Medical Office
For Sale
$239,000
2323 CURLEW RD #7B, Dunedin, FL 34698
Medical office condo within Courtyard Centre, offering five private offices, parking, and a new roof and HVAC.
Property Size1,050 SF
Price / SF$227.62
Days on Market180
Property Features for 2323 CURLEW RD #7B
General Information
Standard status
Active
Size
1,050 SF
Property subtype
Office
Additional Details
Asking Price
$250,000
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,318
Building Details
Building Size
1,050 SF
Year Built
1986
Tenancy
Multi
Listing Agency:
FUTURE HOME REALTY INC
Listed By:
James Bailey · License #3368352
(727) 809-3038
Source:
Stationsquarerealty
Added: Mar 20
Changed: Sep 7
Last Checked: Sep 14 at 9:16AM
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 FUTURE HOME REALTY INC
Investment Insights
Based on property information with market context.
Medical office condo located within the Courtyard Centre medical complex at 2323 Curlew Rd #7B in Dunedin. The unit includes approximately 1,050 SF of medical office space with five private offices, storage, and a kitchenette. Plumbing and sinks are available in two offices, supporting both clinical and professional use.
The condo is part of a shared setting with more than 180 shared parking spaces available and ease of access for patients traveling across Central Pinellas County. The property is situated on Curlew Road near the signalized intersection of US 19.
Improvements include a new roof and HVAC system installed late 2025, providing updated building systems for a new occupant. Year built is 1986.
The condo is part of a shared setting with more than 180 shared parking spaces available and ease of access for patients traveling across Central Pinellas County. The property is situated on Curlew Road near the signalized intersection of US 19.
Improvements include a new roof and HVAC system installed late 2025, providing updated building systems for a new occupant. Year built is 1986.
Key Highlights
- Approximately 1,050 SF medical office condo in Courtyard Centre
- Five private offices with storage and kitchenette
- Plumbing and sinks available in two offices
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
$16,303
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
6.82%
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%
$326,060
$326.1K
Cap Rate 7%
$232,900
$232.9K
Cap Rate 9%
$181,144
$181.1K
Market Conditions
NOI Build-Up for 1,050 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
$27.3K $26.04/SF
− Vacancy
−$5.6K −$5.34/SF
EGI
$21.7K $20.70/SF
− OpEx
−$5.4K −$5.18/SF
NOI
$16.3K $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%
$326,060
Cap Rate 7%
$232,900
Cap Rate 9%
$181,144
Alternative Uses
Best Use
Office B
$232.9K
$203.8K – $271.7K
NOI $16,303 @ 7.0% cap · market cap 6.82%
Second Best
Healthcare Medical
$138.3K
$121.1K – $161.4K
NOI $9,684 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$273.1K
$239.0K – $318.6K
NOI $19,118 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34698, FL
38,010
Population
22,016
Households
1.7
Avg Household Size
56
Median Age
36%
College-Educated
95%
High-School Grad
11.2 sq mi
ZIP Area
3,394
Density / Sq Mi
$67,323
Median Household Income
$44,747
Median Earnings
$1,571
Median Rent
$335,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office condo within Courtyard Centre, offering five private offices, parking, and a new roof and HVAC.
Where is this medical office space located?
The property is located at 2323 CURLEW RD #7B Dunedin, FL.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Approximately 1,050 SF medical office condo in Courtyard Centre; Five private offices with storage and kitchenette; Plumbing and sinks available in two offices
