Office Condominium Suite with Seven
For Sale
$350,000
550 NW University Blvd #104, Port St Lucie, FL 34986
Vacant professional office suite with seven private offices, reception area, restroom, and storage within West Park Professional Centre.
Property Size2,124 SF
Price / SF$164.78
Days on Market88
Property Features for 550 NW University Blvd #104
General Information
Standard status
Active
Size
2,124 SF
Property subtype
Commercial
Additional Details
Office Units
7
Taxes and HOA fees
Annual Taxes
$7,960
Building Details
Year Built
2006
Listing Agency:
ALLISON JAMES ESTATES & HOMES
Listed By:
NADINE PIERRE · License #A12028833
(754) 245-4016
Source:
Corcoran
Added: Jun 8
Changed: Sep 3
Last Checked: Sep 2 at 3:21PM
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 ALLISON JAMES ESTATES & HOMES
Investment Insights
Based on property information with market context.
This office condominium suite is approximately 2,124 square feet and is offered for sale vacant and ready for immediate occupancy. The layout includes seven private offices, a reception and waiting area, a storage area, a restroom, and additional ample storage throughout.
The suite is located within West Park Professional Centre in the St. Lucie West area and sits directly across from Clover Park, home of the New York Mets Spring Training facility. The property offers ample parking and convenient access to I-95 and Florida’s Turnpike, with nearby restaurants, shopping, hospitals, and other professional services.
The property is being sold AS IS, and buyers should verify all measurements, zoning, permitted uses, condominium information, and association requirements.
The suite is located within West Park Professional Centre in the St. Lucie West area and sits directly across from Clover Park, home of the New York Mets Spring Training facility. The property offers ample parking and convenient access to I-95 and Florida’s Turnpike, with nearby restaurants, shopping, hospitals, and other professional services.
The property is being sold AS IS, and buyers should verify all measurements, zoning, permitted uses, condominium information, and association requirements.
Key Highlights
- 2,124‑sq‑ft vacant professional office condominium suite in West Park Professional Centre (year built 2006).
- Layout includes seven private offices, reception/waiting area, storage area, and restroom.
- Suite offers immediate owner‑occupant use or leasing potential to multiple tenants (per description).
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
$26,839
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
7.67%
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%
$536,780
$536.8K
Cap Rate 7%
$383,414
$383.4K
Cap Rate 9%
$298,211
$298.2K
Market Conditions
NOI Build-Up for 2,124 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
$45.9K $21.60/SF
− Vacancy
−$10.1K −$4.75/SF
EGI
$35.8K $16.85/SF
− OpEx
−$8.9K −$4.21/SF
NOI
$26.8K $12.64/SF
Area
St. Lucie County, FL
Vacancy
22.00%
Lease Rate
$21.60 /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%
$536,780
Cap Rate 7%
$383,414
Cap Rate 9%
$298,211
Alternative Uses
Best Use
Office B
$383.4K
$335.5K – $447.3K
NOI $26,839 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$534.2K
$467.4K – $623.2K
NOI $37,391 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Office units
Location Intelligence
Trade Area within ½ mile
1,125
Businesses Nearby
Explore this area
Business Placement
Demographics for 34986, FL
30,027
Population
14,600
Households
2.1
Avg Household Size
56
Median Age
35%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,597
Density / Sq Mi
$85,842
Median Household Income
$44,182
Median Earnings
$1,600
Median Rent
$368,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Vacant professional office suite with seven private offices, reception area, restroom, and storage within West Park Professional Centre.
Where is this office units located?
The property is located at 550 NW University Blvd #104 Port St Lucie, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,124‑sq‑ft vacant professional office condominium suite in West Park Professional Centre (year built 2006).; Layout includes seven private offices, reception/waiting area, storage area, and restroom.; Suite offers immediate owner‑occupant use or leasing potential to multiple tenants (per description).
