Single-Tenant Medical
New
For Sale
$1,000,000
506 4TH Avenue W, Palmetto, FL 34221
Commercial Sale, PALMETTO, FL
Property Size3,213 SF
Lot Size0.60 Acres
Price / SF$311.24
Days on Market4
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
3,213 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 #SL3152514
(941) 526-9121
Added: Aug 22
Changed: Aug 25
Last Checked: Aug 25 at 8:06AM
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.
This 3,213-square-foot medical office was built in 1978 and is configured for a single occupant. The purpose-built interior includes seven exam rooms, three private physician offices, a dedicated laboratory, and a staff kitchen and lounge. Three new HVAC systems have been installed. Block, concrete, and stucco construction, central air, a shingle roof, and available electricity complete the primary building details.
The property occupies 0.6 acres at 506 4TH Avenue W in Palmetto, Florida, within Manatee County. It is zoned CG and is fully leased to Millennium Medical under an NNN lease. The lease includes annual rent escalations and two 2-year renewal options, with taxes, insurance, and maintenance handled by the tenant under the stated structure.
The property occupies 0.6 acres at 506 4TH Avenue W in Palmetto, Florida, within Manatee County. It is zoned CG and is fully leased to Millennium Medical under an NNN lease. The lease includes annual rent escalations and two 2-year renewal options, with taxes, insurance, and maintenance handled by the tenant under the stated structure.
Key Highlights
- 3,213‑square‑foot medical office on 0.6 acres
- Seven exam rooms, three private physician offices, dedicated lab, and staff kitchen/lounge
- Fully leased to Millennium Medical under an NNN lease
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
$52,467
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
5.25%
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%
$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
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
$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 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%
$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 5.25%
Second Best
Healthcare Medical
$708.6K
$620.1K – $826.7K
NOI $49,604 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$944.8K
$826.7K – $1.10M
NOI $66,139 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built medical space leased under an NNN structure with renewal options and recent HVAC replacements.
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 $1,000,000.
What are key features of this property?
This property features: 3,213‑square‑foot medical office on 0.6 acres; Seven exam rooms, three private physician offices, dedicated lab, and staff kitchen/lounge; Fully leased to Millennium Medical under an NNN lease
