Medical Office Condo with Private
For Sale
$239,000
2323 CURLEW Road, Dunedin, FL 34698
SINGLE_FAMILY - DUNEDIN, FL
Property Size1,050 SF
Lot Size0.02 Acres
Price / SF$227.62
Days on Market147
Property Features for 2323 CURLEW Road
General Information
Property type
Residential
Property subtype
Office
Zoning
DUNEDIN GO
Subdivision
COURTYARD MEDICAL-PROF
Directions
Turning onto Curlew Road from US19 turn south into Courtyard Centre. Building 7.
Standard status
Active
APN
18-28-16-18700-000-0720
Size
1,050 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COURTYARD MEDICAL-PROF CENTRE VII CONDO UNIT 7B
Tax Annual Amount
3319
Legal Description
COURTYARD MEDICAL-PROF CENTRE VII CONDO UNIT 7B
Utilities
Cooling system
Central Air
Building Details
Year built
1986
Floors in Building
1
Building materials
Frame
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
James Bailey · License #3368352
(727) 809-3038
Added: Mar 19
Changed: Jul 29
Last Checked: Aug 12 at 11:06PM
MLS# W7884070
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.
Medical office condo within the Courtyard Centre medical complex at 2323 Curlew Road in Dunedin. The 1,050 SF unit is built with frame construction and includes five private offices with storage and a kitchenette. Central air cooling is in place, and plumbing and sinks are available in two of the offices.
The condo is designed for patient access, with shared parking serving the complex and over 180 shared parking spaces available. Access is provided near the signalized intersection of US19 in Central Pinellas County.
Recent upgrades include a new roof installed late 2025, and the unit also has a new HVAC system, supporting readiness for a new occupant.
The condo is designed for patient access, with shared parking serving the complex and over 180 shared parking spaces available. Access is provided near the signalized intersection of US19 in Central Pinellas County.
Recent upgrades include a new roof installed late 2025, and the unit also has a new HVAC system, supporting readiness for a new occupant.
Key Highlights
- 1,050 SF medical office condo within Courtyard Centre medical complex
- Five private offices with storage and a kitchenette
- Plumbing and sinks available in two offices
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
$16,303
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
6.82%
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%
$326,060
$326.1K
Cap Rate 7%
$232,900
$232.9K
Cap Rate 9%
$181,144
$181.1K
Market Conditions
NOI Build-Up for 1,050 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
$27.3K $26.04/SF
− Vacancy
−$5.6K −$5.34/SF
EGI
$21.7K $20.70/SF
− OpEx
−$5.4K −$5.18/SF
NOI
$16.3K $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%
$326,060
Cap Rate 7%
$232,900
Cap Rate 9%
$181,144
Alternative Uses
Best Use
Office B
$232.9K
$203.8K – $271.7K
NOI $16,303 @ 7.0% cap · market cap 6.82%
Second Best
Healthcare Medical
$138.3K
$121.1K – $161.4K
NOI $9,684 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$273.1K
$239.0K – $318.6K
NOI $19,118 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34698, FL
38,010
Population
22,016
Households
1.7
Avg Household Size
56
Median Age
36%
College-Educated
95%
High-School Grad
11.2 sq mi
ZIP Area
3,394
Density / Sq Mi
$67,323
Median Household Income
$44,747
Median Earnings
$1,571
Median Rent
$335,800
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 - Medical office condo with five private offices, central air, and access to shared parking in a multi-tenant medical complex.
Where is this medical office space located?
The property is located at 2323 CURLEW Road Dunedin, FL.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 1,050 SF medical office condo within Courtyard Centre medical complex; Five private offices with storage and a kitchenette; Plumbing and sinks available in two offices
