Freestanding Medical Office
For Sale
Contact for pricing
3475 S Suncoast Blvd, Homosassa, FL 34448
Freestanding medical office with a NNN lease to Tampa General Hospital through 2028 and parking for on-site visitors.
Property Size6,230 SF
Lot Size1.04 Acres
Price / SF$268.86
Days on Market55
Property Features for 3475 S Suncoast Blvd
General Information
Standard status
Active
Size
6,230 SF
Total Parking Spaces
25
Lot size
1.04 Acres
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Construction
concrete block
Tenancy
Single
Abandoned
No
Listing Agency:
CENTURY 21 J W Morton Real Estate, Inc.
(352) 726-6668
Listed By:
Elias George Kirallah · License #3123414
(352) 400-2635
Source:
Moodyscre
Added: Jul 22
Changed: Aug 15
Last Checked: Sep 13 at 10:10AM
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 CENTURY 21 J W Morton Real Estate, Inc.
Investment Insights
Based on property information with market context.
Freestanding medical office building occupied by Tampa General Hospital under an NNN lease structure, with income secured through 2028 and potential for renewal. The facility is constructed of concrete block with a stucco exterior and has undergone multiple improvements over the past 10 years. The interior layout supports clinical operations, including a waiting area and reception, four restrooms, seven exam rooms with sinks, five private offices, and additional treatment and support spaces such as a lab room, a surgery room, a storage/file room, and nurse station areas in the hallway.
Located on 1.04 acres of General Commercial property at 3475 S Suncoast Blvd in Homosassa, the building provides over 165 feet of frontage on US 19 and is supported by a 28,000 AADT daily traffic count. On-site parking includes 25 dedicated spaces, plus 16 overflow spaces owned by the county. The surrounding retail mix includes national retailers such as Publix and Winn-Dixie, along with various national quick-service restaurants.
The patient population within a 5-mile radius is approximately 31,734 residents, with an average age of 55.6, and healthcare expenditures exceeding $75 million annually.
Located on 1.04 acres of General Commercial property at 3475 S Suncoast Blvd in Homosassa, the building provides over 165 feet of frontage on US 19 and is supported by a 28,000 AADT daily traffic count. On-site parking includes 25 dedicated spaces, plus 16 overflow spaces owned by the county. The surrounding retail mix includes national retailers such as Publix and Winn-Dixie, along with various national quick-service restaurants.
The patient population within a 5-mile radius is approximately 31,734 residents, with an average age of 55.6, and healthcare expenditures exceeding $75 million annually.
Key Highlights
- NNN leased to Tampa General Hospital with income secured through 2028
- 1.04‑acre General Commercial site with over 165 feet of frontage on US 19
- 28,000 AADT daily traffic count
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
$87,117
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
5.20%
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%
$1,742,340
$1.7M
Cap Rate 7%
$1,244,529
$1.2M
Cap Rate 9%
$967,967
$968.0K
Market Conditions
NOI Build-Up for 6,230 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
$162.2K $26.04/SF
− Vacancy
−$17.0K −$2.73/SF
EGI
$145.2K $23.31/SF
− OpEx
−$58.1K −$9.32/SF
NOI
$87.1K $13.98/SF
Area
Citrus County, FL
Vacancy
10.50%
Lease Rate
$26.04 /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%
$1,742,340
Cap Rate 7%
$1,244,529
Cap Rate 9%
$967,967
Alternative Uses
Best Use
Healthcare Medical
$1.24M
$1.09M – $1.45M
NOI $87,117 @ 7.0% cap · market cap 5.20%
Second Best
Office B
$937.2K
$820.0K – $1.09M
NOI $65,602 @ 7.0% cap · market cap 3.92%
Theoretical Best
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,991 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34448, FL
10,889
Population
6,437
Households
1.7
Avg Household Size
59
Median Age
18%
College-Educated
86%
High-School Grad
72.3 sq mi
ZIP Area
151
Density / Sq Mi
$47,526
Median Household Income
$23,452
Median Earnings
$941
Median Rent
$166,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding medical office with a NNN lease to Tampa General Hospital through 2028 and parking for on-site visitors.
Where is this medical office space located?
The property is located at 3475 S Suncoast Blvd Homosassa, FL.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: NNN leased to Tampa General Hospital with income secured through 2028; 1.04‑acre General Commercial site with over 165 feet of frontage on US 19; 28,000 AADT daily traffic count
