Building Details

Building Size 1,563 SF

Year Built 1965

Listing Agency: Bellcore Commercial LLC

Listed By: Melissa Simpson, CCIM · License #FL #BK3338591 Show Phone

Source: Bellcorecommercial

Added: Aug 24 Changed: Oct 6 Last Checked: Oct 14 at 9:48PM

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Investment Insights

Based on property information with market context.

This freestanding medical office property was built in 1965 and occupies a 0.41-acre site in Pace, Florida. The property includes an on-site parking lot and monument signage, supporting identification and access for users and visitors.

The site is positioned near the intersection of US Hwy 90 and West Spencer Field Rd. Commercial properties are located to the north, while a residential neighborhood lies to the south. Neighborhood Commercial zoning and the surrounding mix of uses provide the documented setting for this medical office asset.

Key Highlights

• 0.41‑acre medical office site in Pace, FL
• Freestanding building constructed in 1965
• Zoned Neighborhood Commercial

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,929

Cap Rate

8.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$438,580 $438.6K

Cap Rate 7%

$313,271 $313.3K

Cap Rate 9%

$243,656 $243.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,563 SF

Gross rent

$40.7K $26.04/SF

− Vacancy

−$4.2K −$2.66/SF

EGI

$36.5K $23.38/SF

− OpEx

−$14.6K −$9.35/SF

NOI

$21.9K $14.03/SF

Area

Santa Rosa County, FL

Vacancy

10.20%

Lease Rate

$26.04 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$438,580

Cap Rate 7%

$313,271

Cap Rate 9%

$243,656

Alternative Uses

Best Use

Healthcare Medical

$313.3K

$274.1K – $365.5K (±1% cap)

NOI $21,929 @ 7.0% cap · market cap 8.77%

Second Best

Office B

$263.7K

$230.7K – $307.6K (±1% cap)

NOI $18,456 @ 7.0% cap · market cap 7.38%

Theoretical Best

Office A

$384.9K

$336.8K – $449.0K (±1% cap)

NOI $26,941 @ 7.0% cap · market cap 10.78%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Parking Lot & Garage Storage Facility Garden Center (Bike/Boat/Book/etc) Store Bakery Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

341

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 32571, FL

38,885

Population

15,041

Households

2.6

Avg Household Size

39

Median Age

33%

College-Educated

93%

High-School Grad

112.6 sq mi

ZIP Area

345

Density / Sq Mi

$89,137

Median Household Income

$46,400

Median Earnings

$1,186

Median Rent

$281,600

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Similar Off Market Nearby

• Pace Veterinary Clinic — 4541 Chumuckla Hwy, Pace, FL 32571

Frequently Asked Questions

What type of property is this?

Medical Office Space - Neighborhood Commercial-zoned medical office with on-site parking and monument signage.

Where is this medical office space located?

The property is located at 4542 Alba St Pace, FL.

What is the asking price?

The asking price for this property is $250,000.

What are key features of this property?

This property features: 0.41‑acre medical office site in Pace, FL; Freestanding building constructed in 1965; Zoned Neighborhood Commercial