Medical Office with Treatment
For Sale
$2,400,000
A-1700 Dr Martin Luther King Jr St N, St Petersburg, FL 33701
Concrete block facility with flexible rooms, clinical amenities, and specialized wellness equipment.
Property Size6,000 SF
Lot Size0.49 Acres
Price / SF$414.94
Days on Market477
Property Features for A-1700 Dr Martin Luther King Jr St N
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.49 Acres
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$18,637
Amenities
private offices or treatment rooms
bathrooms
full kitchen
kitchenette
reception area
Building Details
Buildings
1
Building Size
6,000 SF
Construction
concrete block
Listing Agency:
LPT REALTY, LLC
(813) 494-8348
Listed By:
Robert Mitchell II · License #01338677
(813) 494-8348
Source:
Exprealty
Added: May 3, 2025
Changed: Aug 20
Last Checked: Aug 22 at 11:52AM
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 LPT REALTY, LLC
Investment Insights
Based on property information with market context.
This 5,784-square-foot medical office property occupies a 21,275-square-foot lot at 1700 Dr. Martin Luther King Jr. Street North in St. Petersburg. The concrete block building contains 14 private offices or treatment rooms, five bathrooms, a full kitchen, a separate kitchenette, and a generous reception area. Its configuration also supports separation into two independent suites.
The facility includes specialized medical and wellness equipment such as DRX 9000 spinal decompression systems, a TheraLight 360 red light bed, Cryo Science chamber, Aspen Class IV cold laser, Clearlight sauna, Neubie E-Stim unit, and PiezoWave shockwave system. A dedicated Pilates studio includes Reformers, Cadillacs, and Chairs. The property has prominent street frontage, ample parking, and a Walk Score of 88, with downtown St. Petersburg only minutes away.
The facility includes specialized medical and wellness equipment such as DRX 9000 spinal decompression systems, a TheraLight 360 red light bed, Cryo Science chamber, Aspen Class IV cold laser, Clearlight sauna, Neubie E-Stim unit, and PiezoWave shockwave system. A dedicated Pilates studio includes Reformers, Cadillacs, and Chairs. The property has prominent street frontage, ample parking, and a Walk Score of 88, with downtown St. Petersburg only minutes away.
Key Highlights
- 5,784 SF concrete block medical office building
- 14 private offices or treatment rooms and five bathrooms
- 21,275‑square‑foot lot with prominent street frontage and ample parking
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
$89,804
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
3.74%
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%
$1,796,080
$1.8M
Cap Rate 7%
$1,282,914
$1.3M
Cap Rate 9%
$997,822
$997.8K
Market Conditions
NOI Build-Up for 5,784 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
$150.6K $26.04/SF
− Vacancy
−$30.9K −$5.34/SF
EGI
$119.7K $20.70/SF
− OpEx
−$29.9K −$5.18/SF
NOI
$89.8K $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%
$1,796,080
Cap Rate 7%
$1,282,914
Cap Rate 9%
$997,822
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.50M
NOI $89,804 @ 7.0% cap · market cap 3.74%
Second Best
Healthcare Medical
$762.1K
$666.8K – $889.1K
NOI $53,347 @ 7.0% cap · market cap 2.22%
Theoretical Best
Office A
$1.50M
$1.32M – $1.76M
NOI $105,312 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6,064
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
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.
Similar Off Market Nearby
- National Pet Vax — 805 dr m.l.k. jr st n, st. petersburg, fl 33701
- North Shore Veterinary Service — 701 11th Ave S, St. Petersburg, FL 33701
- WEVETPET VETERINARY SERVICE — 701 11th Ave S, St. Petersburg, FL 33701
- EDGE Animal Hospital — 913 1st Ave N, St. Petersburg, FL 33705
Frequently Asked Questions
What type of property is this?
Medical Office Space - Concrete block facility with flexible rooms, clinical amenities, and specialized wellness equipment.
Where is this medical office space located?
The property is located at A-1700 Dr Martin Luther King Jr St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 5,784 SF concrete block medical office building; 14 private offices or treatment rooms and five bathrooms; 21,275‑square‑foot lot with prominent street frontage and ample parking
