Pinellas Park Medical Office
For Sale
Contact for pricing
Pending
4800 Park Blvd, Pinellas Park, FL 33781
Single-tenant medical office building in Pinellas Park, Florida.
Property Size8,094 SF
Days on Market182
Property Features for 4800 Park Blvd
General Information
Standard status
Pending
Size
8,094 SF
Class
B
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Building Details
Tenancy
Single
Listing Agency:
Zeustra Healthcare Real Estate Advisors
Listed By:
Erik Gainor · License #FL
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Jul 25 at 9:56AM
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 Zeustra Healthcare Real Estate Advisors
Investment Insights
Based on property information with market context.
The property at 4800 Park Boulevard is an 8,094-square foot, single-tenant medical office building located in Pinellas Park, Florida. The property is fully leased to SimonMed Imaging, a nationally recognized outpatient imaging provider offering advanced diagnostic services, including MRI, CT/CAT scan, PET scan, 3D mammography, bone density (DEXA), ultrasound, and X-ray. Imaging operations have been continuous at this site for nearly 50 years. SimonMed has confirmed its intent to exercise its renewal option, extending the lease through February 29, 2032. A subsequent fair-market-rent option provides additional long-term upside. The asset generates an in-place NOI of approximately $188,000, supported by a modified NNN lease structure, 3.0% annual rent escalations, and parking income. SimonMed is beginning a major PET scanner renovation with an estimated capital investment of $1 million. Ownership has recently invested approximately $1.25 million to expand parking from 69 to 120 fully approved spaces. Major building components, including the roof and exterior paint, are only three to four years old. The property benefits from strong visibility, proximity to regional hospitals and referral networks, and favorable Medicare driven demographics. As the only outpatient PET scanner location in Pinellas County, 4800 Park Boulevard represents a durable medical asset offering secure cash flow and long-term value preservation.
Key Highlights
- 100% leased to SimonMed Imaging through February 2032, eliminating near‑term rollover risk.
- Recent $1.25 million investment expanded parking to 120 spaces.**
- In‑place NOI of approximately $188,000, supported by a modified NNN lease structure and 3.0% annual rent escalations.
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
$125,670
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
5.03%
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%
$2,513,400
$2.5M
Cap Rate 7%
$1,795,286
$1.8M
Cap Rate 9%
$1,396,333
$1.4M
Market Conditions
NOI Build-Up for 8,094 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
$210.8K $26.04/SF
− Vacancy
−$43.2K −$5.34/SF
EGI
$167.6K $20.70/SF
− OpEx
−$41.9K −$5.18/SF
NOI
$125.7K $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%
$2,513,400
Cap Rate 7%
$1,795,286
Cap Rate 9%
$1,396,333
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.09M
NOI $125,670 @ 7.0% cap · market cap 5.03%
Second Best
Healthcare Medical
$1.07M
$933.2K – $1.24M
NOI $74,653 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$2.11M
$1.84M – $2.46M
NOI $147,372 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,081
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33781, FL
27,349
Population
12,370
Households
2.2
Avg Household Size
42
Median Age
22%
College-Educated
82%
High-School Grad
6.6 sq mi
ZIP Area
4,144
Density / Sq Mi
$55,378
Median Household Income
$37,039
Median Earnings
$1,197
Median Rent
$251,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant medical office building in Pinellas Park, Florida.
Where is this medical office space located?
The property is located at 4800 Park Blvd Pinellas Park, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 100% leased to SimonMed Imaging through February 2032, eliminating near‑term rollover risk.; Recent $1.25 million investment expanded parking to 120 spaces.**; In‑place NOI of approximately $188,000, supported by a modified NNN lease structure and 3.0% annual rent escalations.
