Commercial Sale · Medical Office
506 4TH AVENUE W, PALMETTO, FL, 34221
Active27 days on marketListed Aug 24, 2026MLS #A4703877
About this property
The property at a glance
506 4th Ave W, Palmetto | Leased Medical Office $1,000,000 · 3,171 SF · NOI $59,556Fully 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.
3,213
Building sq ft
$311
Price / sq ft
0.6
Lot acres
1978
Year built
1
Building
CG
Zoning
Medical Office
Property type
The numbers
Investment snapshot
5.95%
Cap rate
$59,556
Net operating income
Estimated payment (illustrative)
Estimated payment
$5,387/mo
Illustrative only. Commercial loans are underwritten on the property’s income (DSCR, cap rate) — typically 25–35% down with lender-set terms. Ask a commercial lender for real numbers. Taxes reflect the most recent bill on record; insurance is a typical-Florida estimate. Your lender’s numbers will differ. CENTURY 21 Edge partners with Florida’s best lenders.
Financing
Commercial financing works differently from a home loan — expect roughly 25–35% down with terms driven by the property’s income and your lender’s underwriting (DSCR, cap rate), not FHA or VA programs. Ask Cindy to connect you with a commercial lender for real numbers.
Where it sits
Location & trade area
What’s nearby
Business data © OpenStreetMap contributors
The area
Who's around this property
54,923
Population
$74,314
Median income
46.6
Median age
2.63
Avg household
$298,200
Median home value
$1,459/mo
Median rent
4,466
Households w/ kids
Recent sales
What actually sold near 506 4TH AVENUE W
The most comparable commercial properties that changed hands nearby. No two are identical — ask us for a full comparative analysis.
$18,696
312 7TH STREET W
3,129 sqft · $6/sqft · Sold Jan 1, 2025
$675,000
1608 28TH STREET COURT E
3,030 sqft · $223/sqft · Sold Sep 9, 2025
$18,000
2001 9TH STREET W
2,980 sqft · $6/sqft · Sold Sep 9, 2026
Your team
The pros in your corner
Your agent
Cindy Fernandez
REALTOR® · CENTURY 21 Edge
Tours, offers, and every question about 506 4TH AVENUE W — start here.
Financing contact
Andrew Acosta
Acosta Home Loans with PRMG · NMLS #1468866
Ask about commercial financing options for 506 4TH AVENUE W.
See it in person
Schedule a tour
Live availability from Cindy's calendar — pick a time and it's booked.
Keep looking
Similar properties nearby
Listing courtesy of RE/MAX ALLIANCE GROUP · Lily Behrends. MLS #A4703877.
IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by Stellar MLS.
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