Medical Office Campus with
For Sale
Contact for pricing
Pending
7655 38th Ave N, St Petersburg, FL 33710
St. Petersburg medical campus with a central atrium, large auditorium, flexible upstairs suites, and about 200 parking spaces.
Property Size20,270 SF
Lot Size3.27 Acres
Days on Market167
Property Features for 7655 38th Ave N
General Information
Standard status
Pending
Size
20,270 SF
Class
B
Total Parking Spaces
200
Lot size
3.27 Acres
Property subtype
Office
Occupancy
27%
Lease Type
NNN
Investment Type
Value Add
Amenities
central atrium
auditorium
conference areas
kitchen areas
Building Details
Year Built
1988
Stories
2
Tenancy
Multi
Listing Agency:
Wisdom Capital Group
Listed By:
Brady Wisdom · License #SL3588056
Source:
Crexi
Added: Mar 26
Changed: Aug 17
Last Checked: Aug 14 at 7:58AM
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 Wisdom Capital Group
Investment Insights
Based on property information with market context.
St. Pete Medical Campus is a 20,270 SF medical office property on 3.27 acres in St. Petersburg, Florida. The building is arranged around a central atrium and offers multiple access points, along with a large auditorium. Upstairs, the space includes flexible suites with office, conference, and kitchen areas designed to support a range of medical and professional uses.
The site includes approximately 200 parking spaces. The property also features in-place income from an existing tenant on a NNN lease, with the remaining vacancy providing flexibility for lease-up, repositioning, or redevelopment considerations.
This asset is positioned for tenants or owners seeking a functional, healthcare-oriented layout with both common building components and suite-level space, supported by substantial on-site parking.
The site includes approximately 200 parking spaces. The property also features in-place income from an existing tenant on a NNN lease, with the remaining vacancy providing flexibility for lease-up, repositioning, or redevelopment considerations.
This asset is positioned for tenants or owners seeking a functional, healthcare-oriented layout with both common building components and suite-level space, supported by substantial on-site parking.
Key Highlights
- 20,270 SF St. Petersburg medical office asset built in 1988 on 3.27 acres
- Central atrium design with multiple access points and flexible upstairs suites
- Large auditorium plus upstairs office, conference, and kitchen areas
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
$314,719
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
6.04%
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%
$6,294,380
$6.3M
Cap Rate 7%
$4,495,986
$4.5M
Cap Rate 9%
$3,496,878
$3.5M
Market Conditions
NOI Build-Up for 20,270 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
$527.8K $26.04/SF
− Vacancy
−$108.2K −$5.34/SF
EGI
$419.6K $20.70/SF
− OpEx
−$104.9K −$5.18/SF
NOI
$314.7K $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%
$6,294,380
Cap Rate 7%
$4,495,986
Cap Rate 9%
$3,496,878
Alternative Uses
Best Use
Office B
$4.50M
$3.93M – $5.25M
NOI $314,719 @ 7.0% cap · market cap 6.04%
Second Best
Healthcare Medical
$2.67M
$2.34M – $3.12M
NOI $186,954 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$5.27M
$4.61M – $6.15M
NOI $369,067 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
764
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33710, FL
33,172
Population
16,767
Households
2
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
4,147
Density / Sq Mi
$76,908
Median Household Income
$46,520
Median Earnings
$1,577
Median Rent
$312,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - St. Petersburg medical campus with a central atrium, large auditorium, flexible upstairs suites, and about 200 parking spaces.
Where is this medical office space located?
The property is located at 7655 38th Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $5,210,000.
What are key features of this property?
This property features: 20,270 SF St. Petersburg medical office asset built in 1988 on 3.27 acres; Central atrium design with multiple access points and flexible upstairs suites; Large auditorium plus upstairs office, conference, and kitchen areas
