Medical Office Building with Treatment
For Sale
$2,400,000
1700 Dr Martin Luther King Jr Street N A, St Petersburg, FL 33704
Concrete block facility with private treatment rooms, reception, kitchens, and wellness equipment.
Property Size5,784 SF
Lot Size0.49 Acres
Price / SF$414.94
Days on Market15
Property Features for 1700 Dr Martin Luther King Jr Street N A
General Information
Standard status
Active
Size
5,784 SF
Lot size
0.49 Acres
Amenities
full kitchen
kitchenette
reception area
private offices
five bathrooms
Building Details
Year Built
1986
Buildings
1
Construction
concrete block
Listing Agency:
LPT REALTY, LLC
(813) 494-8348
Listed By:
Robert Mitchell II · License #01338677
Source:
Livewelltampabay
Added: Aug 14
Changed: Aug 27
Last Checked: Aug 28 at 12:49PM
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 concrete block medical office building was constructed in 1986 on a 21,275-square-foot lot at 1700 Dr Martin Luther King Jr Street N A in St Petersburg. The interior includes 14 private offices or treatment rooms, five bathrooms, a full kitchen, a separate kitchenette, and a large reception area. The layout can be arranged as two independent suites.
The sale includes an extensive collection of medical and wellness equipment, including 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, PiezoWave shockwave system, and Pilates equipment such as Reformers, Cadillacs, and Chairs. The property also provides ample parking and prominent street frontage. Located at 1700 Dr Martin Luther King Jr Street N A, the facility has a Walk Score of 88 and is minutes from downtown St Petersburg.
The sale includes an extensive collection of medical and wellness equipment, including 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, PiezoWave shockwave system, and Pilates equipment such as Reformers, Cadillacs, and Chairs. The property also provides ample parking and prominent street frontage. Located at 1700 Dr Martin Luther King Jr Street N A, the facility has a Walk Score of 88 and is minutes from downtown St Petersburg.
Key Highlights
- 5,784‑square‑foot medical office building on a 21,275‑square‑foot lot
- 14 private offices or treatment rooms with five bathrooms
- Full kitchen, separate kitchenette, and spacious reception area
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33704, FL
16,031
Population
9,037
Households
1.8
Avg Household Size
46
Median Age
58%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,715
Density / Sq Mi
$102,647
Median Household Income
$63,803
Median Earnings
$1,398
Median Rent
$657,400
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 - Concrete block facility with private treatment rooms, reception, kitchens, and wellness equipment.
Where is this medical office space located?
The property is located at 1700 Dr Martin Luther King Jr Street N A 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‑square‑foot medical office building on a 21,275‑square‑foot lot; 14 private offices or treatment rooms with five bathrooms; Full kitchen, separate kitchenette, and spacious reception area
