Building Details

Building Size 3,810 SF

Year Built 1964

Buildings 2

Tenancy Multi

Listing Agency: COASTAL BROKERAGE & INVESTMENT

Listed By: James O'Brien · License #3072231 Show Phone

Source: Elliman

Added: Oct 12 Changed: Oct 13 Last Checked: Oct 13 at 2:29AM

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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 Tampa mixed-use property comprises two freestanding buildings totaling 3,810 SF. One is a medical clinic of approximately 2,100 SF, remodeled within the past year with a new roof and updated interior. The second building contains approximately 1,710 SF of retail space. Tenants occupy both buildings, and the property includes a parking lot shared by the two structures.

The site is at 507 E Dr. Martin Luther King Jr. Blvd., near the intersection with I-275. A McDonald’s is immediately adjacent to the property. The buildings were constructed in 1964, and the stated cap rate is 7.1.

Key Highlights

• Two freestanding buildings with 3,810 SF total
• Medical clinic: ±2,100 SF; remodeled within the past year with a new roof and updated interior
• Retail building: ±1,710 SF

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,522

Cap Rate

4.44%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,110,440 $1.1M

Cap Rate 7%

$793,171 $793.2K

Cap Rate 9%

$616,911 $616.9K

Market Conditions

NOI Build-Up for 3,810 SF

Gross rent

$100.6K $26.40/SF

− Vacancy

−$8.0K −$2.11/SF

EGI

$92.5K $24.29/SF

− OpEx

−$37.0K −$9.72/SF

NOI

$55.5K $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 Rate 5%

$1,110,440

Cap Rate 7%

$793,171

Cap Rate 9%

$616,911

Alternative Uses

Best Use

Healthcare Medical

$793.2K

$694.0K – $925.4K (±1% cap)

NOI $55,522 @ 7.0% cap · market cap 4.44%

Second Best

Office B

$739.7K

$647.2K – $863.0K (±1% cap)

NOI $51,778 @ 7.0% cap · market cap 4.14%

Theoretical Best

Office A

$887.6K

$776.7K – $1.04M (±1% cap)

NOI $62,133 @ 7.0% cap · market cap 4.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Childrens Medical Clinic Medical Clinic Blossom Pediatric Care Pediatrician LALITHA RAGUTHU Pediatrician Jackie's Pharmacy Pharmacy Chang Chih C ... Pediatrician

Suggested Use

Top Pick Carpet & Flooring Store Locksmith Veterinary Clinic Butcher Electrical Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

930

Businesses Nearby

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

13.8% 2019

14.2% 2020

19.1% 2021

22.3% 2022

21.9% 2023

20.7% 2024

18.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - A medical clinic and retail building are occupied by tenants, with the clinic recently renovated.

Where is this mixed-use property located?

The property is located at 507 E DR MARTIN LUTHER KING JR Tampa, FL.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: Two freestanding buildings with 3,810 SF total; Medical clinic: ±2,100 SF; remodeled within the past year with a new roof and updated interior; Retail building: ±1,710 SF