Absolute NNN Medical Office
7050 Ulmerton Road, Largo, FL 33771
For Sale
New
Contact for pricing
ChenMed operates the fully leased clinic under an absolute triple-net agreement with annual rent increases.
Property Size12,007 SF
Lot Size1.26 Acres
Price / SF$526.36
Days on Market5
Property Features for 7050 Ulmerton Road
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Road Access
Property Use
Medical Specialty
Building Details
Year Built
Year Renovated
Buildings
Building Size
Tenancy
Listing Agency:
JLL Miami | Brickell Avenue
Listed By:
Josh Katlin · License IL 475.202814
(312) 228-2062
Source:
Crexi
Added: Nov 6
Changed: Nov 10
Last Checked: Nov 10 at 2:09PM
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 JLL Miami | Brickell Avenue
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Investment Insights
Based on property information with market context.
The 12,007-SF medical office building occupies a 1.26-acre parcel at 7050 Ulmerton Road in Largo. Built in 1999 and renovated in 2018, the property functions as a primary care clinic serving seniors. ChenMed occupies the building under an absolute NNN lease, with approximately 19 years remaining in the primary term and annual rent escalations of 2.50%.
The property fronts Ulmerton Road (SR 688), an east-west route carrying more than 66,000 vehicles daily. Within a five-mile radius, the population is 245,114 and the median age is 47.6. The location is in Pinellas County, Florida.
The property fronts Ulmerton Road (SR 688), an east-west route carrying more than 66,000 vehicles daily. Within a five-mile radius, the population is 245,114 and the median age is 47.6. The location is in Pinellas County, Florida.
Key Highlights
- ChenMed occupies the property under an absolute NNN lease
- Approximately 19 years of primary lease term remain; annual escalations are 2.50%
- 12,007 SF medical office building on a 1.26‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$186,425
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,728,500
$3.7M
Cap Rate 7%
$2,663,214
$2.7M
Cap Rate 9%
$2,071,389
$2.1M
Market Conditions
NOI Build-Up for 12,007 SF
Gross rent
$312.7K $26.04/SF
− Vacancy
−$64.1K −$5.34/SF
EGI
$248.6K $20.70/SF
− OpEx
−$62.1K −$5.18/SF
NOI
$186.4K $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 Rate 5%
$3,728,500
Cap Rate 7%
$2,663,214
Cap Rate 9%
$2,071,389
Alternative Uses
Best Use
Office B
$2.66M
$2.33M – $3.11M
NOI $186,425 @ 7.0% cap · market cap 2.95%
Second Best
Healthcare Medical
$2.58M
$2.25M – $3.00M
NOI $180,279 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$3.12M
$2.73M – $3.64M
NOI $218,618 @ 7.0% cap · market cap 3.46%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,368
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33771, FL
29,766
Population
16,898
Households
1.8
Avg Household Size
54
Median Age
25%
College-Educated
90%
High-School Grad
6.0 sq mi
ZIP Area
4,961
Density / Sq Mi
$60,139
Median Household Income
$40,417
Median Earnings
$1,379
Median Rent
$145,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Largo, FL
Properties on Market for Medical Office Space in Largo
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - ChenMed operates the fully leased clinic under an absolute triple-net agreement with annual rent increases.
Where is this medical office space located?
The property is located at 7050 Ulmerton Road Largo, FL.
What is the asking price?
The asking price for this property is $6,320,000.
What are key features of this property?
This property features: ChenMed occupies the property under an absolute NNN lease; Approximately 19 years of primary lease term remain; annual escalations are 2.50%; 12,007 SF medical office building on a 1.26‑acre parcel
