Freestanding Medical Office
For Sale
$1,495,000
2555 PINELLAS POINT DRIVE S, St Petersburg, FL 33706
One-story masonry building configured as a veterinary medical office with reception, exam rooms, and ample parking.
Property Size2,981 SF
Lot Size1.11 Acres
Price / SF$501.51
Days on Market63
Property Features for 2555 PINELLAS POINT DRIVE S
General Information
Standard status
Active
Size
2,981 SF
Lot size
1.11 Acres
Property subtype
Medical Office
Additional Details
Highway Access
Yes
Building Details
Year Built
2006
Stories
1
Listing Agency:
BULLARD REALTY
(727) 576-6424
Listed By:
Fred Bullard III · License #3034999
(727) 410-2908
Source:
Dennisrealty
Added: Jul 4
Changed: Sep 3
Last Checked: Sep 4 at 4:59AM
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 BULLARD REALTY
Investment Insights
Based on property information with market context.
Located in the Pinellas Point area of St. Petersburg, this well-maintained freestanding, one-story masonry building is currently configured as a veterinary medical office. Originally constructed in 2006, the property offers an efficient layout with reception and waiting areas, multiple exam and treatment rooms, offices, restrooms, and support areas. The existing veterinary improvements are designed to support animal care use while also offering conversion potential for other medical, dental, specialty healthcare, or professional office uses subject to applicable approvals.
Set on an oversized 1.11± acre site, the building provides excellent visibility, ample parking, and easy access to Interstate 275, Downtown St. Petersburg, and the Skyway Bridge.
The property is located in Flood Zone X according to available public records. It is offered for sale and may also be available for lease, providing flexibility for owner-users and investors.
Set on an oversized 1.11± acre site, the building provides excellent visibility, ample parking, and easy access to Interstate 275, Downtown St. Petersburg, and the Skyway Bridge.
The property is located in Flood Zone X according to available public records. It is offered for sale and may also be available for lease, providing flexibility for owner-users and investors.
Key Highlights
- Freestanding one‑story masonry commercial building built in 2006, currently configured as a veterinary medical office
- Approximately 3,196± SF with a reception and waiting area plus multiple exam and treatment rooms
- Includes offices, restrooms, and support areas within an efficient medical office layout
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
$46,284
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
3.10%
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%
$925,680
$925.7K
Cap Rate 7%
$661,200
$661.2K
Cap Rate 9%
$514,267
$514.3K
Market Conditions
NOI Build-Up for 2,981 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
$77.6K $26.04/SF
− Vacancy
−$15.9K −$5.34/SF
EGI
$61.7K $20.70/SF
− OpEx
−$15.4K −$5.18/SF
NOI
$46.3K $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%
$925,680
Cap Rate 7%
$661,200
Cap Rate 9%
$514,267
Alternative Uses
Best Use
Office B
$661.2K
$578.6K – $771.4K
NOI $46,284 @ 7.0% cap · market cap 3.10%
Second Best
Healthcare Medical
$392.8K
$343.7K – $458.2K
NOI $27,494 @ 7.0% cap · market cap 1.84%
Theoretical Best
Office A
$775.4K
$678.5K – $904.6K
NOI $54,277 @ 7.0% cap · market cap 3.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33706, FL
15,309
Population
14,199
Households
1.1
Avg Household Size
60
Median Age
54%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
4,138
Density / Sq Mi
$97,364
Median Household Income
$80,504
Median Earnings
$1,646
Median Rent
$616,800
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.
Similar Off Market Nearby
- Central Animal Hospital On Pinellas Point — 2555 Pinellas Point Dr S, St. Petersburg, FL 33712
Frequently Asked Questions
What type of property is this?
Medical Office Space - One-story masonry building configured as a veterinary medical office with reception, exam rooms, and ample parking.
Where is this medical office space located?
The property is located at 2555 PINELLAS POINT DRIVE S St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Freestanding one‑story masonry commercial building built in 2006, currently configured as a veterinary medical office; Approximately 3,196± SF with a reception and waiting area plus multiple exam and treatment rooms; Includes offices, restrooms, and support areas within an efficient medical office layout
