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    Belleair Medical/Office Building For Sale Title is generated by Realmo AI

    609 INDIAN ROCKS ROAD, Belleair, FL 33756

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    For Sale
    $2,450,000

    Office - BELLEAIR, FL

    Type:Office
    Property size:
    5,243 SF
    Lot size:
    0.44 Acres
    Price / SF:
    $467/SF
    Added:
    May 5, 2023
    Days on Market:
    1102
    Last Refresh:
    May 10 at 11:06 pm

    Property Features for 609 INDIAN ROCKS ROAD

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Exterior features
    Corner Lot, Paved
    Standard status
    Active
    APN
    21-29-15-08640-000-0240
    Size
    5,243 SF
    Lot size
    0.44 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    13704.88

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1971
    Building materials
    Block, Stucco
    Roof type
    Tile
    Architectural style
    Other

    We can help!

    Listing Contact
    Georgette Gillis
    Georgette Gillis

    Listing agent Georgette Gillis License #3006422

    Listing office VIEWPOINT REALTY INT'L INC 2001 West Bay Dr, FL

    Listing date May 5, 2023

    MLS# U8199716 Listing URL

    Copyright © 2026 Pinellas Suncoast Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Long‑term tenant in place providing immediate income.
    • TRUE NNN lease structure minimizing landlord responsibilities.
    • New tile roof reducing future maintenance costs.
    • Large parking lot offering convenient access for clients/employees.
    • Exceptionally large lot (almost 1/2 acre) providing potential for future expansion or development.
    • Prime location directly across from Belleair Country Club golf course.

    Overview

    This medical/office building is located in Belleair, Florida. The property features a new tile roof and landscaping. It is situated directly across the street from the Belleair Country Club golf course. The building includes a large parking lot in the rear, providing easy access to the entrance. The property is on an exceptionally large lot, measuring almost 0.44 acres. The building is currently leased to a long-term tenant and has a total area of 5243 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Belleair
    County
    Pinellas
    State
    Florida
    Longitude
    -82.8036807
    Latitude
    27.9438407

    Nearby Similar for Sale

    • $2,450,000
      5,243 SF

      Belleair Medical/Office Building For Sale

      Medical/Office building with long-term tenant and large parking lot.
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      View Details
    • $685,000
      1,754 SF

      Belleair Condo with Water Views

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    • $2,450,000
      5,243 SF

      Belleair Medical/Office Building For Sale

      Medical/Office building with long-term tenant and new roof.
      609 Indian Rocks Rd, Belleair, FL 33756
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Medical/Office building in Belleair, FL, with long-term tenant.
    Where is this medical office space located?
    The property is located at 609 INDIAN ROCKS ROAD Belleair, FL.
    What is the asking price?
    The asking price for this property is $2,450,000.
    What are key features of this property?
    This property features: Long‑term tenant in place providing immediate income.; TRUE NNN lease structure minimizing landlord responsibilities.; New tile roof reducing future maintenance costs.
    (727) 448-3533
    We can help!
    Listing Contact
    Georgette Gillis
    Georgette Gillis
    Real Estate License ID: 3006422
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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