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Fully Leased Medical Office Investment

8588 Starkey Road Seminole, FL 33777

8588 Starkey Road, Seminole, FL, 33777

$2,200,000

For Sale

$2,200,000

Fully leased medical office building in central South Pinellas.

Property Size7,664 SF

Price / SF$287.06

AddedApr 13, 2024

Days on Market824

Last RefreshMay 13 at 8:09 pm

Property Features for 8588 Starkey Road

General Information

Standard status: Active
Size: 7,664 SF
Property subtype: Office

Building Details

Year Built: 1987

Listing office VIP EXECUTIVE REALTY LLC

Listing date Apr 13, 2024

Source Xome

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of VIP EXECUTIVE REALTY LLC

Investment Insights

Based on property information with market context.

This fully leased medical office investment property is located in the center of South Pinellas, a few blocks from Park Blvd., between US Hwy 19 and the beaches, providing convenient access from all of South Pinellas. The property is currently occupied by stable tenants, including LabCorp, Orthodontist Specialist of Florida, Life Adventures Counseling, and We Buy Houses, offering a steady return on investment. The building has a total size of 7664 square feet. This property is suitable for a practitioner seeking to establish a presence in the market below replacement cost, with the option to occupy the space as the leases expire while benefiting from an interim income stream.

Key Highlights

Fully leased medical office building providing immediate income.
Stable tenants include LabCorp and Orthodontist Specialist of Florida.
Central South Pinellas location, easily accessible.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$199.6k	$26.04
− Vacancy	−$40.9k	−$5.34
EGI	$158.7k	$20.70
− OpEx	−$39.7k	−$5.18
NOI	$119.0k	$15.53

7,664 SF · lease $26.04/SF/yr · vacancy 20.50% · expense 25.00%

Alternative Uses

Best Use

Office B

$1.70M

$1.49M – $1.98M (±1% cap)

NOI $118,994 @ 7.0% cap · market cap 5.41%

Second Best

Healthcare Medical

$1.01M

$883.6K – $1.18M (±1% cap)

NOI $70,687 @ 7.0% cap · market cap 3.21%

Theoretical Best

Office A

$1.99M

$1.74M – $2.33M (±1% cap)

NOI $139,543 @ 7.0% cap · market cap 6.34%

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

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Medical Office Space

Suggested Use

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For sale
Medical Office Space
FL
Seminole
33777
8588 Starkey Road

What type of property is this?

Medical Office Space - Fully leased medical office building in central South Pinellas.

Where is this medical office space located?

The property is located at 8588 Starkey Road Seminole, FL.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: Fully leased medical office building providing immediate income.; Stable tenants include LabCorp and Orthodontist Specialist of Florida.; Central South Pinellas location, easily accessible.