$845,000
Active506 4th Ave W, Palmetto, FL 34221
3,171 sq ft
Listing courtesy of RE/MAX ALLIANCE GROUP · MLS# A4703877
65 days on market
Refreshed from the Stellar MLS feed . This listing’s MLS record last changed .
About this property
506 4th Ave W, Palmetto | Leased Medical Office CAP rate 6.26. $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.
Facts
- Property type
- Medical Office
- Year built
- 1978
- Flood zone
- AE
- Annual taxes
- $8,760/yr
- Listed
- Aug 22, 2026
- MLS #
- A4703877
Commercial details
Building & site
- Building size
- 3,213 SF
- Office / retail space
- 3,123 SF
- Lot size
- 0.6 acres (26,127 SF)
- Zoning
- CG
- Parking spaces
- 14
- Road frontage
- City Street
- Buildings
- 1
- Occupancy
- Tenant-occupied
Investor metrics
- Price per SF (MLS)
- $262.99/SF
- Cap rate
- 5.95%
- Net operating income
- $59,556/yr
As reported by the listing broker in the MLS. Not verified by Lasbury-Tracy Realty — confirm with the listing broker before relying on them. We never estimate a cap rate.
Price & status history
- Listed for $1,000,000
- Price reduced to $845,000
Take a tour
Pick a day that suits you — a licensed Lasbury Tracy agent confirms personally, usually within minutes. No account needed.
506 4th Ave W, Palmetto, FL 34221
Listing courtesy of RE/MAX ALLIANCE GROUP · MLS# A4703877 · Active
Where this property is
Opens on aerial — on this coast the canal, the lot and the neighbours answer more questions than a street grid does.
