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    The Largest CRE Database in the US with Over 1 Million Listings

    5223 Park Blvd Pinellas Park, FL 33781

    Sponsored
    For Sale
    $1,995,000

    Pinellas Park, FL Office Building - Owner/User Opportunity

    Property size:
    5,730 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    407
    This exceptional two-story, 5,730 square foot office building, located at 5223 Park Boulevard in Pinellas Park, Florida (zip code 33781), presents a unique owner-user investment opportunity. Situated on a 9,967 square foot lot, this property boasts prominent visibility on Park Boulevard, with an estimated 60,000 vehicles passing daily. The building, constructed in 1973 and extensively renovated in 2022 and 2024, features a concrete block structure with a steel-framed second floor, providing a secure and flood-resistant building (16 feet above sea level). Recent upgrades include a new 30-year roof, a substantial solar panel array (100 panels, exceeding building capacity), a Tesla battery backup system, new Miami-Dade hurricane-rated windows and doors, and a resurfaced parking lot with 19 spaces, including alley access. The interior features two large, ADA-compliant bathrooms, a fully equipped kitchen, and is wired for internet throughout. A new LED sign is expected by the end of 2024. The first floor (2,850 sq ft) is currently occupied, while the second floor (2,880 sq ft) is leased until July 31, 2026, with a two-year renewal option. The building also includes a monitored security system, and the air conditioning is under a comprehensive maintenance contract. The permitted zoning is B-1. Occupancy is available October 15, 2024. Asking price is $1,995,000.

    Property Features for 5223 Park Blvd

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    5,730 SF

    Building Details

    Year Built
    1973
    Stories
    2

    We can help!

    Listing Contact
    Ned Willis
    Ned Willis

    Learn more

    Property Insight Report

    HighLights

    • Remodeled lobby with conference room and secondary office space, currently leased.
    • Second floor fully leased through July 31, 2026, with a two‑year renewal option.
    • Concrete block construction with concrete‑over‑steel frame; high elevation (16 ft. above sea level) provides flood protection.
    • New Miami‑Dade hurricane‑rated windows and doors installed in 2022.
    • New 30‑year roof installed in 2022, prior to solar panel installation.
    • New oversized rooftop solar array (100 panels, exceeding building's 60‑panel capacity) installed in 2022.
    Property Profile Location Intelligence

    Current Use by Public Records

    Angulo Law Office, ... Law Firm David A Neville Esq ... Personal Injury Attorney Della Costa & Neville ... Personal Injury Attorney Community Therapy Home ... Home Health Care Service Pinellas Park Wildlife ... Pest Control Service

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Pinellas Park
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7046053
    Latitude
    27.8394223

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    FAQs

    What type of property is this?
    Office Property Space - Pinellas Park, FL Office Building - Owner/User Opportunity
    Where is this office property space located?
    The property is located at 5223 Park Blvd Pinellas Park, FL.
    What is the asking price?
    The asking price for this property is $1,995,000.
    What are key features of this property?
    This property features: Remodeled lobby with conference room and secondary office space, currently leased.; Second floor fully leased through July 31, 2026, with a two-year renewal option.; Concrete block construction with concrete-over-steel frame; high elevation (16 ft. above sea level) provides flood protection.
    (727) 823-1230
    Request Owner's contact information
    5223 Park Blvd Pinellas Park, FL 33781
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    Pinellas Park, FL 33781
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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
    5223 Park Blvd Pinellas Park, FL 33781
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    We can help!
    Listing Contact
    Ned Willis
    Ned Willis
    Real Estate License ID: FL 499932
    (727) 823-1230
    Learn more
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