Medical Office Suite with Private
New
For Sale
$557,500
829 18TH #C-2, Vero Beach, FL 32960
Flexible commercial suite with multiple rooms, storage areas, and two commercial bathrooms.
Property Size2,034 SF
Price / SF$274.09
Days on Market6
Property Features for 829 18TH #C-2
General Information
Standard status
Active
Size
2,034 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,307
Amenities
Central air
Metal Roof
Carpet Flooring
Central Air Cooling
Central Heating
Common
Free Parking
Tile Flooring
Volts110
Building Details
Year Built
2007
Listing Agency:
SUNRISE HOMES REALTY GROUP INC.
(954) 554-1938
Listed By:
MICHAEL DIAZ · License #B26068666
Source:
Corcoran
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 30 at 7:24PM
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 SUNRISE HOMES REALTY GROUP INC.
Investment Insights
Based on property information with market context.
Unit C-2 is a 2,034-square-foot medical office suite constructed in 2007. The layout includes two main rooms measuring approximately 25' x 10' each, two private rooms measuring 11.5' x 9' each, two storage rooms, and two commercial bathrooms. The configuration provides distinct areas for treatment, consultation, administration, inventory, records, or other professional office functions.
Located at 829 18th Street in Vero Beach, the property offers access to main roads, shopping centers, and local dining. Its combination of larger open rooms, private rooms, storage, and commercial restroom facilities supports a range of medical and professional office configurations.
Located at 829 18th Street in Vero Beach, the property offers access to main roads, shopping centers, and local dining. Its combination of larger open rooms, private rooms, storage, and commercial restroom facilities supports a range of medical and professional office configurations.
Key Highlights
- 2,034 SF medical office suite at 829 18th Street, Unit C‑2
- Built in 2007
- Two main rooms, each approximately 25' x 10'
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
$27,525
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
4.94%
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%
$550,500
$550.5K
Cap Rate 7%
$393,214
$393.2K
Cap Rate 9%
$305,833
$305.8K
Market Conditions
NOI Build-Up for 2,034 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
$51.3K $25.20/SF
− Vacancy
−$5.4K −$2.65/SF
EGI
$45.9K $22.55/SF
− OpEx
−$18.3K −$9.02/SF
NOI
$27.5K $13.53/SF
Area
Indian River County, FL
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$550,500
Cap Rate 7%
$393,214
Cap Rate 9%
$305,833
Alternative Uses
Best Use
Healthcare Medical
$393.2K
$344.1K – $458.8K
NOI $27,525 @ 7.0% cap · market cap 4.94%
Second Best
Office B
$310.9K
$272.1K – $362.8K
NOI $21,766 @ 7.0% cap · market cap 3.90%
Theoretical Best
Specialty Retail
$446.1K
$390.3K – $520.4K
NOI $31,225 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,672
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32960, FL
21,522
Population
11,590
Households
1.9
Avg Household Size
48
Median Age
25%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
1,939
Density / Sq Mi
$52,350
Median Household Income
$30,236
Median Earnings
$1,171
Median Rent
$254,400
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 - Flexible commercial suite with multiple rooms, storage areas, and two commercial bathrooms.
Where is this medical office space located?
The property is located at 829 18TH #C-2 Vero Beach, FL.
What is the asking price?
The asking price for this property is $557,500.
What are key features of this property?
This property features: 2,034 SF medical office suite at 829 18th Street, Unit C‑2; Built in 2007; Two main rooms, each approximately 25' x 10'
