Freestanding Medical Office
New
For Sale
$2,200,000
577 Brookmeade Dr, Crestview, FL 32539
Purpose-built outpatient facility with specialized treatment improvements, aquatic therapy, and separate utility metering.
Property Size10,200 SF
Lot Size1.00 Acre
Price / SF$215.69
Days on Market3
Property Features for 577 Brookmeade Dr
General Information
Standard status
Active
Size
10,200 SF
Total Parking Spaces
40
Lot size
1.00 Acre
Property subtype
Commercial
Zoning
mixed use
Additional Details
Utilities to Site
Yes
Office Units
2
Amenities
medical-grade plumbing
aquatic therapy pool
treatment build-out
ADA-compliant restrooms
dual-meter utility separation
ongoing maintenance program
Building Details
Year Renovated
2015
Buildings
1
Building Size
10,200 SF
Construction
steel frame
Listing Agency:
NBI Properties Inc
(850) 797-0627
Listed By:
Todd Siegrist · License #BK627640
(850) 797-0627
Source:
Elliman
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 6:32AM
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 NBI Properties Inc
Investment Insights
Based on property information with market context.
This 10,200 SF freestanding medical office property occupies a 1-acre corner site in Crestview and is configured for outpatient healthcare use. The building includes a 6,800 SF primary suite and a 3,400 SF companion suite, with medical-grade plumbing, treatment areas, an aquatic therapy pool, ADA-compliant restrooms, dual-meter utility separation, and 40 parking spaces. Steel-frame construction and a 2015 remodel are complemented by an ongoing maintenance program.
The property is located directly across the street from North Okaloosa Medical Center and within Crestview city limits. The primary suite is leased through May 2028, while the companion suite is available to a new owner within 90 days of closing under existing lease terms. Additional surrounding context includes Williams International’s advanced aviation campus under construction 7 minutes north, 6,387 approved and under-construction residential units, and a 78,000+ population within a 30-minute drive. Eglin AFB contributes to year-round healthcare demand in the broader area.
The property is located directly across the street from North Okaloosa Medical Center and within Crestview city limits. The primary suite is leased through May 2028, while the companion suite is available to a new owner within 90 days of closing under existing lease terms. Additional surrounding context includes Williams International’s advanced aviation campus under construction 7 minutes north, 6,387 approved and under-construction residential units, and a 78,000+ population within a 30-minute drive. Eglin AFB contributes to year-round healthcare demand in the broader area.
Key Highlights
- 10,200 SF freestanding medical building on a 1‑acre corner site
- Located directly across the street from North Okaloosa Medical Center
- 6,800 SF primary suite leased through May 2028
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
$131,733
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
5.99%
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%
$2,634,660
$2.6M
Cap Rate 7%
$1,881,900
$1.9M
Cap Rate 9%
$1,463,700
$1.5M
Market Conditions
NOI Build-Up for 10,200 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
$214.2K $21.00/SF
− Vacancy
−$38.6K −$3.78/SF
EGI
$175.6K $17.22/SF
− OpEx
−$43.9K −$4.31/SF
NOI
$131.7K $12.92/SF
Area
Okaloosa County, FL
Vacancy
18.00%
Lease Rate
$21.00 /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%
$2,634,660
Cap Rate 7%
$1,881,900
Cap Rate 9%
$1,463,700
Alternative Uses
Best Use
Office B
$1.88M
$1.65M – $2.20M
NOI $131,733 @ 7.0% cap · market cap 5.99%
Second Best
Healthcare Medical
$1.64M
$1.44M – $1.92M
NOI $115,025 @ 7.0% cap · market cap 5.23%
Theoretical Best
Specialty Retail
$3.93M
$3.44M – $4.59M
NOI $275,152 @ 7.0% cap · market cap 12.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
804
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32539, FL
31,749
Population
12,642
Households
2.5
Avg Household Size
37
Median Age
24%
College-Educated
93%
High-School Grad
127.9 sq mi
ZIP Area
248
Density / Sq Mi
$72,521
Median Household Income
$40,064
Median Earnings
$1,323
Median Rent
$272,300
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?
Medical Office Space - Purpose-built outpatient facility with specialized treatment improvements, aquatic therapy, and separate utility metering.
Where is this medical office space located?
The property is located at 577 Brookmeade Dr Crestview, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 10,200 SF freestanding medical building on a 1‑acre corner site; Located directly across the street from North Okaloosa Medical Center; 6,800 SF primary suite leased through May 2028
