Medical Spa Office with Private
For Sale
$623,000
24-5404 Hoover Blvd, Tampa, FL 33609
Well-appointed property with nine private rooms, reception, multiple consultation and treatment spaces, and restroom facilities.
Property Size1,978 SF
Price / SF$314.96
Days on Market56
Property Features for 24-5404 Hoover Blvd
General Information
Standard status
Active
Size
1,978 SF
Taxes and HOA fees
Annual Taxes
$6,431
Amenities
reception area
private rooms
ample storage
restroom facilities
Listing Agency:
MIHARA & ASSOCIATES INC.
(727) 776-5756
Listed By:
Rimo Kadous · License #3268256
(727) 776-5756
Source:
Exprealty
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 11 at 12:01PM
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 MIHARA & ASSOCIATES INC.
Investment Insights
Based on property information with market context.
This well-appointed mixed-use commercial property offers a flexible floor plan with nine private rooms and multiple treatment-style spaces, consultation areas, and client service rooms. A welcoming reception area, ample storage, and restroom facilities support day-to-day operations, with an overall layout designed for both client visits and staff workflow. The property was previously operated as a beauty salon and medical spa, and it can be adapted for a range of service-based office and wellness concepts.
Located at 24-5404 Hoover Blvd in Tampa, FL, the property is described as having convenient access and parking in a high-visibility setting, supporting professional, client-facing use.
For sale as a turnkey or easily adaptable space, this offering may fit owner-users or investors looking to establish or expand a service-oriented business in a versatile indoor configuration.
Located at 24-5404 Hoover Blvd in Tampa, FL, the property is described as having convenient access and parking in a high-visibility setting, supporting professional, client-facing use.
For sale as a turnkey or easily adaptable space, this offering may fit owner-users or investors looking to establish or expand a service-oriented business in a versatile indoor configuration.
Key Highlights
- Mixed‑use commercial property with flexible layout and nine private rooms for a variety of business uses
- Previously operated as a beauty salon and medical spa with multiple treatment rooms and consultation spaces
- Includes a welcoming reception area plus client service spaces suitable for professional and wellness operations
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
$28,825
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
4.63%
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%
$576,500
$576.5K
Cap Rate 7%
$411,786
$411.8K
Cap Rate 9%
$320,278
$320.3K
Market Conditions
NOI Build-Up for 1,978 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
$52.2K $26.40/SF
− Vacancy
−$4.2K −$2.11/SF
EGI
$48.0K $24.29/SF
− OpEx
−$19.2K −$9.72/SF
NOI
$28.8K $14.57/SF
Area
Tampa, FL
Vacancy
8.00%
Lease Rate
$26.40 /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%
$576,500
Cap Rate 7%
$411,786
Cap Rate 9%
$320,278
Alternative Uses
Best Use
Healthcare Medical
$411.8K
$360.3K – $480.4K
NOI $28,825 @ 7.0% cap · market cap 4.63%
Second Best
Office B
$384.0K
$336.0K – $448.0K
NOI $26,881 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$460.8K
$403.2K – $537.6K
NOI $32,257 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,302
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33609, FL
17,902
Population
9,169
Households
2
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
4.0 sq mi
ZIP Area
4,476
Density / Sq Mi
$105,083
Median Household Income
$66,567
Median Earnings
$1,818
Median Rent
$526,000
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-appointed property with nine private rooms, reception, multiple consultation and treatment spaces, and restroom facilities.
Where is this medical office space located?
The property is located at 24-5404 Hoover Blvd Tampa, FL.
What is the asking price?
The asking price for this property is $623,000.
What are key features of this property?
This property features: Mixed‑use commercial property with flexible layout and nine private rooms for a variety of business uses; Previously operated as a beauty salon and medical spa with multiple treatment rooms and consultation spaces; Includes a welcoming reception area plus client service spaces suitable for professional and wellness operations
