg Household Size
45
Median Age
28%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
892
Density / Sq Mi
$74,314
Median Household Income
$40,072
Median Earnings
$1,459
Median Rent
$298,200
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?
Office building - Renovated standalone property with contemporary finishes, parking, storage, and direct placement at a major transportation interchange.
Where is this office building located?
The property is located at 3966 US 41 N Palmetto, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Renovated freestanding office building originally constructed in 1955; Plumbing, sewer, and electrical systems replaced within the last 7 years; 26kw generator and (3) full RV hookups
