Class A Medical Office
For Sale
$3,250,000
2701 W Saint Isabel St, Tampa, FL 33607
Purpose-built two-story facility includes covered parking and a tenant-specific medical buildout.
Property Size7,670 SF
Lot Size0.46 Acres
Price / SF$423.73
Days on Market195
Property Features for 2701 W Saint Isabel St
General Information
Standard status
Active
Size
7,670 SF
Net Rentable
6,987 SF
Class
A
Total Parking Spaces
38
Lot size
0.46 Acres
Property subtype
Medical/Healthcare
Occupancy
100%
Additional Details
Office Units
1
Building Details
Building Size
7,670 SF
Year Built
2008
Buildings
1
Stories
2
Construction
reinforced concrete block and stucco
Tenancy
Single
Owner Occupied
No
Listing Agency:
Barkett Realty
(727) 388-9500
Listed By:
John Barkett · License #3274213
(727) 388-9500
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:44PM
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 Barkett Realty
Investment Insights
Based on property information with market context.
This stand-alone medical office property was completed in 2008 using reinforced concrete block and stucco construction. The two-story building contains approximately 7,670 square feet overall, including about 6,987 square feet of net rentable area, on a 0.46-acre corner parcel. Interior improvements include a finished first-floor lobby with ceramic tile, crown molding, recessed lighting, and a dropped acoustical ceiling. The facility also includes a purpose-built medical buildout and 38 dedicated parking spaces, with 19 covered spaces.
The property is located at 2701 W Saint Isabel St. at the intersection of St. Isabel and Tampania Avenue in Tampa. St. Joseph’s Hospital and St. Joseph’s Women’s Hospital are two blocks away, while Tampa International Airport is minutes from the site. The building is fully leased to WellMed, a UnitedHealthcare Group division, under an NNN lease with a new five-year initial term and a five-year option beginning January 2026.
The property is located at 2701 W Saint Isabel St. at the intersection of St. Isabel and Tampania Avenue in Tampa. St. Joseph’s Hospital and St. Joseph’s Women’s Hospital are two blocks away, while Tampa International Airport is minutes from the site. The building is fully leased to WellMed, a UnitedHealthcare Group division, under an NNN lease with a new five-year initial term and a five-year option beginning January 2026.
Key Highlights
- Approximately 7,670 SF building with 6,987 SF of net rentable area
- 0.46‑acre corner parcel at St. Isabel and Tampania Avenue
- 38 dedicated parking spaces, including 19 covered spaces
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
$111,773
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
3.44%
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%
$2,235,460
$2.2M
Cap Rate 7%
$1,596,757
$1.6M
Cap Rate 9%
$1,241,922
$1.2M
Market Conditions
NOI Build-Up for 7,670 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
$202.5K $26.40/SF
− Vacancy
−$16.2K −$2.11/SF
EGI
$186.3K $24.29/SF
− OpEx
−$74.5K −$9.72/SF
NOI
$111.8K $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%
$2,235,460
Cap Rate 7%
$1,596,757
Cap Rate 9%
$1,241,922
Alternative Uses
Best Use
Healthcare Medical
$1.60M
$1.40M – $1.86M
NOI $111,773 @ 7.0% cap · market cap 3.44%
Second Best
Office B
$1.49M
$1.30M – $1.74M
NOI $104,235 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$1.79M
$1.56M – $2.08M
NOI $125,082 @ 7.0% cap · market cap 3.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,945
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33607, FL
24,767
Population
13,158
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
87%
High-School Grad
9.3 sq mi
ZIP Area
2,663
Density / Sq Mi
$66,404
Median Household Income
$43,404
Median Earnings
$1,771
Median Rent
$316,100
Median Home Value
Market
Vacancy Rate% for Office in Tampa, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Humane society — 3607 N Armenia Ave, Tampa, FL 33607
- Animal Hospital — 3709 N Armenia Ave, Tampa, FL 33607
- Wellswood Midtown Animal Hospital — 4145 N Armenia Ave, Tampa, FL 33607
Frequently Asked Questions
What type of property is this?
Medical Office Space - Purpose-built two-story facility includes covered parking and a tenant-specific medical buildout.
Where is this medical office space located?
The property is located at 2701 W Saint Isabel St Tampa, FL.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Approximately 7,670 SF building with 6,987 SF of net rentable area; 0.46‑acre corner parcel at St. Isabel and Tampania Avenue; 38 dedicated parking spaces, including 19 covered spaces
