Medical Office Building with Flex
New
For Sale
$2,700,000
224 MARINER Boulevard, Spring Hill, FL 34609
Commercial Sale, SPRING HILL, FL
Property Size10,064 SF
Lot Size0.23 Acres
Price / SF$268.28
Days on Market3
Property Features for 224 MARINER Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
SPRINGHILL PROF PARK CONDO
Lot features
City Limits, Landscaped, Sidewalk, Street Lights, Paved
Directions
US 19 (Commercial Way, turn onto County Line Rd, left onto Mariner Blvd
Standard status
Active
APN
R31-223-18-9046-0000-0030
Size
10,064 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPRINGHILL PROF PARK CONDO BUILDING 3
Tax Annual Amount
22486
Legal Description
SPRINGHILL PROF PARK CONDO BUILDING 3
Utilities
Utilities
Electricity Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
covered portico entrance
4 separate entrances
waiting rooms
ADA compliant bathrooms
exam rooms
flex rooms
reception areas
physician offices
medical stations
storage rooms
laundry room
fiber optic
Building Details
Year built
2003
Floors in Building
1
Flooring type
Tile - Ceramic, Vinyl
Building materials
Block, Stucco
Listing Agency:
HOME LAND REAL ESTATE INC
(352) 556-0909
Listed By:
Kimberly Pye, PA · License #3315876
(352) 279-1150
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 10:06AM
MLS# W7888538
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10,064-square-foot medical office building in Spring Hill was built in 2003 and recently remodeled, with a block-and-stucco exterior and a roof replaced in December 2023. The interior includes 21 exam rooms, two large flex rooms, four waiting rooms, multiple reception and physician office areas, medical stations, storage rooms, and a laundry room. Seven bathrooms are ADA compliant, including a full bathroom with a shower in the main owner's office.
The property has four separate entrances, including access from Mariner Boulevard and Quality Drive, along with more than 45 parking spaces and a covered portico entrance. Building systems include seven AC units, three electric meters, public water and sewer, fiber optic service, and a fire suppression system. Approximately 7,000 square feet is owner occupied by a chiropractor, while 3,000 square feet with a separate entrance is occupied by a tenant. The property is zoned PDP (GHC) and is located near Tampa General Hospital and the intersection of Mariner Boulevard and County Line Road.
The property has four separate entrances, including access from Mariner Boulevard and Quality Drive, along with more than 45 parking spaces and a covered portico entrance. Building systems include seven AC units, three electric meters, public water and sewer, fiber optic service, and a fire suppression system. Approximately 7,000 square feet is owner occupied by a chiropractor, while 3,000 square feet with a separate entrance is occupied by a tenant. The property is zoned PDP (GHC) and is located near Tampa General Hospital and the intersection of Mariner Boulevard and County Line Road.
Key Highlights
- 10,064 SF air‑conditioned medical office building built in 2003
- Roof replaced December 2023; block‑and‑stucco construction
- 21 exam rooms and 2 large flex rooms
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
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
517
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 - Remodeled medical office property with multiple entrances, clinical rooms, ADA-compliant bathrooms, and separate occupancy areas.
Where is this medical office space located?
The property is located at 224 MARINER Boulevard 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 SF air‑conditioned medical office building built in 2003; Roof replaced December 2023; block‑and‑stucco construction; 21 exam rooms and 2 large flex rooms
