Medical Office Condominium
For Sale
$650,000
4200 N Armenia Ave #5, Tampa, FL 33607
Turnkey medical layout with multiple exam rooms and back-office support for owner-users or solo practitioners.
Property Size1,797 SF
Price / SF$361.71
Days on Market80
Property Features for 4200 N Armenia Ave #5
General Information
Standard status
Active
Size
1,797 SF
Class
B
Property subtype
Office
Building Details
Building Size
1,797 SF
Year Built
1987
Listing Agency:
SVN | Commercial Advisory Group-TAMPA
Listed By:
John Milsaps · License #FL #SL3180964
(813) 279-1366
Source:
Svn
Added: Jun 16
Changed: Sep 3
Last Checked: Sep 2 at 4:47PM
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 SVN | Commercial Advisory Group-TAMPA
Investment Insights
Based on property information with market context.
Suite 5 at 4200 N. Armenia Avenue is an approximately 1,797 SF medical office condominium for sale with an existing, medical-focused interior layout. The suite includes a waiting room and check-in area near the lobby, a patient restroom, and three exam rooms with sinks, plus one oversized exam room with a sink. Additional improvements include a lab area, work area, break room, physician office, staff restroom, and supporting back-office space, designed to support day-to-day clinical operations.
The suite is located along N. Armenia Avenue in Tampa, with access to major Tampa medical corridors, hospitals, residential neighborhoods, and major roadways. The property is positioned as a centrally located option for healthcare providers who prefer to be near established medical destinations and transportation routes.
This suite is well-suited for a medical owner-user or solo practitioner seeking a manageable, suite-sized space with a buildout already in place. The existing medical configuration may help reduce the time and disruption commonly associated with converting a general office into medical use, making it practical for a physician, specialty provider, therapy practice, or healthcare group looking to own rather than lease.
The suite is located along N. Armenia Avenue in Tampa, with access to major Tampa medical corridors, hospitals, residential neighborhoods, and major roadways. The property is positioned as a centrally located option for healthcare providers who prefer to be near established medical destinations and transportation routes.
This suite is well-suited for a medical owner-user or solo practitioner seeking a manageable, suite-sized space with a buildout already in place. The existing medical configuration may help reduce the time and disruption commonly associated with converting a general office into medical use, making it practical for a physician, specialty provider, therapy practice, or healthcare group looking to own rather than lease.
Key Highlights
- Suite 5 at 4200 N. Armenia Avenue: 1,797 SF medical office condominium in Tampa, FL (built 1987)
- Medical layout includes a waiting room, check‑in area, and patient restroom near the lobby
- Features four exam rooms: three standard exam rooms with sinks plus one oversized exam room with a sink
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
$26,187
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
4.03%
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%
$523,740
$523.7K
Cap Rate 7%
$374,100
$374.1K
Cap Rate 9%
$290,967
$291.0K
Market Conditions
NOI Build-Up for 1,797 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
$47.4K $26.40/SF
− Vacancy
−$3.8K −$2.11/SF
EGI
$43.6K $24.29/SF
− OpEx
−$17.5K −$9.72/SF
NOI
$26.2K $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%
$523,740
Cap Rate 7%
$374,100
Cap Rate 9%
$290,967
Alternative Uses
Best Use
Healthcare Medical
$374.1K
$327.3K – $436.5K
NOI $26,187 @ 7.0% cap · market cap 4.03%
Second Best
Office B
$348.9K
$305.3K – $407.0K
NOI $24,421 @ 7.0% cap · market cap 3.76%
Theoretical Best
Office A
$418.6K
$366.3K – $488.4K
NOI $29,305 @ 7.0% cap · market cap 4.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,871
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey medical layout with multiple exam rooms and back-office support for owner-users or solo practitioners.
Where is this medical office space located?
The property is located at 4200 N Armenia Ave #5 Tampa, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Suite 5 at 4200 N. Armenia Avenue: 1,797 SF medical office condominium in Tampa, FL (built 1987); Medical layout includes a waiting room, check‑in area, and patient restroom near the lobby; Features four exam rooms: three standard exam rooms with sinks plus one oversized exam room with a sink
