Built-Out Medical Office
For Sale
$1,725,000
625 6TH AVE S #405, St Petersburg, FL 33701
Fourth-floor medical condominium with multiple offices, clinical rooms, reception, and shared building amenities.
Property Size3,704 SF
Price / SF$465.71
Days on Market750
Property Features for 625 6TH AVE S #405
General Information
Standard status
Active
Size
3,704 SF
Net Rentable
3,704 SF
Elevators
Yes
Property subtype
Medical Office
Additional Details
Floor
4
Highway Access
Yes
Office Units
8
Taxes and HOA fees
Annual Taxes
$15,061
Amenities
air conditioned skywalk ways
24/7 security
access control
free valet parking
Building Details
Building Size
3,704 SF
Year Built
2008
Tenancy
Multi
Owner Occupied
Yes
Abandoned
No
Listing Agency:
CENTURY 21 LISTSMART
Listed By:
Faye Walters · License #3274301
(727) 580-3858
Source:
Judibeck
Added: Aug 28, 2024
Changed: Sep 15
Last Checked: Sep 15 at 9:14AM
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 CENTURY 21 LISTSMART
Investment Insights
Based on property information with market context.
This 3,704-square-foot medical condominium occupies the fourth floor of a professionally managed building constructed in 2008. The existing layout includes 8 offices, a reception area, nurse station, 2 EEG rooms, a viewing and procedure room, conference and break space, and an interior restroom. Common-area restrooms are available on each floor, and the suite receives natural light.
The property is at 625 6TH AVE S #405 in St. Petersburg, with access to downtown and I-275. Air-conditioned skywalks connect the campus to Orlando Bayfront Medical Center and Johns Hopkins All Children's Pediatric Hospital. The building also provides access to an attached 8-story parking garage, free valet parking, 24/7 security, and controlled entry.
The property is at 625 6TH AVE S #405 in St. Petersburg, with access to downtown and I-275. Air-conditioned skywalks connect the campus to Orlando Bayfront Medical Center and Johns Hopkins All Children's Pediatric Hospital. The building also provides access to an attached 8-story parking garage, free valet parking, 24/7 security, and controlled entry.
Key Highlights
- 3,704‑square‑foot fourth‑floor medical condominium
- Existing layout includes 8 offices, reception, nurse station, and clinical rooms
- 2 EEG rooms plus viewing and procedure room
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
$57,510
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
3.33%
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%
$1,150,200
$1.2M
Cap Rate 7%
$821,571
$821.6K
Cap Rate 9%
$639,000
$639.0K
Market Conditions
NOI Build-Up for 3,704 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
$96.5K $26.04/SF
− Vacancy
−$19.8K −$5.34/SF
EGI
$76.7K $20.70/SF
− OpEx
−$19.2K −$5.18/SF
NOI
$57.5K $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%
$1,150,200
Cap Rate 7%
$821,571
Cap Rate 9%
$639,000
Alternative Uses
Best Use
Office B
$821.6K
$718.9K – $958.5K
NOI $57,510 @ 7.0% cap · market cap 3.33%
Second Best
Healthcare Medical
$488.0K
$427.0K – $569.4K
NOI $34,163 @ 7.0% cap · market cap 1.98%
Theoretical Best
Office A
$963.4K
$843.0K – $1.12M
NOI $67,441 @ 7.0% cap · market cap 3.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,221
Businesses Nearby
Under-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fourth-floor medical condominium with multiple offices, clinical rooms, reception, and shared building amenities.
Where is this medical office space located?
The property is located at 625 6TH AVE S #405 St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: 3,704‑square‑foot fourth‑floor medical condominium; Existing layout includes 8 offices, reception, nurse station, and clinical rooms; 2 EEG rooms plus viewing and procedure room
