Dual-Building Medical and Retail
507 E DR MARTIN LUTHER KING JR BOULEVARD Tampa, FL 33603
507 E DR MARTIN LUTHER KING JR BOULEVARD, Tampa, FL, 33603
$1,300,000
For Sale
$1,300,000
Two fully leased freestanding buildings total 3,810 SF, including a remodeled medical clinic and a retail suite.
Property Size4,350 SF
Price / SF$298.85
Days on Market26
Property Features for 507 E DR MARTIN LUTHER KING JR BOULEVARD
General Information
- Standard status
- Active
- Size
- 4,350 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1964
Listing agency
COASTAL BROKERAGE & INVESTMENT
(813) 404-0665
Listed by
James O'Brien · License #3072231
Source
Miharaandassociates
Added: Jun 26 Updated: Jul 20 at 8:07PM Checked: Jul 21 at 3:33AM
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 COASTAL BROKERAGE & INVESTMENT
Investment Insights
Based on property information with market context.
This offering features two freestanding, fully leased buildings on a shared parking lot. Building 1 is a medical clinic of 2,100 SF that was completely remodeled within the past year, including a new roof and fully updated interior. Building 2 is a 1,710 SF retail building with an established retail tenant in place.
The property is situated at a high-visibility intersection on Dr. Martin Luther King Jr. Boulevard and I-275, providing strong regional access and exposure. A McDonald’s is immediately adjacent to the site, supporting day-to-day customer traffic in the area.
The property is situated at a high-visibility intersection on Dr. Martin Luther King Jr. Boulevard and I-275, providing strong regional access and exposure. A McDonald’s is immediately adjacent to the site, supporting day-to-day customer traffic in the area.
Key Highlights
- Dual‑building portfolio with 3,810 SF total, both fully leased
- Building 1: 2,100 SF medical clinic leased to a professional medical tenant; remodeled within the past year
- Medical clinic includes a new roof and fully updated interior
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.8k | $26.40 |
| − Vacancy | −$9.2k | −$2.11 |
| EGI | $105.7k | $24.29 |
| − OpEx | −$42.3k | −$9.72 |
| NOI | $63.4k | $14.57 |
4,350 SF · lease $26.40/SF/yr · vacancy 8.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$905.6K
$792.4K – $1.06M
NOI $63,392 @ 7.0% cap · market cap 4.88%
Second Best
Office B
$844.5K
$739.0K – $985.3K
NOI $59,117 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$1.01M
$886.8K – $1.18M
NOI $70,940 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Childrens Medical Clinic
Medical Clinic
Blossom Pediatric Care
Pediatrician
LALITHA RAGUTHU
Pediatrician
Jackie's Pharmacy
Pharmacy
Chang Chih C ...
Pediatrician
Similar For Sale Nearby
Similar Off Market Nearby
- The Heights Veterinary Clinic — 3400 N Florida Ave, Tampa, FL 33603
FAQs
What type of property is this?
Medical Office Space - Two fully leased freestanding buildings total 3,810 SF, including a remodeled medical clinic and a retail suite.
Where is this medical office space located?
The property is located at 507 E DR MARTIN LUTHER KING JR BOULEVARD Tampa, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Dual‑building portfolio with 3,810 SF total, both fully leased; Building 1: 2,100 SF medical clinic leased to a professional medical tenant; remodeled within the past year; Medical clinic includes a new roof and fully updated interior
