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    St. Petersburg Office Space Available Title is generated by Realmo AI

    1234-1238-1240-1224 66th St N, St Petersburg, FL 33710

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    For Lease
    $142,080 SF/Yr $84,111,360/Mo (calc)

    Office suites for lease with dedicated parking and signage.

    Property size:
    7,104 SF
    Added:
    Jan 12, 2025
    Days on Market:
    506
    Last Refresh:
    May 19 at 11:07 pm

    Property Features for 1234-1238-1240-1224 66th St N

    General Information

    Standard status
    Active
    Size
    7,104 SF

    We can help!

    Listing Contact
    Mark Ganier
    Mark Ganier

    Listing agent Mark Ganier License #201

    Listing office RE/MAX REALTEC GROUP INC

    Listing date Jan 12, 2025

    Source Exprealty

    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 RE/MAX REALTEC GROUP INC

    HighLights

    • CRS‑1 Zoning allows for General & Medical Office, Health Club, Salon, Wellness Center, Day Spa.
    • Benefit from 44 dedicated, off‑street parking spaces.
    • Three Suites available for immediate occupancy (1,152 to 1,224 Sq. Ft.).
    • Pylon signage opportunity available.
    • New Roof (2024).
    • Common area renovations, Exterior Paint and Stucco currently in process.

    Overview

    Office spaces are available for lease under CRS-1 zoning, which permits general and medical office use, as well as health clubs, salons, wellness centers, and day spas. The property features 44 dedicated off-street parking spaces located at the front and rear of the building. There is an opportunity for pylon signage. Common area renovations are underway, and a new roof was installed in 2024. Exterior painting and stucco work are currently in progress. Three suites are available for immediate occupancy, ranging in size from 1,152 to 1,224 square feet. The suites are located at 1234, 1238, and 1240 66th Street N., St. Petersburg, FL 33710. The base rent is $20 per square foot annually, plus $4 per square foot for CAM.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Similar Places Nearby

    • The Cat Hospital on Park Street — 22 Park St S, St. Petersburg, FL 33707
    • Pasadena Veterinary Hospital & Laser Center — 7000 Central Ave St, St. Petersburg, FL 33707
    • Cat Hospital On Park Street: Repeta Donna DVM — 22 Park St S, St. Petersburg, FL 33707
    • Tolksdorf Christa DVM — 808 Pasadena Ave S, St. Petersburg, FL 33707
    • Gulf Animal Hospital — 808 Pasadena Ave S, St. Petersburg, FL 33707

    Map

    City
    St Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.72846
    Latitude
    27.771259

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    FAQs

    What type of property is this?
    Medical Office Space - Office suites for lease with dedicated parking and signage.
    Where is this medical office space located?
    The property is located at 1234-1238-1240-1224 66th St N St Petersburg, FL.
    What is the lease rate?
    The lease rate is $142,080.
    What are key features of this property?
    This property features: CRS‑1 Zoning allows for General & Medical Office, Health Club, Salon, Wellness Center, Day Spa.; Benefit from **44 dedicated, off‑street parking spaces.**; **Three Suites available for immediate occupancy** (1,152 to 1,224 Sq. Ft.).
    (727) 403-5611
    We can help!
    Listing Contact
    Mark Ganier
    Mark Ganier
    Real Estate License ID: 201
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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