Multi-Tenant Office
For Sale
Contact for pricing
4502 Cortez Rd W, Bradenton, FL 34210
100% occupied multi-tenant office offering includes a large ownership position in a Florida-anchored building.
Property Size12,686 SF
Price / SF$495.74
Days on Market107
Property Features for 4502 Cortez Rd W
General Information
Standard status
Active
Size
12,686 SF
Property subtype
OFFICE
Occupancy
100%
Additional Details
Cap Rate
6.5%
Listing Agency:
eXp Commercial - FL
(941) 220-0989
Listed By:
Mercedes Martin · License #BK3257231
(954) 881-9580
Source:
Moodyscre
Added: Jun 1
Changed: Aug 16
Last Checked: Sep 14 at 11:30AM
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 eXp Commercial - FL
Investment Insights
Based on property information with market context.
This for-sale office investment is 100% occupied and includes a 12,686 SF ownership interest. The seller holds a 47.66% stake in the building, representing the largest ownership position, with over $7.06 million in remaining contracted base rent and a 12.8-year weighted average lease term.
The property’s tenancy is anchored by the State of Florida, with investment-grade banking tenant(s) contributing the majority of NOI. Public remarks also indicate professional on-site management and that DCF and BMO generate approximately 90% of NOI.
The asset is positioned within the Bradenton/Sarasota growth corridor, and the offering is structured as an ownership interest in a multi-tenant office building.
The property’s tenancy is anchored by the State of Florida, with investment-grade banking tenant(s) contributing the majority of NOI. Public remarks also indicate professional on-site management and that DCF and BMO generate approximately 90% of NOI.
The asset is positioned within the Bradenton/Sarasota growth corridor, and the offering is structured as an ownership interest in a multi-tenant office building.
Key Highlights
- 100% occupied multi‑tenant office with 12,686 SF ownership interest and 47.66% ownership of the building
- 6.50% going‑in cap rate with Year 1 NOI of $408,781
- Over $7.06 million remaining contracted base rent and 12.8‑year weighted average lease 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
$207,157
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
3.29%
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%
$4,143,140
$4.1M
Cap Rate 7%
$2,959,386
$3.0M
Cap Rate 9%
$2,301,744
$2.3M
Market Conditions
NOI Build-Up for 12,686 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
$292.3K $23.04/SF
− Vacancy
−$16.1K −$1.27/SF
EGI
$276.2K $21.77/SF
− OpEx
−$69.1K −$5.44/SF
NOI
$207.2K $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%
$4,143,140
Cap Rate 7%
$2,959,386
Cap Rate 9%
$2,301,744
Alternative Uses
Best Use
Office B
$2.96M
$2.59M – $3.45M
NOI $207,157 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.73M
$3.26M – $4.35M
NOI $261,139 @ 7.0% cap · market cap 4.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
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Business Placement
Demographics for 34210, FL
16,447
Population
11,870
Households
1.4
Avg Household Size
54
Median Age
37%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
1,848
Density / Sq Mi
$64,306
Median Household Income
$37,216
Median Earnings
$1,552
Median Rent
$279,500
Median Home Value
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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?
Office building - 100% occupied multi-tenant office offering includes a large ownership position in a Florida-anchored building.
Where is this office building located?
The property is located at 4502 Cortez Rd W Bradenton, FL.
What is the asking price?
The asking price for this property is $6,289,000.
What are key features of this property?
This property features: 100% occupied multi‑tenant office with 12,686 SF ownership interest and 47.66% ownership of the building; 6.50% going‑in cap rate with Year 1 NOI of $408,781; Over $7.06 million remaining contracted base rent and 12.8‑year weighted average lease term
