Leased Medical Office
For Sale
$845,000
506 4TH AVENUE W, Palmetto, FL 34221
Single-tenant medical office with a purpose-built clinical layout and recently installed HVAC systems.
Property Size3,213 SF
Price / SF$262.99
Days on Market51
Property Features for 506 4TH AVENUE W
General Information
Standard status
Active
Size
3,213 SF
Property subtype
Medical Office
Occupancy
100%
Net Operating Income
$59,556
Additional Details
Asking Price
$1,000,000
Amenities
0.6 acres
Shingle
Additional parcels description:, Parcel Number: 2798810159, Public Survey Range: 17, Public Survey Section: 14, Annual Amount: $8,760, Tax Block: Q, Tax Book Number: 1-161, Legal Description: THE S 115 FT OF LOTS 1-4 & THE S 115 FT OF THE E 45 FT OF LOT 5, BLK Q, E PALMETTO SUB. PI #2798.1015/9, Lot: 5, Year: 2025, Zoning: CG
Net Operating Income: $59,556
Central Air
Listing ID: MFRA4703877, Standard Status: Active, MLS Status: Active, Property Subtype: Medical Office, On market as of 2026-08-24, 38 days on market, Special Conditions: None
Window Treatments
Built in 1978, Living area: 3171, Living area units: Square Feet, Construction Materials: Block, Concrete, Stucco
Subdivision: EAST PALMETTO, MLS Area (Major): 34221 - Palmetto/Rubonia, County/Parish: Manatee
Electricity Available
Crawlspace
Frontage Type: City Street, Road Surface: Asphalt
Building Details
Year Built
1978
Tenancy
Single
Listing Agency:
RE/MAX ALLIANCE GROUP
(941) 360-7777
Listed By:
Lily Behrends · License #3152514
(941) 526-9121
Source:
Miharaandassociates
Added: Aug 24
Changed: Oct 13
Last Checked: Oct 12 at 6:58PM
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 RE/MAX ALLIANCE GROUP
Investment Insights
Based on property information with market context.
This purpose-built medical office is fully leased to Millennium Medical under a NNN lease. The interior includes seven exam rooms, three private physician offices, a dedicated lab, and a staff kitchen and lounge. Three new HVAC systems have been installed, providing updated mechanical infrastructure for the building’s medical-office use.
Lease terms include annual rent escalations and two 2-year renewal options. The NNN structure places responsibility for taxes, insurance, and maintenance with the tenant. Built in 1978, the property is located at 506 4th Avenue W in Palmetto, within Manatee County’s medical corridor.
Lease terms include annual rent escalations and two 2-year renewal options. The NNN structure places responsibility for taxes, insurance, and maintenance with the tenant. Built in 1978, the property is located at 506 4th Avenue W in Palmetto, within Manatee County’s medical corridor.
Key Highlights
- Fully leased single‑tenant medical office occupied by Millennium Medical
- NNN lease includes annual rent escalations and two 2‑year renewal options
- Seven exam rooms and three private physician offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,467
Cap Rate
6.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,049,340
$1.0M
Cap Rate 7%
$749,529
$749.5K
Cap Rate 9%
$582,967
$583.0K
Market Conditions
NOI Build-Up for 3,213 SF
Gross rent
$74.0K $23.04/SF
− Vacancy
−$4.1K −$1.27/SF
EGI
$70.0K $21.77/SF
− OpEx
−$17.5K −$5.44/SF
NOI
$52.5K $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 Rate 5%
$1,049,340
Cap Rate 7%
$749,529
Cap Rate 9%
$582,967
Alternative Uses
Best Use
Office B
$749.5K
$655.8K – $874.5K
NOI $52,467 @ 7.0% cap · market cap 6.21%
Second Best
Healthcare Medical
$708.6K
$620.1K – $826.7K
NOI $49,604 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$944.8K
$826.7K – $1.10M
NOI $66,139 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Tejbir Sandhu — 520 7th St W, Palmetto, FL 34221
- Palmetto Animal Clinic: Lucas McClain DVM, Jack Beal DVM, Chelsea Hawkins DVM, and Christin Eley DVM — 220 7th st w, palmetto, fl 34221
- Palmetto Animal Clinic — 220 7th St W, Palmetto, FL 34221
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant medical office with a purpose-built clinical layout and recently installed HVAC systems.
Where is this medical office space located?
The property is located at 506 4TH AVENUE W Palmetto, FL.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Fully leased single‑tenant medical office occupied by Millennium Medical; NNN lease includes annual rent escalations and two 2‑year renewal options; Seven exam rooms and three private physician offices
