Medical Office Building with Treatment
For Sale
$2,400,000
1700 DR MARTIN LUTHER KING JR Street N, St Petersburg, FL 33704
Commercial Sale, ST PETERSBURG, FL
Property Size6,000 SF
Lot Size0.49 Acres
Price / SF$414.94
Days on Market479
Property Features for 1700 DR MARTIN LUTHER KING JR Street N
General Information
Property type
Residential
Property subtype
Office
Security features
Security System
Appliances
Dishwasher, Dryer, Microwave, Refrigerator, Washer
Subdivision
LAMBRECHTS REP
Lot features
Corner Lot, City Limits, Near Public Transit, Oversized Lot, Sidewalk, Street Lights, Paved
Directions
From I-275 South, take Exit 24 for 22nd Avenue North, turn left onto 22nd Avenue, then right onto Dr. Martin Luther King Jr Street North; the property is about half a mile down on the right.
Standard status
Active
APN
13-31-16-49807-001-0010
Size
5,784 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LAMBRECHT'S REPLAT BLK I, LOT 1
Tax Annual Amount
18637
Legal Description
LAMBRECHT'S REPLAT BLK I, LOT 1
Utilities
Utilities
Phone Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Building materials
Block, Brick
Roof type
Shingle
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Robert Mitchell II · License #01338677
(813) 494-8348
Added: May 3, 2025
Changed: Aug 20
Last Checked: Aug 24 at 5:06AM
MLS# TB8379976
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,784-square-foot medical office property occupies a 0.49-acre site at 1700 Dr. Martin Luther King Jr. Street North in St. Petersburg. Built in 1986, the concrete block and brick building includes 14 private offices or treatment rooms, five bathrooms, a full kitchen, a separate kitchenette, and a large reception area. The layout supports division into two independent suites. Central heating and central air serve the building, with public water and public sewer in place.
The property includes specialized medical and wellness equipment, including DRX 9000 spinal decompression systems, a TheraLight 360 red light bed, a Cryo Science chamber, an Aspen Class IV cold laser, a Clearlight sauna, a Neubie E-Stim unit, and a PiezoWave shockwave system. A Pilates studio is fitted with Reformers, Cadillacs, and Chairs. The site also provides street frontage and ample parking.
The property includes specialized medical and wellness equipment, including DRX 9000 spinal decompression systems, a TheraLight 360 red light bed, a Cryo Science chamber, an Aspen Class IV cold laser, a Clearlight sauna, a Neubie E-Stim unit, and a PiezoWave shockwave system. A Pilates studio is fitted with Reformers, Cadillacs, and Chairs. The site also provides street frontage and ample parking.
Key Highlights
- 5,784‑square‑foot medical office building on a 0.49‑acre lot
- 14 private offices or treatment rooms and five bathrooms
- Layout can be separated into two independent suites
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$89,804
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,796,080
$1.8M
Cap Rate 7%
$1,282,914
$1.3M
Cap Rate 9%
$997,822
$997.8K
Market Conditions
NOI Build-Up for 5,784 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$150.6K $26.04/SF
− Vacancy
−$30.9K −$5.34/SF
EGI
$119.7K $20.70/SF
− OpEx
−$29.9K −$5.18/SF
NOI
$89.8K $15.53/SF
Area
Pinellas County, FL
Vacancy
20.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,796,080
Cap Rate 7%
$1,282,914
Cap Rate 9%
$997,822
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.50M
NOI $89,804 @ 7.0% cap · market cap 3.74%
Second Best
Healthcare Medical
$762.1K
$666.8K – $889.1K
NOI $53,347 @ 7.0% cap · market cap 2.22%
Theoretical Best
Office A
$1.50M
$1.32M – $1.76M
NOI $105,312 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,703
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33704, FL
16,031
Population
9,037
Households
1.8
Avg Household Size
46
Median Age
58%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,715
Density / Sq Mi
$102,647
Median Household Income
$63,803
Median Earnings
$1,398
Median Rent
$657,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Professionally equipped healthcare facility with flexible suite configuration, reception space, multiple offices, and dedicated kitchen areas.
Where is this medical office space located?
The property is located at 1700 DR MARTIN LUTHER KING JR Street N St Petersburg, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 5,784‑square‑foot medical office building on a 0.49‑acre lot; 14 private offices or treatment rooms and five bathrooms; Layout can be separated into two independent suites
