Crestview Medical Office Investment
For Sale
$719,500
710 Hospital Dr Crestview FL 32539, Crestview, FL 32539
Two-story medical office building
Property Size3,000 SF
Price / SF$239.83
Days on Market579
Property Features for 710 Hospital Dr Crestview FL 32539
General Information
Standard status
Active
Property type
Medical Office Space, Medical centers, Medical space, Office Spaces, Healthcare properties
Size
3,000 SF
Class
B
Elevators
N/A
Building Details
Year Built
2007
Listing Agency:
(850) 249-2879
Listed By:
Terry
(850) 249-2879
Added: Jan 23, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This two-story medical office building, located in Crestview, Florida, offers an investment opportunity. The 3,000 square foot building currently houses Panhandle Orthopaedics and features multiple exam rooms and offices. A large breakroom and kitchen enhance staff comfort and functionality. The property is located off S Ferdon Blvd and adjacent to the North Okaloosa Medical Campus, providing access to patients and medical professionals. Its proximity to the North Okaloosa County Medical Center is a key advantage in a growing area with limited available office space. The location in Crestview makes this an attractive investment in a thriving healthcare market.
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
$38,745
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
5.38%
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%
$774,900
$774.9K
Cap Rate 7%
$553,500
$553.5K
Cap Rate 9%
$430,500
$430.5K
Market Conditions
NOI Build-Up for 3,000 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
$63.0K $21.00/SF
− Vacancy
−$11.3K −$3.78/SF
EGI
$51.7K $17.22/SF
− OpEx
−$12.9K −$4.31/SF
NOI
$38.7K $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%
$774,900
Cap Rate 7%
$553,500
Cap Rate 9%
$430,500
Alternative Uses
Best Use
Office B
$553.5K
$484.3K – $645.8K
NOI $38,745 @ 7.0% cap · market cap 5.38%
Second Best
Healthcare Medical
$483.3K
$422.9K – $563.9K
NOI $33,831 @ 7.0% cap · market cap 4.70%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $80,927 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Balanced
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story medical office building
Where is this medical office space located?
The property is located at 710 Hospital Dr Crestview FL 32539 Crestview, FL.
What is the asking price?
The asking price for this property is $719,500.
