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    Medical Office Building in Pinellas Title is generated by Realmo AI

    7641 66TH STREET N, Pinellas Park, FL 33781

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    For Sale
    $1,800,000

    Well-maintained medical office building with ample parking in Pinellas Park.

    Type:Office
    Added:
    Apr 16, 2025
    Days on Market:
    414
    Last Refresh:
    May 20 at 8:30 pm

    Property Features for 7641 66TH STREET N

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1992

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    Listing Contact
    Lisa Salinard

    Listing agent Lisa Salinard License #682851

    Listing office WAVE REALTY OF TAMPA BAY, INC

    Listing date Apr 16, 2025

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    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

    HighLights

    • Prime location in the heart of Pinellas Park with easy access off 66th Street.
    • Versatile building suitable for multiple medical practices or other uses (list available).
    • Currently outfitted with 8+ exam rooms, lab area, treatment rooms, administrative offices, and large staff/conference area.
    • Ample parking with 41 spaces.
    • Roof resurfaced in 2022.
    • A/C units replaced in 2018.

    Overview

    This well-maintained medical office building is located in Pinellas Park, providing convenient access from 66th Street, just north of Park Boulevard. The building is currently configured with over 8 exam rooms, a lab area, treatment rooms, administrative offices, and a large staff/conference area. It can potentially accommodate two separate medical practices. The property features 41 parking spaces. The roof was resurfaced in 2022, and the A/C units were replaced in 2018. The City of Pinellas Park's list of potential property uses is available upon request.
    Location Intelligence

    Current Use by Public Records

    Belleair Research Center Laboratory Gary L Heller ... Physician Dermatology Diseases & Surgery Physician

    Suggested Use

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

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

    Similar Places Nearby

    • Bayou Veterinary Hospital P.A. — 8214 Belcher Rd, Pinellas Park, FL 33781
    • Park Animal Hospital Inc — 8065 66th St N, Pinellas Park, FL 33781
    • VIP Petcare Wellness Center — 7331 Park Blvd, Pinellas Park, FL 33781
    • Serenity Veterinary Hospital — 6075 Park Blvd, Pinellas Park, FL 33781

    Location Insight

    • Map
    • Local Demand
    City
    Pinellas Park
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7280772
    Latitude
    27.8412857

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    FAQs

    What type of property is this?
    Medical Office Space - Well-maintained medical office building with ample parking in Pinellas Park.
    Where is this medical office space located?
    The property is located at 7641 66TH STREET 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: Prime location in the heart of Pinellas Park with easy access off 66th Street.; Versatile building suitable for multiple medical practices or other uses (list available).; **Currently outfitted with 8+ exam rooms, lab area, treatment rooms, administrative offices, and large staff/conference area.**
    (727) 647-8299
    We can help!
    Listing Contact
    Lisa Salinard
    Real Estate License ID: 682851
    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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    7641 66TH STREET N, PINELLAS PARK, FL 33781
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