Tampa Office/Retail Strip
For Sale
$2,900,000
718-722 W DR MARTIN LUTHER KING JR BOULEVARD, Tampa, FL 33603
Centrally located office/retail strip center in the heart of Tampa.
Property Size12,036 SF
Lot Size0.71 Acres
Price / SF$240.94
Days on Market372
Property Features for 718-722 W DR MARTIN LUTHER KING JR BOULEVARD
General Information
Standard status
Active
Size
12,036 SF
Lot size
0.71 Acres
Property subtype
Commercial
Building Details
Year Built
1975
Listing Agency:
HUNTER REALTY & INVESTMENT LLC
(813) 728-7771
Listed By:
EVAN LIPSTEIN · License #3268389
Source:
Corcoran
Added: Aug 11, 2025
Changed: Jul 6
Last Checked: Aug 17 at 7:30AM
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 HUNTER REALTY & INVESTMENT LLC
Investment Insights
Based on property information with market context.
This office/retail strip center is centrally located in Tampa, one mile west of I-275, in close proximity to downtown and St. Joseph's Hospital. The property is situated on W. Dr. Martin Luther King Jr. Blvd, east of the river, and lies within the St. Joseph's Medical Legal District, near S. Seminole Heights, N. Riverside Heights, and Tampa Heights, which is home to Stetson Law School and the relocation area to Orlando’s 2nd District Court of Appeals and the new Hillsborough County Bar Association. The property consists of two stand-alone buildings, one approximately 4000 square feet and the other approximately 8000 square feet, totaling 12036 square feet. It features a mix of tenants, mostly medical-related, and ample parking. Units are allocated with signage on MLK Blvd.
Key Highlights
- Centrally located in the heart of Tampa, offering high visibility and accessibility.
- Located in the heart of 4 highly desirable areas; St. Joseph's Medical Legal District, S. Seminole Heights, N. Riverside Heights, and Tampa Heights.
- Proximity to St. Joseph's Hospital and the St. Joseph's Medical Legal District.
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
$163,569
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
5.64%
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%
$3,271,380
$3.3M
Cap Rate 7%
$2,336,700
$2.3M
Cap Rate 9%
$1,817,433
$1.8M
Market Conditions
NOI Build-Up for 12,036 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
$288.9K $24.00/SF
− Vacancy
−$70.8K −$5.88/SF
EGI
$218.1K $18.12/SF
− OpEx
−$54.5K −$4.53/SF
NOI
$163.6K $13.59/SF
Area
Tampa, FL
Vacancy
24.50%
Lease Rate
$24.00 /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%
$3,271,380
Cap Rate 7%
$2,336,700
Cap Rate 9%
$1,817,433
Alternative Uses
Best Use
Office B
$2.34M
$2.04M – $2.73M
NOI $163,569 @ 7.0% cap · market cap 5.64%
Second Best
Retail
$2.05M
$1.79M – $2.39M
NOI $143,313 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,283 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,943
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Centrally located office/retail strip center in the heart of Tampa.
Where is this strip mall located?
The property is located at 718-722 W DR MARTIN LUTHER KING JR BOULEVARD Tampa, FL.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Centrally located in the heart of Tampa, offering high visibility and accessibility.; Located in the heart of 4 highly desirable areas; St. Joseph's Medical Legal District, S. Seminole Heights, N. Riverside Heights, and Tampa Heights.; Proximity to St. Joseph's Hospital and the St. Joseph's Medical Legal District.
