Hospital-Connected Medical Office
For Sale
Contact for pricing
Pending
4308 Alton Rd, Miami Beach, FL 33140
Class A medical office building is physically connected by pedestrian bridge to Mount Sinai Medical Center in Miami Beach.
Property Size85,162 SF
Days on Market61
Property Features for 4308 Alton Rd
General Information
Standard status
Pending
Size
85,162 SF
Class
A
Total Parking Spaces
500
Property subtype
Office
Occupancy
94%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$2,259,986
Additional Details
Cap Rate
6.73%
Building Details
Year Built
2008
Buildings
1
Stories
9
Units
500
Tenancy
Multi
Listed By:
Christopher Green · License #3513936
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Jul 24 at 1:36PM
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 Christopher Green
Investment Insights
Based on property information with market context.
Hospital-Connected Medical Office Building offering a Class A medical office structure with 85,162 RSF, physically connected via pedestrian bridge to Mount Sinai Medical Center. The asset is presented as a leasehold interest with approximately 32 years remaining term.
Located at 4308 Alton Rd, the property’s on-campus designation is tied directly to its physical connection to the adjacent Mount Sinai Medical Center. The information provided also indicates a parking component that contributes to annual revenue.
For investors or operators evaluating healthcare real estate with an integrated care setting, this building’s setup centers on proximity and physical access to an operating hospital campus. The offering materials cite 94.5% current occupancy and a contractual 2026 NOI of approximately $2.26 million, supported by the stated parking revenue component of approximately $608,000 annually in the 2026 budget. The leasehold framing provides a defined remaining term and an income-stream profile associated with the hospital-connected medical office use.
Located at 4308 Alton Rd, the property’s on-campus designation is tied directly to its physical connection to the adjacent Mount Sinai Medical Center. The information provided also indicates a parking component that contributes to annual revenue.
For investors or operators evaluating healthcare real estate with an integrated care setting, this building’s setup centers on proximity and physical access to an operating hospital campus. The offering materials cite 94.5% current occupancy and a contractual 2026 NOI of approximately $2.26 million, supported by the stated parking revenue component of approximately $608,000 annually in the 2026 budget. The leasehold framing provides a defined remaining term and an income-stream profile associated with the hospital-connected medical office use.
Key Highlights
- 85,162 RSF Class A medical office building physically connected via pedestrian bridge to Mount Sinai Medical Center in Miami Beach
- Year built 2008
- Offered as a leasehold interest with approximately 32 years remaining term
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
$2,257,219
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
6.72%
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%
$45,144,380
$45.1M
Cap Rate 7%
$32,245,986
$32.2M
Cap Rate 9%
$25,080,211
$25.1M
Market Conditions
NOI Build-Up for 85,162 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
$3.88M $45.60/SF
− Vacancy
−$873.8K −$10.26/SF
EGI
$3.01M $35.34/SF
− OpEx
−$752.4K −$8.84/SF
NOI
$2.26M $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /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%
$45,144,380
Cap Rate 7%
$32,245,986
Cap Rate 9%
$25,080,211
Alternative Uses
Best Use
Office B
$32.25M
$28.22M – $37.62M
NOI $2,257,219 @ 7.0% cap · market cap 6.72%
Second Best
Healthcare Medical
$16.03M
$14.03M – $18.70M
NOI $1,122,095 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$43.21M
$37.81M – $50.41M
NOI $3,024,439 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,159
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33140, FL
19,315
Population
16,000
Households
1.2
Avg Household Size
46
Median Age
62%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,231
Density / Sq Mi
$103,898
Median Household Income
$65,708
Median Earnings
$2,020
Median Rent
$863,600
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 - Class A medical office building is physically connected by pedestrian bridge to Mount Sinai Medical Center in Miami Beach.
Where is this medical office space located?
The property is located at 4308 Alton Rd Miami Beach, FL.
What is the asking price?
The asking price for this property is $33,600,000.
What are key features of this property?
This property features: 85,162 RSF Class A medical office building physically connected via pedestrian bridge to Mount Sinai Medical Center in Miami Beach; Year built 2008; Offered as a leasehold interest with approximately 32 years remaining term
