Freestanding Medical
For Sale
Contact for pricing
650 34th St S, St Petersburg, FL 33711
Purpose-built clinical facility with single-tenant configuration and NN lease structure in a central St. Petersburg corridor.
Property Size10,316 SF
Price / SF$387.75
Days on Market132
Property Features for 650 34th St S
General Information
Standard status
Active
Size
10,316 SF
Class
C
Total Parking Spaces
47
Property subtype
Office
Zoning
CCS-1
Lease Type
NN
Investment Type
Owner/User
Net Operating Income
$267,989
Building Details
Year Built
2006
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Commercial Partners Realty
(727) 677-8070
Listed By:
Scott Clendening · License #FL 447321
Source:
Crexi
Added: Apr 22
Changed: Aug 30
Last Checked: Aug 30 at 3:16PM
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 Partners Realty
Investment Insights
Based on property information with market context.
This freestanding medical center contains 10,316 square feet and was constructed in 2006. The single-tenant clinical facility was developed to Fresenius Medical Care specifications, providing a purpose-built healthcare environment rather than a conventional office layout. An NN lease structure is in place, and the property is zoned CCS-1.
The building is positioned on 34th Street South in St. Petersburg, with access to downtown and major thoroughfares across Pinellas County. Its central infill setting places the facility within a densely populated residential area and supports access to outpatient healthcare services throughout the surrounding market.
The building is positioned on 34th Street South in St. Petersburg, with access to downtown and major thoroughfares across Pinellas County. Its central infill setting places the facility within a densely populated residential area and supports access to outpatient healthcare services throughout the surrounding market.
Key Highlights
- 10,316‑square‑foot freestanding medical center
- Built in 2006
- Purpose‑built to Fresenius Medical Care specifications
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
$160,170
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
4.00%
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%
$3,203,400
$3.2M
Cap Rate 7%
$2,288,143
$2.3M
Cap Rate 9%
$1,779,667
$1.8M
Market Conditions
NOI Build-Up for 10,316 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
$268.6K $26.04/SF
− Vacancy
−$55.1K −$5.34/SF
EGI
$213.6K $20.70/SF
− OpEx
−$53.4K −$5.18/SF
NOI
$160.2K $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%
$3,203,400
Cap Rate 7%
$2,288,143
Cap Rate 9%
$1,779,667
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $160,170 @ 7.0% cap · market cap 4.00%
Second Best
Healthcare Medical
$1.36M
$1.19M – $1.59M
NOI $95,147 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$2.68M
$2.35M – $3.13M
NOI $187,829 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 33711, FL
20,121
Population
9,522
Households
2.1
Avg Household Size
41
Median Age
32%
College-Educated
96%
High-School Grad
4.7 sq mi
ZIP Area
4,281
Density / Sq Mi
$68,295
Median Household Income
$27,156
Median Earnings
$1,819
Median Rent
$253,100
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 center - Purpose-built clinical facility with single-tenant configuration and NN lease structure in a central St. Petersburg corridor.
Where is this medical center located?
The property is located at 650 34th St S St Petersburg, FL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 10,316‑square‑foot freestanding medical center; Built in 2006; Purpose‑built to Fresenius Medical Care specifications
