Medical Office Investment
For Sale
$2,200,000
8588 STARKEY ROAD, Seminole, FL 33777
Fully leased medical office building in central South Pinellas.
Property Size7,664 SF
Lot Size0.73 Acres
Price / SF$287.06
Days on Market845
Property Features for 8588 STARKEY ROAD
General Information
Standard status
Active
Size
7,664 SF
Lot size
0.73 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,855
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Building Details
Year Built
1987
Listing Agency:
VIP EXECUTIVE REALTY LLC
(813) 475-6019
Listed By:
TOM BIBLE · License #3049862
Source:
Corcoran
Added: Apr 17, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:00AM
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. The tenants include LabCorp, Orthodontist Specialist of Florida, Life Adventures Counseling, and We Buy Houses. The property is situated just a few blocks from Park Blvd., between US Hwy 19 and the beaches, providing accessibility from all of South Pinellas. The building offers an opportunity for a practitioner to establish a presence in the market below replacement cost, with the potential to occupy the space as the leases expire while benefiting from an interim income stream. The property size is 7664 square feet.
Key Highlights
- Fully leased medical office building with stable tenants providing income.
- Central South Pinellas location, easily accessible from US Hwy 19 and the beaches.
- Investment opportunity with existing income stream.
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
$118,994
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
5.41%
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%
$2,379,880
$2.4M
Cap Rate 7%
$1,699,914
$1.7M
Cap Rate 9%
$1,322,156
$1.3M
Market Conditions
NOI Build-Up for 7,664 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
$199.6K $26.04/SF
− Vacancy
−$40.9K −$5.34/SF
EGI
$158.7K $20.70/SF
− OpEx
−$39.7K −$5.18/SF
NOI
$119.0K $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%
$2,379,880
Cap Rate 7%
$1,699,914
Cap Rate 9%
$1,322,156
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.98M
NOI $118,994 @ 7.0% cap · market cap 5.41%
Second Best
Healthcare Medical
$1.01M
$883.6K – $1.18M
NOI $70,687 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.99M
$1.74M – $2.33M
NOI $139,543 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33777, FL
17,793
Population
8,375
Households
2.1
Avg Household Size
48
Median Age
38%
College-Educated
95%
High-School Grad
5.5 sq mi
ZIP Area
3,235
Density / Sq Mi
$88,680
Median Household Income
$44,959
Median Earnings
$1,682
Median Rent
$298,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
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 with stable tenants providing income.; Central South Pinellas location, easily accessible from US Hwy 19 and the beaches.; Investment opportunity with existing income stream.
