Freestanding Medical Office
For Sale
$2,200,000
577 Brookmeade Drive, Crestview, FL 32539
Commercial for Sale, Crestview, FL
Property Size10,200 SF
Lot Size1.01 Acres
Price / SF$215.69
Days on Market18
Property Features for 577 Brookmeade Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From S Ferdon Blvd go east on Redstone Ave. Follow to stop Sign and Right on Brookmeade. Property is on the left. Corner of Brookmeade and Covell.
Subdivision
25 - Crestview Area
Standard status
Active
APN
28-3N-23-0000-0010-0000
Lot size
1.01 Acres
Taxes and HOA fees
Tax Description
BEG SW COR N1/2 OF NW1/4 OF NW1/4 N 210 FT E 210 FT
Legal Description
BEG SW COR N1/2 OF NW1/4 OF NW1/4 N 210 FT E 210 FT
Amenities
medical-grade plumbing
aquatic therapy pool
treatment build-out
ADA-compliant restrooms
dual-meter utility separation
ongoing maintenance program
Listing Agency:
Dalton Wade Inc
(888) 668-8283
Listed By:
Todd Siegrist · License #3398226
(850) 797-0627
Added: Aug 25
Changed: Sep 11
Last Checked: Sep 11 at 4:06PM
MLS# 1010582
Copyright © 2026 Emerald Coast Association of Realtors. 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 freestanding medical facility is configured for outpatient operations and includes medical-grade plumbing, treatment build-out, an aquatic therapy pool, and ADA-compliant restrooms. The steel-frame building was remodeled in 2015 and has dual-meter utility separation, 40 parking spaces, and an ongoing maintenance program. The property is arranged as a primary medical suite and a companion suite, with the latter available to a new owner within 90 days of closing under existing lease terms.
Positioned on a 1.01-acre corner parcel in Crestview city limits, the building sits directly across from North Okaloosa Medical Center. It is zoned mixed use and located in a healthcare-oriented corridor with Eglin AFB and Williams International’s advanced aviation campus identified as demand drivers in the surrounding area. The property is also within a 30-minute drive catchment of more than 78,000 people.
Positioned on a 1.01-acre corner parcel in Crestview city limits, the building sits directly across from North Okaloosa Medical Center. It is zoned mixed use and located in a healthcare-oriented corridor with Eglin AFB and Williams International’s advanced aviation campus identified as demand drivers in the surrounding area. The property is also within a 30-minute drive catchment of more than 78,000 people.
Key Highlights
- 10,200 SF freestanding medical building on a 1.01‑acre corner parcel
- Directly across the street from North Okaloosa Medical Center
- Purpose‑built outpatient layout with treatment build‑out and aquatic therapy pool
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
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Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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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 infrastructure, and two separately metered suites.
Where is this medical office space located?
The property is located at 577 Brookmeade Drive 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 1.01‑acre corner parcel; Directly across the street from North Okaloosa Medical Center; Purpose‑built outpatient layout with treatment build‑out and aquatic therapy pool
