Dual-Building Medical and Retail
For Sale
$1,300,000
507 E DR MARTIN LUTHER KING JR BOULEVARD, Tampa, FL 33603
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 Market72
Property Features for 507 E DR MARTIN LUTHER KING JR BOULEVARD
General Information
Standard status
Active
Size
4,350 SF
Property subtype
Retail
Occupancy
100%
Financials
Cap Rate
7.1%
Business Included
Yes
Additional Details
Highway Access
Yes
Amenities
0.36 acres
Shingle
Additional parcels description:, Parcel Number: A-12-29-18-4HF-000002-00001.0, Public Survey Range: 18, Public Survey Section: 12, Annual Amount: $17,393, Tax Block: 00/00, Tax Book Number: 25/43, Legal Description: BELLMERE CORRECTED MAP OF THE REVISED MAP LOT 1 LESS RD R/W LOT 2 LESS W 3 FT & LESS RD R/W N 52.5 FT OF LOTS 9 AND 10 LESS RD R/W...ALSO VAC ALLEY LYING BETWEEN SD LOTS BLOCK 2 1975 PETITION DENIED, Year: 2025, Zoning: CG
Ceramic Tile
Central Air
Listing ID: MFRTB8523636, Standard Status: Active, MLS Status: Active, Property Subtype: Retail, On market as of 2026-06-26, Special Conditions: None
Over 30 Spaces, Shared Parking
Built in 1964, Living area: 3810, Living area units: Square Feet, Construction Materials: Block
MLS Area (Major): 33603 - Tampa / Seminole Heights, County/Parish: Hillsborough
Completed
Slab
Frontage Type: Interchange, Road Surface: Asphalt
Building Details
Year Built
1964
Tenancy
Multi
Listing Agency:
COASTAL BROKERAGE & INVESTMENT
(813) 404-0665
Listed By:
James O'Brien · License #3072231
Source:
Miharaandassociates
Added: Jun 26
Changed: Sep 4
Last Checked: Sep 4 at 6:37AM
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
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
$63,392
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
4.88%
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%
$1,267,840
$1.3M
Cap Rate 7%
$905,600
$905.6K
Cap Rate 9%
$704,356
$704.4K
Market Conditions
NOI Build-Up for 4,350 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
$114.8K $26.40/SF
− Vacancy
−$9.2K −$2.11/SF
EGI
$105.7K $24.29/SF
− OpEx
−$42.3K −$9.72/SF
NOI
$63.4K $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%
$1,267,840
Cap Rate 7%
$905,600
Cap Rate 9%
$704,356
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
930
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33603, FL
19,070
Population
9,592
Households
2
Avg Household Size
38
Median Age
39%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,651
Density / Sq Mi
$64,632
Median Household Income
$43,136
Median Earnings
$1,320
Median Rent
$344,100
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 - 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
