Single-Tenant Medical Office
New
For Sale
$1,400,000
3451 Tyrone Blvd N, St Petersburg, FL 33710
Veterinary facility occupied under a corporate-guaranteed NNN lease with scheduled annual rent increases.
Property Size3,500 SF
Price / SF$405.80
Days on Market2
Property Features for 3451 Tyrone Blvd N
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Single-Tenant Office Medical
Lease Type
NNN
Amenities
Corporate Tenant has Over 840 Locations in the United States
Lease Features Eight and a Half Years of Term Remaining with One, Five Year Renewal Option
Located on Tyrone Blvd N which Features over 30,000 Vehicles per Day
Building Details
Building Size
3,500 SF
Listing Agency:
(216) 264-2037
Listed By:
Billy Skoch · License #License(s): OH: SAL.2021008491
(216) 264-2037
Source:
Marcusmillichap
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 3:35AM
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 Billy Skoch
Investment Insights
Based on property information with market context.
This single-tenant medical office property operates as a veterinary hospital serving the St. Petersburg MSA. The 1965-built facility contains 3,500 square feet according to the property description, while the reported property size is 3,450 square feet; those figures are not reconciled here. Services at the facility include wellness examinations, surgical care, urgent treatment, diagnostics, and pet boarding.
Mission Pet Health occupies the building under a corporate-guaranteed triple-net lease. The lease has 8.5 years remaining on its original 15-year term, includes one five-year renewal option, and provides 2 percent annual rent increases during the initial term and renewal periods. The property fronts Tyrone Blvd N, identified in the property information as carrying 30,100 vehicles per day, and is located at 3451 Tyrone Blvd N in St. Petersburg, Florida.
Mission Pet Health occupies the building under a corporate-guaranteed triple-net lease. The lease has 8.5 years remaining on its original 15-year term, includes one five-year renewal option, and provides 2 percent annual rent increases during the initial term and renewal periods. The property fronts Tyrone Blvd N, identified in the property information as carrying 30,100 vehicles per day, and is located at 3451 Tyrone Blvd N in St. Petersburg, Florida.
Key Highlights
- 100 percent leased to Mission Pet Health under a corporate‑guaranteed NNN lease
- 8.5 years remaining on the original 15 Years lease term
- One, Five Year renewal option remaining
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
$53,566
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
3.83%
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%
$1,071,320
$1.1M
Cap Rate 7%
$765,229
$765.2K
Cap Rate 9%
$595,178
$595.2K
Market Conditions
NOI Build-Up for 3,450 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
$89.8K $26.04/SF
− Vacancy
−$18.4K −$5.34/SF
EGI
$71.4K $20.70/SF
− OpEx
−$17.9K −$5.18/SF
NOI
$53.6K $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%
$1,071,320
Cap Rate 7%
$765,229
Cap Rate 9%
$595,178
Alternative Uses
Best Use
Office B
$765.2K
$669.6K – $892.8K
NOI $53,566 @ 7.0% cap · market cap 3.83%
Second Best
Healthcare Medical
$454.6K
$397.8K – $530.3K
NOI $31,820 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$897.4K
$785.2K – $1.05M
NOI $62,816 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33710, FL
33,172
Population
16,767
Households
2
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
4,147
Density / Sq Mi
$76,908
Median Household Income
$46,520
Median Earnings
$1,577
Median Rent
$312,500
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
- Tyrone Veterinary Hospital — 3451 Tyrone Blvd N, St. Petersburg, FL 33710
- Dr. Ed Kistemaker — 3451 Tyrone Blvd N, St. Petersburg, FL 33710
- Mayo Jane a DVM — 3451 tyrone blvd n, st. petersburg, fl 33710
- Banfield Pet Hospital — 6701 22nd Ave N, St. Petersburg, FL 33710
- Bayshore Animal Hospital & Avian Practice — 3845 Tyrone Blvd N, St. Petersburg, FL 33709
Frequently Asked Questions
What type of property is this?
Medical Office Space - Veterinary facility occupied under a corporate-guaranteed NNN lease with scheduled annual rent increases.
Where is this medical office space located?
The property is located at 3451 Tyrone Blvd N St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 100 percent leased to Mission Pet Health under a corporate‑guaranteed NNN lease; 8.5 years remaining on the original 15 Years lease term; One, Five Year renewal option remaining
