Listing Agency: Viewpoint Realty Int'l Inc Show Phone

Listed By: Georgette L Gillis · License #3006422 Show Phone

Source: Moodyscre

Added: May 5, 2023 Changed: Oct 13 Last Checked: Oct 16 at 10:33AM

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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 Viewpoint Realty Int'l Inc

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Investment Insights

Based on property information with market context.

This NNN medical/office building is currently leased with a long-term tenant and features a new tile roof. The property includes landscaped grounds and a large parking area positioned to the rear for straightforward access to the business entrance.

The building sits on an exceptionally large lot of nearly half an acre, with landscaping located directly across the street from Belleair Country Club golf course.

For showings, please do not disturb the tenant.

Key Highlights

• True NNN medical/office building in Belleair currently leased with a long‑term tenant
• New tile roof
• Approximately 1/2‑acre lot

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$81,405

Cap Rate

3.32%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,628,100 $1.6M

Cap Rate 7%

$1,162,929 $1.2M

Cap Rate 9%

$904,500 $904.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,243 SF

Gross rent

$136.5K $26.04/SF

− Vacancy

−$28.0K −$5.34/SF

EGI

$108.5K $20.70/SF

− OpEx

−$27.1K −$5.18/SF

NOI

$81.4K $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 Rate 5%

$1,628,100

Cap Rate 7%

$1,162,929

Cap Rate 9%

$904,500

Alternative Uses

Best Use

Office B

$1.16M

$1.02M – $1.36M (±1% cap)

NOI $81,405 @ 7.0% cap · market cap 3.32%

Second Best

Healthcare Medical

$690.8K

$604.5K – $806.0K (±1% cap)

NOI $48,357 @ 7.0% cap · market cap 1.97%

Theoretical Best

Office A

$1.36M

$1.19M – $1.59M (±1% cap)

NOI $95,462 @ 7.0% cap · market cap 3.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Medical centers

Suggested Use

Top Pick Grocery & Convenience Store Barber Shop Pharmacy (Bike/Boat/Book/etc) Store Parking Lot & Garage Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,173

Businesses Nearby

Explore this area Business Placement

Demographics for 33756, FL

31,807

Population

15,474

Households

2.1

Avg Household Size

48

Median Age

30%

College-Educated

91%

High-School Grad

7.2 sq mi

ZIP Area

4,418

Density / Sq Mi

$63,990

Median Household Income

$38,563

Median Earnings

$1,382

Median Rent

$335,800

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Frequently Asked Questions

What type of property is this?

Medical center - Leased medical/office building with rear parking and a new tile roof on an approximately half-acre lot.

Where is this medical center located?

The property is located at 609 Indian Rocks Rd Belleair, FL.

What is the asking price?

The asking price for this property is $2,450,000.

What are key features of this property?

This property features: True NNN medical/office building in Belleair currently leased with a long‑term tenant; New tile roof; Approximately 1/2‑acre lot