Leased Medical Office with Exam
For Sale
$845,000
506 4TH Avenue W, Palmetto, FL 34221
Commercial Sale, PALMETTO, FL
Property Size3,171 SF
Lot Size0.60 Acres
Price / SF$266.48
Days on Market52
Property Features for 506 4TH Avenue W
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CG
Window features
Window Treatments
Subdivision
EAST PALMETTO
Directions
Take Manatee Ave - SR 64 to US41 North. Go North on US-41 N (Turns into 14th St W in Bradenton). Cross over Manatee River on the Green Bridge / US-41 N into Palmetto. Continue on US-41 N / 8th Ave W as you enter Palmetto. Turn left onto 10th St W (or 5th St W depending on precise block routing). Take to 4th Ave W, to 506 4th Ave W (located near Lincoln Memorial Middle School).
Standard status
Active
APN
2798810159
Size
3,171 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2025
Tax 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
Tax Annual Amount
8760
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
Utilities
Utilities
Electricity Available
Cooling system
Central Air
Amenities
staff kitchen/lounge
Building Details
Year built
1978
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Listing Agency:
RE/MAX ALLIANCE GROUP · RE/MAX International
(941) 360-7777
Listed By:
Lily Behrends · License #3152514
(941) 526-9121
Added: Aug 22
Changed: Oct 8
Last Checked: Oct 12 at 1:06AM
MLS# A4703877
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
At 506 4th Avenue W in Palmetto, this 3,171-square-foot medical office is fully leased to Millennium Medical. Its layout includes seven exam rooms, three private physician offices, a lab, and a staff kitchen and lounge. The tenant operates under a NNN lease with annual rent escalations and two 2-year renewal options. The reported cap rate is 6.26%.
Built in 1978, the building has block, concrete, and stucco construction, central air, and a shingle roof. Three HVAC systems have been installed recently. The property occupies a 0.6-acre site and is zoned CG.
Built in 1978, the building has block, concrete, and stucco construction, central air, and a shingle roof. Three HVAC systems have been installed recently. The property occupies a 0.6-acre site and is zoned CG.
Key Highlights
- Fully leased, single‑tenant medical office occupied by Millennium Medical
- 3,171 square feet on a 0.6‑acre site; zoned CG
- Interior includes seven exam rooms, three physician offices, a lab, and staff kitchen/lounge
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,781
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,035,620
$1.0M
Cap Rate 7%
$739,729
$739.7K
Cap Rate 9%
$575,344
$575.3K
Market Conditions
NOI Build-Up for 3,171 SF
Gross rent
$73.1K $23.04/SF
− Vacancy
−$4.0K −$1.27/SF
EGI
$69.0K $21.77/SF
− OpEx
−$17.3K −$5.44/SF
NOI
$51.8K $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%
$1,035,620
Cap Rate 7%
$739,729
Cap Rate 9%
$575,344
Alternative Uses
Best Use
Office B
$739.7K
$647.3K – $863.0K
NOI $51,781 @ 7.0% cap · market cap 6.13%
Second Best
Healthcare Medical
$699.4K
$612.0K – $815.9K
NOI $48,956 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$932.5K
$815.9K – $1.09M
NOI $65,274 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Office units
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A single-tenant medical practice occupies the property under a NNN lease with annual escalations and renewal options.
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; 3,171 square feet on a 0.6‑acre site; zoned CG; Interior includes seven exam rooms, three physician offices, a lab, and staff kitchen/lounge
