Medical Office Space with Existing
For Sale
$2,799,900
2221 NORTH BOULEVARD, Davenport, FL 33837
Configured for medical and professional office use with central air and existing tenants.
Property Size7,600 SF
Price / SF$368.41
Days on Market8
Property Features for 2221 NORTH BOULEVARD
General Information
Standard status
Active
Size
7,600 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$20,401
Amenities
Central Air
Other Road Type, Paved Road.
Building Details
Year Built
2002
Listing Agency:
LPT REALTY
(877) 366-2213
Listed By:
Daniel McIntee · License #3385913
Source:
Xome
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 12:51PM
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
Investment Insights
Based on property information with market context.
This 7,600-square-foot medical office property was built in 2002 and is currently arranged for healthcare and professional office operations. The building includes central air and is occupied by established tenants, including an operating OB/GYN practice. Its existing configuration can support medical providers, administrative functions, and other professional office users, subject to applicable requirements.
The property is located at 2221 North Boulevard in Davenport, along North Boulevard W near US-17/92. Access to downtown Davenport, Haines City, Posner Park, I-4, and US-27 places the office within reach of Central Florida communities, shopping, dining, medical services, and other businesses. The site is served by a paved road, providing a straightforward setting for an occupied medical and professional office asset.
The property is located at 2221 North Boulevard in Davenport, along North Boulevard W near US-17/92. Access to downtown Davenport, Haines City, Posner Park, I-4, and US-27 places the office within reach of Central Florida communities, shopping, dining, medical services, and other businesses. The site is served by a paved road, providing a straightforward setting for an occupied medical and professional office asset.
Key Highlights
- 7,600‑square‑foot medical office property
- Built in 2002 with central air
- Existing tenants include an operating OB/GYN practice
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
$95,500
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
3.41%
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%
$1,910,000
$1.9M
Cap Rate 7%
$1,364,286
$1.4M
Cap Rate 9%
$1,061,111
$1.1M
Market Conditions
NOI Build-Up for 7,600 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
$177.8K $23.40/SF
− Vacancy
−$18.7K −$2.46/SF
EGI
$159.2K $20.94/SF
− OpEx
−$63.7K −$8.38/SF
NOI
$95.5K $12.57/SF
Area
Polk County, FL
Vacancy
10.50%
Lease Rate
$23.40 /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%
$1,910,000
Cap Rate 7%
$1,364,286
Cap Rate 9%
$1,061,111
Alternative Uses
Best Use
Healthcare Medical
$1.36M
$1.19M – $1.59M
NOI $95,500 @ 7.0% cap · market cap 3.41%
Second Best
Office B
$1.33M
$1.17M – $1.56M
NOI $93,366 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$1.83M
$1.60M – $2.13M
NOI $127,844 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33837, FL
36,302
Population
19,082
Households
1.9
Avg Household Size
40
Median Age
27%
College-Educated
90%
High-School Grad
51.3 sq mi
ZIP Area
708
Density / Sq Mi
$75,861
Median Household Income
$39,246
Median Earnings
$1,739
Median Rent
$297,700
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 - Configured for medical and professional office use with central air and existing tenants.
Where is this medical office space located?
The property is located at 2221 NORTH BOULEVARD Davenport, FL.
What is the asking price?
The asking price for this property is $2,799,900.
What are key features of this property?
This property features: 7,600‑square‑foot medical office property; Built in 2002 with central air; Existing tenants include an operating OB/GYN practice
