Medical Office
New
For Sale
$699,900
1152 62ND AVENUE S, St Petersburg, FL 33705
A healthcare-focused layout includes dedicated examination and laboratory areas, staff amenities, and multiple exterior entrances.
Property Size2,528 SF
Lot Size0.23 Acres
Price / SF$276.86
Days on Market4
Property Features for 1152 62ND AVENUE S
General Information
Standard status
Active
Size
2,528 SF
Total Parking Spaces
12
Lot size
0.23 Acres
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
8 exam rooms
1 dedicated lab room
staff break room
3 restrooms
three separate exterior entrances
0.23 acres, Dimensions: 90x108
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 12-32-16-47070-000-0070, Public Survey Range: 16, Public Survey Section: 12, Annual Amount: $5,290.26, Tax Block: 52, Tax Book Number: 52-18, Legal Description: KORTSCH'S WEDGEWOOD PARK TRACT 'A' PARTIAL REPLAT LOT 7 AND W 15FT OF LOT 6, Lot: 7, Year: 2025, Zoning: RRRRRO
Ceramic Tile
Parking
Central Air
Listing ID: MFROM733297, Standard Status: Active, MLS Status: Active, Property Subtype: Office, On market as of 2026-10-01, 1 day on market, Special Conditions: None
Built in 1979, Living area: 2528, Living area units: Square Feet, Building faces South, 1 storey, Construction Materials: Block, Brick
Subdivision: KORTSCHS WEDGEWOOD PARK TR A PT REP, MLS Area (Major): 33705 - St Pete, County/Parish: Pinellas
Completed
Public
Slab
Frontage Type: County Road, Road Surface: Paved
Building Details
Year Built
1979
Buildings
1
Building Size
2,528 SF
Construction
concrete block and stucco
Parking Ratio
4.75 per 1,000 SF
Listing Agency:
CENTURY 21 J.W.MORTON R.E.
(352) 726-6668
Listed By:
Elias Kirallah · License #3123414
(352) 400-2635
Source:
Miharaandassociates
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 2 at 10:47PM
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 CENTURY 21 J.W.MORTON R.E.
Investment Insights
Based on property information with market context.
This 2,528-square-foot medical office building sits on approximately 0.23 acres in south St. Petersburg. Concrete block and stucco construction encloses eight exam rooms, a dedicated lab, a staff break room, and three restrooms. Three exterior entrances provide separate points of access, and the layout can accommodate a single practice or a multi-suite arrangement. The roof was replaced in 2016, and 12 on-site parking spaces serve the property. Flood Zone X designation is noted.
The site has approximately 90 feet of frontage on 62nd Avenue South, with local traffic counts of approximately 6,800 AADT. About eight blocks north, 54th Avenue South connects to Interstate 275 at Exit 17, providing routes toward downtown St. Petersburg and Tampa, as well as south across the Sunshine Skyway. The surrounding trade area includes 149,792 residents within a 15-minute drive; nearly 25% are age 65 or older.
The site has approximately 90 feet of frontage on 62nd Avenue South, with local traffic counts of approximately 6,800 AADT. About eight blocks north, 54th Avenue South connects to Interstate 275 at Exit 17, providing routes toward downtown St. Petersburg and Tampa, as well as south across the Sunshine Skyway. The surrounding trade area includes 149,792 residents within a 15-minute drive; nearly 25% are age 65 or older.
Key Highlights
- 2,528‑square‑foot medical office on approximately 0.23 acres
- Eight exam rooms, one dedicated lab room, a staff break room, and three restrooms
- Three exterior entrances allow a single‑practice or multi‑suite configuration
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
$39,251
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
5.61%
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%
$785,020
$785.0K
Cap Rate 7%
$560,729
$560.7K
Cap Rate 9%
$436,122
$436.1K
Market Conditions
NOI Build-Up for 2,528 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
$65.8K $26.04/SF
− Vacancy
−$13.5K −$5.34/SF
EGI
$52.3K $20.70/SF
− OpEx
−$13.1K −$5.18/SF
NOI
$39.3K $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%
$785,020
Cap Rate 7%
$560,729
Cap Rate 9%
$436,122
Alternative Uses
Best Use
Office B
$560.7K
$490.6K – $654.2K
NOI $39,251 @ 7.0% cap · market cap 5.61%
Second Best
Healthcare Medical
$333.1K
$291.5K – $388.6K
NOI $23,316 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$657.6K
$575.4K – $767.2K
NOI $46,029 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33705, FL
27,915
Population
15,171
Households
1.8
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
4,985
Density / Sq Mi
$70,783
Median Household Income
$40,370
Median Earnings
$1,457
Median Rent
$321,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A healthcare-focused layout includes dedicated examination and laboratory areas, staff amenities, and multiple exterior entrances.
Where is this medical office space located?
The property is located at 1152 62ND AVENUE S St Petersburg, FL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 2,528‑square‑foot medical office on approximately 0.23 acres; Eight exam rooms, one dedicated lab room, a staff break room, and three restrooms; Three exterior entrances allow a single‑practice or multi‑suite configuration
