Two-Building Medical Office Retail
For Sale
$2,900,000
718-722 W DR MARTIN LUTHER KING JR BLVD, Tampa, FL 33603
Two-building strip center with ample parking and MLK Blvd signage in Tampa’s medical and legal corridor.
Property Size12,036 SF
Price / SF$241.67
Days on Market395
Property Features for 718-722 W DR MARTIN LUTHER KING JR BLVD
General Information
Standard status
Active
Size
12,036 SF
Property subtype
Office
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$29,196
Building Details
Building Size
12,036 SF
Year Built
1975
Tenancy
Multi
Listing Agency:
all faults. Users are encouraged to consult their own data sources to confirm the accuracy of all Supplemental Data before using the Supplemental Data as a basis for any decision. \u003ca href=\"http://www.rdesk.com/communityinfo/NSR_Sources.htm\" target=\"blank_\"\u003eComplete list of data sources\u003c/a\u003e.\u003c/p\u003e\u003cp align=\"left\"\u003e \u003c/p\u003e\u003cp align=\"left\" id=\"iayuy\"\u003eData Last Updated: 6/15/2026, 4:56 PM UTC\u003c/p\u003e\u003cp align=\"left\"\u003e \u003c/p\u003e\u003cp id=\"ie2on\"\u003e\u003cstrong\u003eListing information courtesy of HUNTER REALTY \u0026 INVESTMENT LLC\u003c/strong\u003e\u003c/p\u003e\u003cp id=\"ixbbg\"\u003e\u003cstrong\u003e\u003cimg src=\"https://assets.wolfnet.com/reciprocity_logos/MLSLogo.png\" alt=\"\"/\u003e\u003c/strong\u003e\u003c/p\u003e","listingDetailCourtesy":"","listingDetailFooter":"\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eCourtesy of HUNTER REALTY \u0026 INVESTMENT LLC, Evan Lipstein \u0026nbsp;Listing Contact: 813-728-7771\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eListings courtesy of Stellar MLS as distributed by MLS GRID\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eAll information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Judi Beck shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Properties displayed may be listed or sold by various participants in the MLS.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eBased on information submitted to the MLS GRID as of 4:56 PM UTC on 6/15/2026. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003e\u0026copy;2026 Stellar MLS . All rights reserved.\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\" align=\"left\"\u003e\u003cspan style=\"font-size: 10pt;\"\u003e\u003cbr\u003e\u003c/span\u003e\u003cimg style=\"float: left;\" src=\"https://res.cloudinary.com/luxuryp/images/w_960,c_limit,f_auto,q_auto/nmsjeeofiezrwpwftb5v/stellarmls_horizontal_rgb\" alt=\"\" width=\"128\" height=\"33\"\u003e\u003c/p\u003e","logo":null,"specificComplianceRules":{"__typename":"SpecificComplianceRules","displayDisclaimerOnTop":false,"displayDisclaimerAboveOverview":true,"formatListingContact":false}},"taxAnnualAmountString":"29196.96","associationFee":0,"associationFeeFrequency":"MONTH","lpShowAvm":true,"tags":[],"propertyVideoUrl":null,"virtualTourUrl":null,"acreage":0.1790633608815427,"bathroomsTotal":0,"bathroomsFull":null,"bedroomsTotal":null,"garageSpaces":null,"listingContractDate":"2025-08-11T00:00:00.000Z","lpListingOnMarketTimestamp":"2025-08-11T00:00:00.000Z","mlsStatus":"Active","updatedAt":"2026-06-01T14:16:19.820Z","availabilityDate":null,"seniorCommunityYn":null,"activationDate":null,"moreInformationUrl":null},"countryCode":"US","ssrHostname":"judibeck.com","__APOLLO_STATE__":{"MlsProvider:mlsgrid_mfrmls":{"__typename":"MlsProvider","id":"mlsgrid_mfrmls","name":"FL
Listed By:
the operator of this website as a convenience to users. This Supplemental Data is not provided or reviewed by FL - Stellar MLS / Mid Florida Regional MLS (MFRMLS). The operator of this website updates the Supplemental Data from time to time, but it does not represent, warrant or otherwise promise that the Supplemental Data is current, free from defects, or error-free. All Supplemental Data is provided AS IS
Source:
Judibeck
Added: Aug 11, 2025
Changed: Sep 8
Last Checked: Sep 8 at 10:17AM
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 all faults. Users are encouraged to consult their own data sources to confirm the accuracy of all Supplemental Data before using the Supplemental Data as a basis for any decision. \u003ca href=\"http://www.rdesk.com/communityinfo/NSR_Sources.htm\" target=\"blank_\"\u003eComplete list of data sources\u003c/a\u003e.\u003c/p\u003e\u003cp align=\"left\"\u003e \u003c/p\u003e\u003cp align=\"left\" id=\"iayuy\"\u003eData Last Updated: 6/15/2026, 4:56 PM UTC\u003c/p\u003e\u003cp align=\"left\"\u003e \u003c/p\u003e\u003cp id=\"ie2on\"\u003e\u003cstrong\u003eListing information courtesy of HUNTER REALTY \u0026 INVESTMENT LLC\u003c/strong\u003e\u003c/p\u003e\u003cp id=\"ixbbg\"\u003e\u003cstrong\u003e\u003cimg src=\"https://assets.wolfnet.com/reciprocity_logos/MLSLogo.png\" alt=\"\"/\u003e\u003c/strong\u003e\u003c/p\u003e","listingDetailCourtesy":"","listingDetailFooter":"\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eCourtesy of HUNTER REALTY \u0026 INVESTMENT LLC, Evan Lipstein \u0026nbsp;Listing Contact: 813-728-7771\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eListings courtesy of Stellar MLS as distributed by MLS GRID\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eAll information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Judi Beck shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Properties displayed may be listed or sold by various participants in the MLS.\u0026nbsp;\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003eBased on information submitted to the MLS GRID as of 4:56 PM UTC on 6/15/2026. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\"\u003e\u003cspan style=\"font-size: 8pt;\"\u003e\u0026copy;2026 Stellar MLS . All rights reserved.\u003c/span\u003e\u003c/p\u003e\n\u003cp style=\"text-align: left;\" align=\"left\"\u003e\u003cspan style=\"font-size: 10pt;\"\u003e\u003cbr\u003e\u003c/span\u003e\u003cimg style=\"float: left;\" src=\"https://res.cloudinary.com/luxuryp/images/w_960,c_limit,f_auto,q_auto/nmsjeeofiezrwpwftb5v/stellarmls_horizontal_rgb\" alt=\"\" width=\"128\" height=\"33\"\u003e\u003c/p\u003e","logo":null,"specificComplianceRules":{"__typename":"SpecificComplianceRules","displayDisclaimerOnTop":false,"displayDisclaimerAboveOverview":true,"formatListingContact":false}},"taxAnnualAmountString":"29196.96","associationFee":0,"associationFeeFrequency":"MONTH","lpShowAvm":true,"tags":[],"propertyVideoUrl":null,"virtualTourUrl":null,"acreage":0.1790633608815427,"bathroomsTotal":0,"bathroomsFull":null,"bedroomsTotal":null,"garageSpaces":null,"listingContractDate":"2025-08-11T00:00:00.000Z","lpListingOnMarketTimestamp":"2025-08-11T00:00:00.000Z","mlsStatus":"Active","updatedAt":"2026-06-01T14:16:19.820Z","availabilityDate":null,"seniorCommunityYn":null,"activationDate":null,"moreInformationUrl":null},"countryCode":"US","ssrHostname":"judibeck.com","__APOLLO_STATE__":{"MlsProvider:mlsgrid_mfrmls":{"__typename":"MlsProvider","id":"mlsgrid_mfrmls","name":"FL
Investment Insights
Based on property information with market context.
This professional office/retail strip center features two stand-alone buildings, with approximately 4,000 and 8,000 square feet, offering a mix geared mostly toward medical-related tenants. Units are allocated with signage on W. Dr. Martin Luther King Jr. Boulevard, supporting visibility for both office and supporting retail uses. The property also provides ample on-site parking to accommodate tenant and visitor needs.
Located on W. Dr. Martin Luther King Jr. Boulevard just east of the River, the center is described as centrally positioned within Tampa. It is approximately one mile west of I-275 and is close to downtown. The remarks highlight adjacency to the St. Joseph’s Medical & Legal District and proximity to St. Joseph’s Hospital, placing the asset within a concentrated healthcare and legal services area.
For tenants and buyers looking for a centrally located medical office environment with established tenant mix, this property offers a straightforward operating footprint across two buildings. The prominent MLK Boulevard signage and generous parking can support patient traffic and customer access, while the office/retail configuration may allow complementary uses within the same overall center.
Located on W. Dr. Martin Luther King Jr. Boulevard just east of the River, the center is described as centrally positioned within Tampa. It is approximately one mile west of I-275 and is close to downtown. The remarks highlight adjacency to the St. Joseph’s Medical & Legal District and proximity to St. Joseph’s Hospital, placing the asset within a concentrated healthcare and legal services area.
For tenants and buyers looking for a centrally located medical office environment with established tenant mix, this property offers a straightforward operating footprint across two buildings. The prominent MLK Boulevard signage and generous parking can support patient traffic and customer access, while the office/retail configuration may allow complementary uses within the same overall center.
Key Highlights
- Two‑building office/retail strip center on W. Dr. Martin Luther King Jr. Blvd., just east of the River
- Total building area: 12,036 SF across 2 stand‑alone buildings (approx. 4,000 SF and 8,000 SF)
- Land area: 0.71 acres (7,800 SF) with lot dimensions 60 x 130; 3 lots
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
$174,874
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
6.03%
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%
$3,497,480
$3.5M
Cap Rate 7%
$2,498,200
$2.5M
Cap Rate 9%
$1,943,044
$1.9M
Market Conditions
NOI Build-Up for 12,000 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
$316.8K $26.40/SF
− Vacancy
−$25.3K −$2.11/SF
EGI
$291.5K $24.29/SF
− OpEx
−$116.6K −$9.72/SF
NOI
$174.9K $14.57/SF
Area
Tampa, FL
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$3,497,480
Cap Rate 7%
$2,498,200
Cap Rate 9%
$1,943,044
Alternative Uses
Best Use
Healthcare Medical
$2.50M
$2.19M – $2.91M
NOI $174,874 @ 7.0% cap · market cap 6.03%
Second Best
Office B
$2.33M
$2.04M – $2.72M
NOI $163,080 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,696 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
929
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Two-building strip center with ample parking and MLK Blvd signage in Tampa’s medical and legal corridor.
Where is this strip mall located?
The property is located at 718-722 W DR MARTIN LUTHER KING JR BLVD 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: Two‑building office/retail strip center on W. Dr. Martin Luther King Jr. Blvd., just east of the River; Total building area: 12,036 SF across 2 stand‑alone buildings (approx. 4,000 SF and 8,000 SF); Land area: 0.71 acres (7,800 SF) with lot dimensions 60 x 130; 3 lots
