Medical Office Building with Exam
New
For Sale
$699,900
1152 62ND S, St Petersburg, FL 33705
Three exterior entrances allow flexible occupancy within the existing clinical layout.
Property Size2,528 SF
Lot Size0.23 Acres
Price / SF$276.86
Days on Market3
Property Features for 1152 62ND S
General Information
Standard status
Active
Size
2,528 SF
Total Parking Spaces
12
Lot size
0.23 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,290
Building Details
Building Size
2,528 SF
Year Built
1979
Buildings
1
Units
4
Construction
concrete block and stucco
Parking Ratio
4.75 per 1,000 SF
Listing Agency:
Century 21 J W Morton Real Estate Inc
Listed By:
Elias Kirallah · License #BK3123414
(352) 400-2635
Source:
Elliman
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 3 at 2:45AM
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 Real Estate Inc
Investment Insights
Based on property information with market context.
At 1152 62nd Avenue South, this 2,528-square-foot medical office building occupies approximately 0.23 acres. Built in 1979 with concrete block and stucco construction, it contains 8 exam rooms, a dedicated lab, a staff break room, and 3 restrooms. Three exterior entrances and 12 on-site parking spaces serve the property; the roof was replaced in 2016. The site is designated Flood Zone X.
The property has approximately 90 feet of frontage on 62nd Avenue South, with localized traffic of about 6,800 AADT. Interstate 275 access is available from 54th Avenue South, approximately eight blocks north. Within a 15-minute drive, the trade area includes approximately 149,792 residents, nearly 25% of whom are age 65 or older. Annual healthcare expenditures in that area total approximately $555.6 million.
The property has approximately 90 feet of frontage on 62nd Avenue South, with localized traffic of about 6,800 AADT. Interstate 275 access is available from 54th Avenue South, approximately eight blocks north. Within a 15-minute drive, the trade area includes approximately 149,792 residents, nearly 25% of whom are age 65 or older. Annual healthcare expenditures in that area total approximately $555.6 million.
Key Highlights
- 2,528‑square‑foot medical office building on approximately 0.23 acres
- Clinical layout includes 8 exam rooms, 1 dedicated lab room, a staff break room, and 3 restrooms
- 12 on‑site parking spaces and 3 separate exterior entrances
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
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
784
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
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 - Three exterior entrances allow flexible occupancy within the existing clinical layout.
Where is this medical office space located?
The property is located at 1152 62ND 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 building on approximately 0.23 acres; Clinical layout includes 8 exam rooms, 1 dedicated lab room, a staff break room, and 3 restrooms; 12 on‑site parking spaces and 3 separate exterior entrances
