Vacant Medical Office
For Sale
$2,750,000
2715 W Virginia Ave, Tampa, FL 33607
An established medical office property offering a substantial commercial footprint for healthcare-related operations.
Property Size8,600 SF
Lot Size0.41 Acres
Price / SF$319.77
Days on Market26
Property Features for 2715 W Virginia Ave
General Information
Standard status
Active
Size
8,600 SF
Lot size
0.41 Acres
Property subtype
Office Medical
Amenities
TWO STORY VACANT MEDICAL OFFICE: 8,600-SF former imaging office on a 0.41 acre lot with brick construction. Property is on a shared lot with an adjacent medical office.
FENCED LOT WITH SIGNAGE: Property features 63 shared parking spaces with 4 handicap spaces, signage in front and fencing around the front and rear.
COVERED ENTRANCE: Fully covered entryway for easy dropoff with separate covered ambulance dropoff.
RECENT BUILDING UPDATES INCLUDING ROOF: Two shield and electrical high voltage rooms good for MRI/CT or radiation, remodeled roof in 2024, new elevator system and equipment installed in 2024(Latest code), 3 new HVAC units 2019, 1 new HVAC unit in 2023. Interior renovated 2020 with new tile flooring, LED ceiling lighting, lifetime PVC stain-free ceiling tiles, restrooms/breakroom updates in 2020 and 2023, fire alarm system & IT Cat 6 wiring, parking lot resealed in August 2026.
DENSE MEDICAL CORRIDOR: Adjacent to Baycare St. Joseph's Hospital Campus, a major 874 bed facility with a level 2 trauma center, pediatric hospital, women's hospital and behavioral center. St. Joseph's emergency department sees over 100,000 annual patients.
PROXIMITY TO MULTIPLE RETAIL TENANTS: Nearby national tenants include Starbucks, Chipotle, Bank of America, Burger King, KFC, Shell, 7-Eleven, Checkers, Dunkin, McDonald's and Many More.
STRATEGIC LOCATION: Located within 3 miles of Raymond James Stadium, George Steinbrenner Field, Tampa International Airport and International Plaza/Bay Street. 3.5 miles from downtown Tampa with easy access to Interstate 275.
HIGH TRAFFIC COUNTS: Immediately off of W MLK Jr Blvd, seeing 26,500 vehicles per day (VPD) and N Habana Ave, with 9,100 VPD.
Building Details
Building Size
8,600 SF
Year Built
1989
Listing Agency:
Marcus & Millichap - Columbus
(813) 387-4798
Listed By:
Samantha Kelley · License #License(s): FL: SL3588576
(813) 387-4798
Source:
Marcusmillichap
Added: Jul 30
Changed: Aug 17
Last Checked: Aug 24 at 3:14AM
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 Marcus & Millichap - Columbus
Investment Insights
Based on property information with market context.
This vacant medical office property contains 8,600 square feet of commercial space and was built in 1989. The asset is classified as medical office space and is positioned for continued use in a healthcare-oriented setting.
Located at 2715 W Virginia Ave in Tampa, Florida, the property offers an established office building within the Tampa market. Its vacancy provides flexibility for an owner-user or other medical office configuration supported by the existing property type.
Located at 2715 W Virginia Ave in Tampa, Florida, the property offers an established office building within the Tampa market. Its vacancy provides flexibility for an owner-user or other medical office configuration supported by the existing property type.
Key Highlights
- 8,600‑square‑foot medical office property
- Vacant building available for occupancy
- Built in 1989
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
$125,326
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
4.56%
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%
$2,506,520
$2.5M
Cap Rate 7%
$1,790,371
$1.8M
Cap Rate 9%
$1,392,511
$1.4M
Market Conditions
NOI Build-Up for 8,600 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
$227.0K $26.40/SF
− Vacancy
−$18.2K −$2.11/SF
EGI
$208.9K $24.29/SF
− OpEx
−$83.6K −$9.72/SF
NOI
$125.3K $14.57/SF
Area
Tampa, FL
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$2,506,520
Cap Rate 7%
$1,790,371
Cap Rate 9%
$1,392,511
Alternative Uses
Best Use
Healthcare Medical
$1.79M
$1.57M – $2.09M
NOI $125,326 @ 7.0% cap · market cap 4.56%
Second Best
Office B
$1.67M
$1.46M – $1.95M
NOI $116,874 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,249 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,945
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33607, FL
24,767
Population
13,158
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
87%
High-School Grad
9.3 sq mi
ZIP Area
2,663
Density / Sq Mi
$66,404
Median Household Income
$43,404
Median Earnings
$1,771
Median Rent
$316,100
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - An established medical office property offering a substantial commercial footprint for healthcare-related operations.
Where is this medical office space located?
The property is located at 2715 W Virginia Ave Tampa, FL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 8,600‑square‑foot medical office property; Vacant building available for occupancy; Built in 1989
