577 Brookmeade Dr, Crestview, FL 32539

Property 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. The bigger story is the corridor: Williams International's $1B advanced aviation campus under construction 7 minutes north, 6,387 residential units approved and under construction, 78,000+ people in the 30-minute drive catchment, and Eglin AFB anchoring healthcare demand year-round. NOMC just delivered a $15M ED expansion with a cath lab pre-built. Best fit for a practice with a 22-month expansion plan, a physician-investor group, or a regional healthcare platform. Not a stabilized cap-rate play; a defined path to one. Full package including lease abstract, mark-to-market analysis with comps, floor plans, and specs on qualified inquiry.