Across the street from the hospital.
In the fastest-growing market in the Panhandle.
A 10,200 SF freestanding medical building directly across from North Okaloosa Medical Center, in the fastest-growing corridor of the Florida Panhandle. Turnkey medical infrastructure, hospital adjacency, and a defined path to market-rate income by mid-2028.
Directly across from North Okaloosa Medical Center — the only operating hospital between Pensacola and Fort Walton.
Williams International advanced aviation campus, 7 minutes north — the largest private capital investment in NWFL history.
Units approved and under construction in Crestview, 2024–2027 delivery. New patient base landing directly in NOMC's catchment.
Drive-time population served by NOMC and this corridor. Median household income exceeds $80K.
The asset is the location.
The building sits directly across the street from North Okaloosa Medical Center — a 110-bed acute-care hospital that completed a $15M emergency department expansion in August 2025. ER volume is up 30% since 2020 and now serves 39,000+ patients annually, with structural preparation for a future cardiac catheterization laboratory.
The intersection at Redstone Avenue and Brookmeade Drive is being signalized under a funded municipal improvement project (ITB 25-01-14-PS), upgrading emergency-vehicle flow through the corridor.
Crestview MOB submarket vacancy has compressed to 1.9% (CoStar Q1 2026) against a 4.0% market-wide average across the FL panhandle. This isn't a coincidence — it's structural demand meeting constrained supply, precisely at the moment this reset is coming due.
North Okaloosa Medical Center, by the numbers.
completed Aug 2025
since 2020
submarket vacancy
rent /SF/mo NNN
campus · 7 min north
population catchment
10,200 SF, purpose-built medical, operational today.
A 6,800 SF clinical unit with aquatic therapy infrastructure and a 3,200 SF companion unit — independently accessed, ready to operate as one or as two.
The building was purpose-built for outpatient medical use and currently operates under that exact designation. The 6,800 SF primary unit houses clinical treatment space, medical-grade plumbing, and an aquatic therapy pool. The 3,200 SF companion unit operates with independent ingress and signage.
An ongoing maintenance program and operational HVAC eliminate the deferred capex exposure that typically prices into older medical real estate. The result is a Day 1 operational platform — your team walks in, certifies, and opens.
- Total building
- 10,200 SFHeated area · 10,666 SF gross
- Site
- 1.01 acresCorner lot · 210 ft frontage
- Parking
- 40 spaces3.75 per 1,000 SF
- Structure
- Steel frameSingle-story, stucco & metal
- Year built
- 1996Remodel permitted 2015
- Utilities
- FPL & Okaloosa GasElectric · gas · City of Crestview water · Cox internet
- Medical infrastructure
- In placeMedical plumbing, aquatic therapy pool, treatment build-out in Suite A
- Zoning
- CommercialWithin Crestview city limits
Take a look inside
View all photos →
One building, two units, two ways to use it
Floor plan
Independent entries · parking allocated per lease · shared structure.
Occupy the 6,800 SF unit, lease out the 3,200 SF unit — or take the whole building.
What's already built, and what's in the walls.
Clinical infrastructure
- Currently operated as outpatient medical Property use code 001700 "One-story office" per Okaloosa County; specific licensing verifications available in diligence
- Medical-grade plumbing throughout 6,800 SF unit
- In-ground aquatic therapy pool In service within Suite A · dimensions, mechanical equipment, accessibility provisions and DOH permit currency being documented in diligence
- Treatment rooms with built-out fixtures and casework
- Restrooms in both units Independent ADA audit not performed · buyers requiring certified compliance should commission their own survey
- Fire suppression and local alarm monitoring
Building systems
- Year built: 1996 annual maintenance program in place; major systems updated over ownership tenure
- HVAC operational Standard age-appropriate replacements pending — itemized in diligence
- Electrical service to both units Service amperage, phase configuration, wiring type and generator provisions being documented in diligence
- Two independent service entries
- Single water meter serving both suites Billed to tenants by landlord · other utility metering configuration under review in diligence
- 40 parking spaces total Allocated between suites per lease terms
- Building replacement cost $2.685M insurance carrier basis
Full specifications, sourced diligence record, tax and operating history available in the property specifications record and in the full package on qualified inquiry.
What you're buying, plainly
The building is a single-story steel-frame structure purpose-built for medical use and currently operating as one. Suite A (6,800 SF) houses clinical treatment space and an aquatic therapy pool. Suite B (3,200 SF) operates as a personal-services space under a separate written lease. Both suites are occupied under gross leases; the landlord currently carries taxes, insurance, and operating costs.
The value here is three things stacked: the dirt across from a growing hospital, the in-place income covering carry through May 2028, and a defined reset to market rent starting in June 2028. Not turnkey Class A. Not passive stabilized income. A defined path to both, at a basis that pencils against the reset.
The current lease is the feature, not the flaw.
The current tenant occupies 6,800 SF on a gross lease at $6,000/mo. That rate is materially below market for hospital-adjacent medical space in Crestview — the CoStar Q1 2026 submarket asking rent is $1.97/SF/mo NNN, which puts market on this suite closer to $13,400/mo NNN.
The lease runs through May 31, 2028. From June 2028 forward, the lease text specifies repricing to "going commercial rent" — giving the new owner a defined mark-to-market reset in 21 months. In the meantime, both suites pay in-place rent under gross leases.
The seller pays taxes, insurance, and operating costs during the current lease term. The buyer inherits both — plus the reset upside on Day 1.
Both leases contain a first right of refusal to purchase. Neither clause specifies a response window, a price mechanism, or a notice procedure. Seller's counsel is administering notice; current status and all correspondence are disclosed in the diligence package. Buyers should have their own counsel review these provisions before submitting an offer.
Current tenant · gross lease through May 2028
- Current rent
- $6,000/mo gross (Year 2 of Years 2–3 tier)
- Rent through
- May 31, 2028 · 21+ months remaining
- Lease type
- Gross · landlord pays taxes, insurance, operating costs
- After May 2028
- Repricing to "going commercial rent" per lease Section 1
- Termination rights
- Tenant may terminate with 90-day notice for cessation of business (Section 22)
Personal-services lease · runs through Sep 2027
- Current rent
- $3,200/mo gross · approximately $12.00/SF/year
- Term
- October 1, 2025 through September 30, 2027 · approximately 13 months remaining
- Renewal option
- Tenant option for one additional year unless either party gives written notice at least 90 days before term end
- Lease type
- Gross · landlord pays taxes, insurance, operating costs
- Sale provision
- Lease contains a provision addressing the tenant's position on a sale · buyer's counsel to assess against executed document
- Utilities
- Independent entry and signage · water served by a single building meter, billed to tenants by landlord
The current lease defines Years 2 and 3 at $6,000/mo, then Year 4 onward at "going commercial rent." A buyer closing today inherits ~21 months of contracted income and steps into the reset conversation in mid-2028.
Two rent stacks. One reset.
The building generates income today and materially more income once the primary suite resets. Below: the in-place stack you inherit at close, and the stabilized stack available from June 2028. The delta between them is the value you're buying.
What the building pays you today
Reflects both existing leases as of the current date. Suite A gross lease runs through May 31, 2028 with a mark-to-market reset thereafter. Suite B gross lease runs through September 30, 2027 with a tenant option for one additional year. Landlord carries taxes, insurance, and operating costs under both leases.
What the building pays after the reset
Reference rate: $1.97/SF/mo NNN, CoStar Crestview MOB submarket Q1 2026 asking. Under NNN, tenants pay taxes, insurance, and CAM in addition to base rent. Asking rates in a tight submarket may diverge from achieved rents; actual reset rent depends on Year 4 negotiations with existing or new tenants. Figures are pre-negotiation market projections, not guaranteed contractual outcomes.
Three ways this actually pencils.
The practice with a 22-month plan
A practice with expansion plans can inherit both leases at close, collecting in-place rent to offset carry. As lease terms roll — Suite B in Sep 2027, Suite A in May 2028 — the buyer moves into the space it needs. By mid-2028 the 10,200 SF footprint is available under a single ownership. Conventional owner-occupied commercial financing, typical 25–30% down.
The value-add investor-operator
Inherit both leases at close and hold. Suite B rolls in Sep 2027 (with a tenant renewal option); Suite A rolls in May 2028 with a mark-to-market reset provision. Reset both suites to market from mid-2028 forward. Buy the mark-to-market spread and the hospital-adjacent land basis.
The platform with a planning horizon
Lock the Crestview gap in the FL Panhandle MOB map. Use the 21-month lease term as buildout-planning runway. Take full possession June 2028 for regional expansion into a 78,000-resident catchment across from the only operating hospital between Pensacola and Fort Walton.
Four reasons Crestview keeps growing.
$15M ED expansion delivered · cath lab pre-built
NOMC's 25 new ER beds, dedicated EMS entrance, and pre-built cardiac cath lab structure signal a decade of clinical-service expansion. Practices that lock in adjacency now capture the referral pattern that follows.
Williams International · $1B advanced aviation campus
Under construction 7 minutes north at Shoal River Ranch Industrial Park. State projections call for 4,000+ direct high-wage manufacturing jobs — a decade of healthcare demand landing directly in NOMC's catchment.
6,387 approved/under-construction units · 2024–2027
The residential absorption is already in motion. FDOT's bypass loop reshapes which commercial corridors capture the growth — and NOMC sits at the center of it.
Eglin AFB + Hurlburt Field · $9.18B regional economic impact
The largest US military installation by land area plus AFSOC headquarters sustain a continuous population of active-duty families and military retirees using medical services year-round.
If you're weighing a commercial or residential move, let's talk.
The work behind this listing — the market analysis, the deal structuring, the buyer strategy, the campaign — is what I bring to every commercial engagement across the Emerald Coast.
On the residential side, I run the same playbook at a high level for waterfront and estate-class properties across Okaloosa, Walton, and Escambia counties. For a look at how that shows up in a listing, see The Dock You've Been Waiting For — a recent waterfront campaign built from the ground up.
No pressure and no pitch. If you're thinking about a sale, an acquisition, a lease decision, or just want a second read on a property you own, the door is open.
Request the full package.
The fastest way to move a serious inquiry forward is a direct conversation with the listing team.
Reach out however works for you. If you're a fit for the property, we'll get you the full package and set up a tour within one business day.