506 4TH AVE W Palmetto, FL 34221
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Key Details
Property Type Other Types
Sub Type Medical Office
Listing Status Active
Purchase Type For Sale
Square Footage 3,171 sqft
Price per Sqft $266
Subdivision East Palmetto
MLS Listing ID A4703877
HOA Y/N No
Year Built 1978
Annual Tax Amount $8,760
Lot Size 0.600 Acres
Acres 0.6
Property Sub-Type Medical Office
Source Stellar MLS
Property Description
$845,000 · 3,171 SF · NOI $59,556 Fully leased, single-tenant medical office occupied by Millennium Medical on a NNN lease with annual rent escalations and two 2-year renewal options — a passive, inflation-hedged income stream with no landlord responsibility for taxes, insurance, or maintenance.
The purpose-built medical layout includes seven exam rooms, three private physician offices, a dedicated lab, and a staff kitchen/lounge. Three new HVAC systems were recently installed, eliminating the largest near-term capital expense a buyer would otherwise face.
At $315/SF with in-place NNN rent of $18.78/SF, the property offers durable cash flow with built-in growth in Palmetto's expanding Manatee County medical corridor.
Location
State FL
County Manatee
Community East Palmetto
Area 34221 - Palmetto/Rubonia
Zoning CG
Direction W
Interior
Cooling Central Air
Exterior
Utilities Available Electricity Available
View Y/N No
Water Access No
Roof Type Shingle
Building
Foundation Crawlspace
Lot Size Range 1/2 to less than 1
Structure Type Block,Concrete,Stucco
New Construction false
Others
Ownership Fee Simple
Special Listing Condition None
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