Pinellas Park Medical Office
For Sale
$1,800,000
7641 66TH St N, Pinellas Park, FL 33781
Well-maintained medical office with ample parking in Pinellas Park.
Property Size7,490 SF
Lot Size0.79 Acres
Days on Market164
Property Features for 7641 66TH St N
General Information
Standard status
Active
Size
7,490 SF
Lot size
0.79 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$23,735
Building Details
Building Size
7,490 SF
Year Built
1992
Stories
1
Listing Agency:
WAVE REALTY OF TAMPA BAY, INC
(727) 647-8299
Listed By:
Lisa Salinard · License #682851
(727) 647-8299
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 10 at 8:24AM
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 WAVE REALTY OF TAMPA BAY, INC
Investment Insights
Based on property information with market context.
This well-maintained medical office building is located in Pinellas Park, with easy access from 66th Street, just north of Park Boulevard. The building is outfitted with 8 or more exam rooms, a lab area, treatment rooms, administrative offices, and a large staff/conference area. The layout allows the potential to house two different medical practices. There are 41 parking spaces available.
Key Highlights
- Well‑maintained medical office building in a central Pinellas Park location
- Potential to house two separate medical practices
- Equipped with 8+ exam rooms, lab area, treatment rooms, administrative offices, and a large staff/conference area
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
$116,292
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
6.46%
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%
$2,325,840
$2.3M
Cap Rate 7%
$1,661,314
$1.7M
Cap Rate 9%
$1,292,133
$1.3M
Market Conditions
NOI Build-Up for 7,490 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
$195.0K $26.04/SF
− Vacancy
−$40.0K −$5.34/SF
EGI
$155.1K $20.70/SF
− OpEx
−$38.8K −$5.18/SF
NOI
$116.3K $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 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%
$2,325,840
Cap Rate 7%
$1,661,314
Cap Rate 9%
$1,292,133
Alternative Uses
Best Use
Office B
$1.66M
$1.45M – $1.94M
NOI $116,292 @ 7.0% cap · market cap 6.46%
Second Best
Healthcare Medical
$986.9K
$863.5K – $1.15M
NOI $69,082 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,375 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,003
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33781, FL
27,349
Population
12,370
Households
2.2
Avg Household Size
42
Median Age
22%
College-Educated
82%
High-School Grad
6.6 sq mi
ZIP Area
4,144
Density / Sq Mi
$55,378
Median Household Income
$37,039
Median Earnings
$1,197
Median Rent
$251,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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- Bayou Veterinary Hospital P.A. — 8214 Belcher Rd, Pinellas Park, FL 33781
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- VIP Petcare Wellness Center — 7331 Park Blvd, Pinellas Park, FL 33781
- Serenity Veterinary Hospital — 6075 Park Blvd, Pinellas Park, FL 33781
Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-maintained medical office with ample parking in Pinellas Park.
Where is this medical office space located?
The property is located at 7641 66TH St N Pinellas Park, FL.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Well‑maintained medical office building in a central Pinellas Park location; Potential to house two separate medical practices; Equipped with 8+ exam rooms, lab area, treatment rooms, administrative offices, and a large staff/conference area
