Remodeled Medical Office
New
For Sale
$2,700,000
224 MARINER BLVD, Spring Hill, FL 34609
Medical office with multiple treatment, reception, waiting, and administrative areas, plus separate access for flexible occupancy.
Property Size10,064 SF
Days on Market3
Property Features for 224 MARINER BLVD
General Information
Standard status
Active
Size
10,064 SF
Property subtype
Medical Office
Taxes and HOA fees
Annual Taxes
$22,486
Building Details
Building Size
10,064 SF
Year Built
2003
Listing Agency:
HOME LAND REAL ESTATE INC
Listed By:
Kimberly Pye, PA · License #3315876
(352) 279-1150
Source:
Kingofrealestate
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 8:17PM
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 HOME LAND REAL ESTATE INC
Investment Insights
Based on property information with market context.
This remodeled medical office building was built in 2003 as a block construction property and includes central air, seven AC units, a fire suppression system, and a roof replaced in December 2023. The interior is arranged for medical and professional office use, with 21 exam rooms, four waiting rooms, two large flex rooms, multiple reception areas, physician offices, medical stations, storage rooms, and a laundry room. Seven bathrooms are ADA compliant, including a full bathroom with a shower. Four separate entrances support distinct areas within the building, with access from Mariner Boulevard and Quality Drive. The property includes more than 45 parking spaces, handicap parking, a covered portico entrance, three electric meters, public water and sewer, and fiber optic service. It is part of a four-building professional office complex whose HOA maintains the parking lot, landscaping, signage, sidewalks, and common areas. The site is near Tampa General Hospital, Publix, Walmart Marketplace, Starbucks, McDonald's, Wendy's, Taco Bell, and Walgreens.
Key Highlights
- 10,064 square feet of air‑conditioned office space
- 27,000 annual average daily traffic on Mariner Blvd
- Zoned PDP (GHC)
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
$147,603
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
5.47%
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%
$2,952,060
$3.0M
Cap Rate 7%
$2,108,614
$2.1M
Cap Rate 9%
$1,640,033
$1.6M
Market Conditions
NOI Build-Up for 10,064 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
$253.6K $25.20/SF
− Vacancy
−$56.8K −$5.64/SF
EGI
$196.8K $19.56/SF
− OpEx
−$49.2K −$4.89/SF
NOI
$147.6K $14.67/SF
Area
Spring Hill, FL
Vacancy
22.40%
Lease Rate
$25.20 /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%
$2,952,060
Cap Rate 7%
$2,108,614
Cap Rate 9%
$1,640,033
Alternative Uses
Best Use
Office B
$2.11M
$1.85M – $2.46M
NOI $147,603 @ 7.0% cap · market cap 5.47%
Second Best
Healthcare Medical
$1.85M
$1.62M – $2.16M
NOI $129,705 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$3.22M
$2.82M – $3.75M
NOI $225,237 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
515
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34609, FL
43,997
Population
18,426
Households
2.4
Avg Household Size
46
Median Age
22%
College-Educated
91%
High-School Grad
22.2 sq mi
ZIP Area
1,982
Density / Sq Mi
$79,284
Median Household Income
$40,789
Median Earnings
$1,593
Median Rent
$275,900
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office with multiple treatment, reception, waiting, and administrative areas, plus separate access for flexible occupancy.
Where is this medical office space located?
The property is located at 224 MARINER BLVD Spring Hill, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 10,064 square feet of air‑conditioned office space; 27,000 annual average daily traffic on Mariner Blvd; Zoned PDP (GHC)
