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    Tampa Office/Retail Strip Center Title is generated by Realmo AI

    718-722 W DR MARTIN LUTHER KING JR BOULEVARD, Tampa, FL 33603

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    For Sale
    $2,900,000

    Centrally located office/retail strip center in the heart of Tampa.

    Type:Commercial
    Property size:
    12,036 SF
    Lot size:
    0.71 Acres
    Price / SF:
    $240/SF
    Added:
    Aug 11, 2025
    Days on Market:
    278
    Last Refresh:
    Apr 5 at 8:19 pm

    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

    We can help!

    Listing Contact
    EVAN LIPSTEIN
    EVAN LIPSTEIN

    Listing agent EVAN LIPSTEIN License #3268389

    Listing office HUNTER REALTY & INVESTMENT LLC

    Listing date Aug 11, 2025

    Source Corcoran

    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

    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.
    • Great tenant mix, mostly medical‑related, providing a stable income stream.
    • Ample parking available to accommodate tenants and customers.
    • Signage allocation on MLK Blvd for tenant visibility.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $1.82M
    NOI $163,569 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.34M
    NOI $163,569 @ 7.00% cap · market / base-case scenario
    Aggressive
    $3.27M
    NOI $163,569 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $288.9k $24.00
    − Vacancy −$70.8k −$5.88
    EGI $218.1k $18.12
    − OpEx −$54.5k −$4.53
    NOI $163.6k $13.59
    12,036 SF · lease $24.00/SF/yr · vacancy 24.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $2.34M
    $2.04M – $2.73M (±1% cap)
    NOI $163,569 @ 7.0% cap · market cap 5.64%
    Second Best
    Retail
    $2.05M
    $1.79M – $2.39M (±1% cap)
    NOI $143,313 @ 7.0% cap · market cap 4.94%
    Theoretical Best
    Office A
    $2.80M
    $2.45M – $3.27M (±1% cap)
    NOI $196,283 @ 7.0% cap · market cap 6.77%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Strip malls

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4691
    Latitude
    27.9813

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    FAQs

    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.
    (813) 728-7771
    We can help!
    Listing Contact
    EVAN LIPSTEIN
    EVAN LIPSTEIN
    Real Estate License ID: 3268389
    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.

    More about this property
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