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    777 37Th St Vero Beach, FL 32960

    Sponsored
    For Lease
    Contact for pricing

    Modern medical suites, prime location

    Lot size:
    102,104 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    This exceptional medical office complex offers two available suites, totaling up to 13,000 square feet of renovated space. Building 777, Suite B-106 boasts 1,366 square feet, while Building 787, Suite E-210 provides 2,395 square feet. Both suites feature updated layouts, LED lighting, fresh paint, new flooring, and modern fixtures. The lease rates are inclusive of NNN expenses. The property is a Class B, two-story building totaling 102,104 square feet, constructed in 1980 and extensively renovated in 2018. Ample parking is available with 778 spaces, including 202 covered spots. Conveniently located less than a quarter-mile from a hospital, this complex benefits from an onsite restaurant and pharmacy, and a nearby public bus stop. The property is situated in Indian River County's medical district, offering numerous complementary practices and referral opportunities. Power is supplied by FPL, and elevators are available. The building features a total of 576 parking spaces around the building. This is an ideal opportunity for medical professionals seeking modern, well-equipped suites in a thriving medical environment.

    Property Features for 777 37Th St

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    102,104 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1980/2018
    Stories
    2

    Unit(s) available at that property

    Space
    E-210
    Size
    2,395 SF
    Space
    B-106
    Size
    1,366 SF

    We can help!

    Listing Contact
    Kevin Lambert
    Kevin Lambert

    Learn more

    Property Insight Report

    HighLights

    • 102,104 SF Class B medical office building with multiple tenancies in Indian River County.
    • Two available medical suites: 1,366 SF and 2,395 SF.
    • Building features 778 parking spaces, including covered parking.
    • Recently renovated in 2018 with updated layouts, LED lighting, and modern fixtures.
    • Located less than a quarter mile from a hospital, with an onsite restaurant and pharmacy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ana Taveras, MD ... Nephrologist Daniel Woodard Emergency Care Physician D&s Enterprises Of Vero ... Pharmacy Interventional Spine and Pain ... Medical Clinic Eric Pitts, DO ... Nephrologist

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Wholesale Shop Dental Office Hair Salon Clothing Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Vero Beach
    County
    Indian River
    State
    Florida
    Longitude
    -80.3879797
    Latitude
    27.6593472

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    FAQs

    What type of property is this?
    Medical office - Modern medical suites, prime location
    Where is this medical office located?
    The property is located at 777 37Th St Vero Beach, FL.
    What are key features of this property?
    This property features: 102,104 SF Class B medical office building with multiple tenancies in Indian River County.; Two available medical suites: 1,366 SF and 2,395 SF.; Building features 778 parking spaces, including covered parking.
    Request Owner's contact information
    777 37Th St Vero Beach, FL 32960
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    777 37Th St Vero Beach, FL 32960
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    We can help!
    Listing Contact
    Kevin Lambert
    Kevin Lambert
    Real Estate License ID: BK 3327845
    Learn more
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