Medical Office Building with Monument
New
For Sale
$699,900
2039 INDIAN ROCKS Rd S, Largo, FL 33774
Updated healthcare facility with flexible room layouts, private parking, and direct adjacency to HCA Florida Largo Hospital.
Property Size4,208 SF
Days on Market3
Property Features for 2039 INDIAN ROCKS Rd S
General Information
Standard status
Active
Size
4,208 SF
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,873
Building Details
Building Size
4,208 SF
Year Built
1970
Buildings
1
Listing Agency:
(727) 507-1993
Listed By:
Justin Helmus
(727) 507-1993
Source:
Elliman
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 7 at 3:23AM
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 Justin Helmus
Investment Insights
Based on property information with market context.
Located at 2039 Indian Rocks Road S in Largo, this medical office building is positioned immediately next door to HCA Florida Largo Hospital. The property provides 171 linear feet of road frontage, lighted monument signage, and more than 25 private parking spaces. Its setting along Indian Rocks Road places the building on a major route connecting Largo with the surrounding beach and Pinellas County communities.
Interior improvements include luxury vinyl plank flooring throughout, while the parking area has been resurfaced with new striping, updated curbing, and landscaped garden beds. The current configuration includes a shared reception and lobby area along with private patient rooms and offices. The layout supports physician practices, specialty clinics, physical therapy, med spa or aesthetics operations, and counseling or wellness practices, with potential for an owner-user to occupy the building or lease a portion to another practice. Built in 1970, the property offers an established medical-office setting with recent site and interior upgrades.
Interior improvements include luxury vinyl plank flooring throughout, while the parking area has been resurfaced with new striping, updated curbing, and landscaped garden beds. The current configuration includes a shared reception and lobby area along with private patient rooms and offices. The layout supports physician practices, specialty clinics, physical therapy, med spa or aesthetics operations, and counseling or wellness practices, with potential for an owner-user to occupy the building or lease a portion to another practice. Built in 1970, the property offers an established medical-office setting with recent site and interior upgrades.
Key Highlights
- Immediately next door to HCA Florida Largo Hospital
- 171 linear feet of frontage along Indian Rocks Road
- More than 25 private on‑site parking spaces
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
$38,811
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
5.55%
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%
$776,220
$776.2K
Cap Rate 7%
$554,443
$554.4K
Cap Rate 9%
$431,233
$431.2K
Market Conditions
NOI Build-Up for 4,208 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
$70.7K $16.80/SF
− Vacancy
−$6.0K −$1.43/SF
EGI
$64.7K $15.37/SF
− OpEx
−$25.9K −$6.15/SF
NOI
$38.8K $9.22/SF
Area
Pinellas County, FL
Vacancy
8.50%
Lease Rate
$16.80 /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%
$776,220
Cap Rate 7%
$554,443
Cap Rate 9%
$431,233
Alternative Uses
Best Use
Office B
$933.4K
$816.7K – $1.09M
NOI $65,335 @ 7.0% cap · market cap 9.33%
Second Best
Healthcare Medical
$554.4K
$485.1K – $646.9K
NOI $38,811 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$1.09M
$957.7K – $1.28M
NOI $76,617 @ 7.0% cap · market cap 10.95%
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
660
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33774, FL
18,145
Population
10,388
Households
1.7
Avg Household Size
51
Median Age
28%
College-Educated
93%
High-School Grad
4.6 sq mi
ZIP Area
3,945
Density / Sq Mi
$76,769
Median Household Income
$41,936
Median Earnings
$1,498
Median Rent
$315,200
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
- All Cats Hospital — 2069 Indian Rocks Rd, Largo, FL 33774
- Indian Rocks Beach Animal Hospital — 12712 Indian Rocks Rd, Largo, FL 33774
Frequently Asked Questions
What type of property is this?
Medical Office Space - Updated healthcare facility with flexible room layouts, private parking, and direct adjacency to HCA Florida Largo Hospital.
Where is this medical office space located?
The property is located at 2039 INDIAN ROCKS Rd S Largo, FL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Immediately next door to HCA Florida Largo Hospital; 171 linear feet of frontage along Indian Rocks Road; More than 25 private on‑site parking spaces
