Flex Condominium with
For Sale
Contact for pricing
640 Brooker Creek Blvd Suite 420, Oldsmar, FL 34677
M-1-zoned flex condominium combining professional offices, warehouse space, and a built-out mezzanine.
Property Size5,680 SF
Price / SF$193.66
Days on Market21
Property Features for 640 Brooker Creek Blvd Suite 420
General Information
Standard status
Active
Size
5,680 SF
Class
B
Total Parking Spaces
18
Property subtype
Office, Industrial
Zoning
M-1
Investment Type
Owner/User
Warehouse & Industrial
Clear Height
24 ft
Warehouse Space
2,160 SF
Office Build-Out
3,520 SF
Amenities
conference space
breakroom
Building Details
Year Built
2004
Year Renovated
2017
Buildings
1
Tenancy
Single
Construction
tilt-wall concrete
Listing Agency:
Commercial Asset Partners
(727) 376-4900
Listed By:
Heidi Tuttle-Beisner · License #FL BK608537
Source:
Crexi
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 30 at 1:15AM
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 Commercial Asset Partners
Investment Insights
Based on property information with market context.
Suite 420 is a 5,680-square-foot flex condominium within Brooker Creek Corporate Center, offering a balanced mix of office and industrial functionality. The 3,520-square-foot office area includes reception, four private offices, conference space currently configured as a training room, and a mezzanine with additional office and breakroom improvements. A short-term tenant is in place.
The 2,160-square-foot warehouse area provides 24-foot clear height, grade-level loading, and a kitchenette. Built in 2004 with tilt-wall concrete and steel construction, the property is zoned M-1 and designated Flood Zone X. The layout supports office, warehousing, distribution, light manufacturing, assembly, showroom, and service-related operations. The property is located at 640 Brooker Creek Blvd, Suite 420, Oldsmar, Florida.
The 2,160-square-foot warehouse area provides 24-foot clear height, grade-level loading, and a kitchenette. Built in 2004 with tilt-wall concrete and steel construction, the property is zoned M-1 and designated Flood Zone X. The layout supports office, warehousing, distribution, light manufacturing, assembly, showroom, and service-related operations. The property is located at 640 Brooker Creek Blvd, Suite 420, Oldsmar, Florida.
Key Highlights
- 5,680 SF flex condominium at Brooker Creek Corporate Center
- 3,520 SF office component with reception, four private offices, and conference space
- 2,160 SF warehouse area with 24‑foot clear ceiling height
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
$88,190
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
8.02%
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%
$1,763,800
$1.8M
Cap Rate 7%
$1,259,857
$1.3M
Cap Rate 9%
$979,889
$979.9K
Market Conditions
NOI Build-Up for 5,680 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
$147.9K $26.04/SF
− Vacancy
−$30.3K −$5.34/SF
EGI
$117.6K $20.70/SF
− OpEx
−$29.4K −$5.18/SF
NOI
$88.2K $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%
$1,763,800
Cap Rate 7%
$1,259,857
Cap Rate 9%
$979,889
Alternative Uses
Best Use
Office B
$1.26M
$1.10M – $1.47M
NOI $88,190 @ 7.0% cap · market cap 8.02%
Second Best
Flex RnD
$734.1K
$642.4K – $856.5K
NOI $51,388 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,419 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 34677, FL
22,524
Population
10,056
Households
2.2
Avg Household Size
46
Median Age
41%
College-Educated
95%
High-School Grad
12.7 sq mi
ZIP Area
1,774
Density / Sq Mi
$85,389
Median Household Income
$46,404
Median Earnings
$1,484
Median Rent
$352,200
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?
Flex space - M-1-zoned flex condominium combining professional offices, warehouse space, and a built-out mezzanine.
Where is this flex space located?
The property is located at 640 Brooker Creek Blvd Suite 420 Oldsmar, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 5,680 SF flex condominium at Brooker Creek Corporate Center; 3,520 SF office component with reception, four private offices, and conference space; 2,160 SF warehouse area with 24‑foot clear ceiling height
