Medical Office Condo with Private
For Sale
$239,000
7b-2323 Curlew Rd, Dunedin, FL 34698
Configured for professional use with a kitchenette, storage, and plumbing with sinks in two offices.
Property Size1,050 SF
Price / SF$227.62
Days on Market186
Property Features for 7b-2323 Curlew Rd
General Information
Standard status
Active
Size
1,050 SF
Additional Details
Asking Price
$239,000
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,318
Building Details
Tenancy
Multi
Listing Agency:
FUTURE HOME REALTY INC
(813) 855-4982
Listed By:
James Bailey · License #3368352
(727) 809-3038
Source:
Exprealty
Added: Mar 20
Changed: Sep 4
Last Checked: Sep 20 at 9:36AM
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 FUTURE HOME REALTY INC
Investment Insights
Based on property information with market context.
This medical office condo offers 1,050 SF within the Courtyard Centre medical complex in Dunedin. The layout includes five private offices, storage, and a kitchenette, with plumbing and sinks installed in two offices. A new HVAC system and a roof installed in late 2025 are also in place.
The property is located on Curlew Road near the signalized intersection of US19, providing access to Central Pinellas County. More than 180 shared parking spaces serve the complex, which includes a diverse tenant mix and a surrounding medical community.
The configuration accommodates a medical practice or professional office seeking a dedicated condominium workspace with multiple private rooms and supporting features.
The property is located on Curlew Road near the signalized intersection of US19, providing access to Central Pinellas County. More than 180 shared parking spaces serve the complex, which includes a diverse tenant mix and a surrounding medical community.
The configuration accommodates a medical practice or professional office seeking a dedicated condominium workspace with multiple private rooms and supporting features.
Key Highlights
- 1,050 SF medical office condo in the Courtyard Centre medical complex
- Five private offices with storage and a kitchenette
- Plumbing and sinks available in two offices
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
$16,303
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
6.82%
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%
$326,060
$326.1K
Cap Rate 7%
$232,900
$232.9K
Cap Rate 9%
$181,144
$181.1K
Market Conditions
NOI Build-Up for 1,050 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
$27.3K $26.04/SF
− Vacancy
−$5.6K −$5.34/SF
EGI
$21.7K $20.70/SF
− OpEx
−$5.4K −$5.18/SF
NOI
$16.3K $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%
$326,060
Cap Rate 7%
$232,900
Cap Rate 9%
$181,144
Alternative Uses
Best Use
Office B
$232.9K
$203.8K – $271.7K
NOI $16,303 @ 7.0% cap · market cap 6.82%
Second Best
Healthcare Medical
$138.3K
$121.1K – $161.4K
NOI $9,684 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$273.1K
$239.0K – $318.6K
NOI $19,118 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34698, FL
38,010
Population
22,016
Households
1.7
Avg Household Size
56
Median Age
36%
College-Educated
95%
High-School Grad
11.2 sq mi
ZIP Area
3,394
Density / Sq Mi
$67,323
Median Household Income
$44,747
Median Earnings
$1,571
Median Rent
$335,800
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 - Configured for professional use with a kitchenette, storage, and plumbing with sinks in two offices.
Where is this medical office space located?
The property is located at 7b-2323 Curlew Rd Dunedin, FL.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 1,050 SF medical office condo in the Courtyard Centre medical complex; Five private offices with storage and a kitchenette; Plumbing and sinks available in two offices
