Medical Office with Exam
New
For Sale
$699,900
1152 62nd Avenue S, St Petersburg, FL 33705
CommercialSale, St Petersburg, FL
Property Size2,528 SF
Lot Size0.23 Acres
Price / SF$276.86
Days on Market4
Property Features for 1152 62nd Avenue S
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
RO
Parking features
Parking Lot
Subdivision
Not on List
Lot features
Cleared, Flat
Directions
From Greater Pinellas Point head East for 0.3 Miles and you should reach your destination the right side of the street.
Standard status
Active
APN
32-16-12-47070-000-0070
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
KORTSCH'S WEDGEWOOD PARK TRACT 'A' PARTIAL REPLAT LOT 7 AND W 15FT OF LOT 6
Tax Annual Amount
5290
Legal Description
KORTSCH'S WEDGEWOOD PARK TRACT 'A' PARTIAL REPLAT LOT 7 AND W 15FT OF LOT 6
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
1979
Floors in Building
1
Flooring type
Tile, Slate
Roof type
Shingle, Asphalt
Listing Agency:
Century 21 J.W.Morton R.E. · Century 21 Real Estate
(352) 726-6668
Listed By:
Elias Kirallah · License #3123414
(352) 400-2635
Added: Oct 1
Changed: Oct 2
Last Checked: Oct 4 at 12:06AM
MLS# 858349
Copyright © 2026 REALTORS Association of Citrus County, Inc. 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 medical office building was constructed in 1979 with concrete-block and stucco exterior walls. Its healthcare layout includes 8 exam rooms, 1 dedicated lab room, a staff break room, and 3 restrooms. Three exterior entrances provide separate access points, and the property has 12 on-site parking spaces. The roof was replaced in 2016. Zoning is RO, and the site is designated Flood Zone X.
At 1152 62nd Avenue S, the property has approximately 90 feet of frontage on 62nd Avenue South. Traffic counts on the road are approximately 6,800 AADT. Interstate 275 access is available from 54th Avenue South at Exit 17, about eight blocks north. Nearby south St. Petersburg neighborhoods include Lakewood Estates, Bay Vista, Pinellas Point, and Lake Vista.
At 1152 62nd Avenue S, the property has approximately 90 feet of frontage on 62nd Avenue South. Traffic counts on the road are approximately 6,800 AADT. Interstate 275 access is available from 54th Avenue South at Exit 17, about eight blocks north. Nearby south St. Petersburg neighborhoods include Lakewood Estates, Bay Vista, Pinellas Point, and Lake Vista.
Key Highlights
- Existing medical layout with 8 exam rooms and 1 dedicated lab room
- 12 on‑site parking spaces
- Three exterior entrances, a staff break room, and 3 restrooms
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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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
283
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 - Eight exam rooms, a dedicated lab, and three restrooms serve a healthcare-oriented layout.
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: Existing medical layout with 8 exam rooms and 1 dedicated lab room; 12 on‑site parking spaces; Three exterior entrances, a staff break room, and 3 restrooms
