577 Brookmeade Drive
Crestview, FL 32539
$2,200,000
Active
Description
10,200 SF freestanding medical building directly across the street from North Okaloosa Medical Center, the only operating hospital between Pensacola and Fort Walton. Purpose-built for outpatient medical use, currently operating as one, and sitting on a 1 acre corner in the fastest growing corridor of the Panhandle.
The primary suite (6,800 SF) is on a below-market gross lease running through May 2028, at which point the lease specifies repricing to market rent. The companion suite (3,400 SF) is available to a new owner within 90 days of closing under existing lease terms. You inherit contracted income covering carry, and you step into a mark-to-market reset conversation 21 months from now. The submarket is at 1.9% MOB vacancy per CoStar Q1 2026, so the reset has real teeth.
This property offers medical-grade plumbing, aquatic therapy pool, treatment build-out, ADA-compliant restrooms, dual-meter utility separation, 40 parking spaces, and an ongoing maintenance program. Steel-frame construction, 2015 remodel, replacement cost $2.685M per current insurance carrier. Zoned mixed use, in Crestview city limits.
Listing details MLS# 1010582
Location, Tax and Legal
- Area
- 25 - Crestview Area
- Sub area
- 2501 Crestview Southeast
- County
- Okaloosa
- Parcel ID
- 28-3N-23-0000-0010-0000
- Legal description
- BEG SW COR N1/2 OF NW1/4 OF NW1/4 N 210 FT E 210 FT
General Property Info
- Property type
- Commercial for Sale
- Acreage
- 1.01
- Lot size (sq ft)
- 43995.6
- Lot dimensions
- 212x206
- New construction
- No
- Condition
- Existing
Remarks and Misc
- Directions
- From S Ferdon Blvd go east on Redstone Ave. Follow to stop Sign and Right on Brookmeade. Property is on the left. Corner of Brookmeade and Covell.
