Turnkey Medical Office
For Sale
Contact for pricing
7292 4th St N, St Petersburg, FL 33702
Upgraded Class A office building, ideal for medical or professional use.
Property Size8,700 SF
Price / SF$390.80
Days on Market1137
Property Features for 7292 4th St N
General Information
Standard status
Active
Size
8,700 SF
Class
A
Total Parking Spaces
29
Property subtype
Office
Zoning
CCS-1
Occupancy
100%
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1991
Year Renovated
2001
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
La Rosa Realty
Listed By:
William Blackshear · License #FL BK481864
Source:
Crexi
Added: Jul 13, 2023
Changed: Aug 8
Last Checked: Aug 21 at 7:29AM
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 La Rosa Realty
Investment Insights
Based on property information with market context.
This upgraded Class A office building features three suites and is located on a major commercial thoroughfare into downtown Saint Petersburg. The building is virtually a turnkey medical (or dental) office but is easily adaptable to another professional or general office. One suite is currently occupied by a national physical therapy company, a tenant who just finished the first year of a five-year lease, their third renewal, at $28.85 per square foot rent NNN. The property is 8,700 square feet. The Tampa Bay area was recently named the number one retirement destination for physicians, and Pinellas County is the most densely populated county in Florida, which continues to grow rapidly.
Key Highlights
- Turnkey, remodeled Class A office building adaptable to medical, dental, or general professional use
- Located on a major commercial thoroughfare into downtown Saint Petersburg
- Existing national physical therapy tenant with a long‑term lease at $28.85 psf NNN
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
$135,079
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
3.97%
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%
$2,701,580
$2.7M
Cap Rate 7%
$1,929,700
$1.9M
Cap Rate 9%
$1,500,878
$1.5M
Market Conditions
NOI Build-Up for 8,700 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
$226.5K $26.04/SF
− Vacancy
−$46.4K −$5.34/SF
EGI
$180.1K $20.70/SF
− OpEx
−$45.0K −$5.18/SF
NOI
$135.1K $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%
$2,701,580
Cap Rate 7%
$1,929,700
Cap Rate 9%
$1,500,878
Alternative Uses
Best Use
Office B
$1.93M
$1.69M – $2.25M
NOI $135,079 @ 7.0% cap · market cap 3.97%
Second Best
Healthcare Medical
$1.15M
$1.00M – $1.34M
NOI $80,242 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,406 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,585
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33702, FL
29,996
Population
16,240
Households
1.8
Avg Household Size
44
Median Age
38%
College-Educated
91%
High-School Grad
10.4 sq mi
ZIP Area
2,884
Density / Sq Mi
$65,503
Median Household Income
$43,860
Median Earnings
$1,369
Median Rent
$293,700
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 - Upgraded Class A office building, ideal for medical or professional use.
Where is this medical office space located?
The property is located at 7292 4th St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Turnkey, remodeled Class A office building adaptable to medical, dental, or general professional use; Located on a major commercial thoroughfare into downtown Saint Petersburg; Existing national physical therapy tenant with a long‑term lease at $28.85 psf NNN
