Medical Office Space For
For Sale
Contact for pricing
255 Fortenberry Road #1, Merritt Island, FL 32952
Ground floor office suites suitable for medical or professional use.
Property Size2,250 SF
Price / SF$142.22
Days on Market1061
Property Features for 255 Fortenberry Road #1
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Office
Building Details
Year Built
1974
Stories
2
Units
1
Listing Agency:
RE/MAX Aerospace Realty
Listed By:
Paul Hayhurst · License #471796
(321) 432-5018
Source:
Crexi
Added: Nov 11, 2023
Changed: Oct 3
Last Checked: Oct 5 at 3:16PM
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 RE/MAX Aerospace Realty
Investment Insights
Based on property information with market context.
This property offers a 2250 square foot unit suitable for a medical office, CPA, or insurance office. The unit is divided into two separate office suites located on the ground floor, providing step-free access. One suite is currently vacant, while the other is occupied by a tenant under a month-to-month lease. The property's location is advantageous for commercial use.
Key Highlights
- Great location.
- Ground floor location with no steps.
- 2250 sq ft unit suitable for medical, CPA, or insurance office.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,318
Cap Rate
8.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$566,360
$566.4K
Cap Rate 7%
$404,543
$404.5K
Cap Rate 9%
$314,644
$314.6K
Market Conditions
NOI Build-Up for 2,250 SF
Gross rent
$51.3K $22.80/SF
− Vacancy
−$4.1K −$1.82/SF
EGI
$47.2K $20.98/SF
− OpEx
−$18.9K −$8.39/SF
NOI
$28.3K $12.59/SF
Area
Brevard County, FL
Vacancy
8.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$566,360
Cap Rate 7%
$404,543
Cap Rate 9%
$314,644
Alternative Uses
Best Use
Office B
$437.4K
$382.7K – $510.3K
NOI $30,618 @ 7.0% cap · market cap 9.57%
Second Best
Healthcare Medical
$404.5K
$354.0K – $472.0K
NOI $28,318 @ 7.0% cap · market cap 8.85%
Theoretical Best
Office A
$593.6K
$519.4K – $692.6K
NOI $41,553 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,522
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32952, FL
20,670
Population
10,108
Households
2
Avg Household Size
52
Median Age
45%
College-Educated
96%
High-School Grad
12.3 sq mi
ZIP Area
1,680
Density / Sq Mi
$98,651
Median Household Income
$53,478
Median Earnings
$1,353
Median Rent
$404,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground floor office suites suitable for medical or professional use.
Where is this medical office space located?
The property is located at 255 Fortenberry Road #1 Merritt Island, FL.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Great location.; Ground floor location with no steps.; 2250 sq ft unit suitable for medical, CPA, or insurance office.
