Multi-Tenant Medical Office
For Sale
Contact for pricing
9375 US Highway 19 North, Pinellas Park, FL 33782
Fully occupied office property with garden-style access and suites serving medical and professional users.
Property Size18,588 SF
Price / SF$169.46
Days on Market11
Property Features for 9375 US Highway 19 North
General Information
Standard status
Active
Size
18,588 SF
Property subtype
Retail, Office
Occupancy
100%
Financials
Asking Price
$3,150,002
Cap Rate
7%
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Jacob Allen · License #FL3558421
Source:
Crexi
Added: Sep 10
Changed: Sep 17
Last Checked: Sep 19 at 7:07AM
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 Matthews
Investment Insights
Based on property information with market context.
The property is an 18,588 SF office complex configured for multiple medical and professional tenants. Its garden-style layout provides first-floor suite entrances from the parking areas, with functional floor plans suitable for a range of office users. Occupancy is reported at 100%, and average tenant tenure exceeds five years. Several leases have been renewed recently, while contractual rent increases apply across most of the rent roll. The property also includes modified gross leases that offer expense-recovery features.
Positioned at 9375 US Highway 19 North in Pinellas Park, the complex fronts US Highway 19 and is exposed to approximately 70,000 vehicles per day. Access to Gandy Boulevard and the Gateway Expressway connects the property with St. Petersburg and the broader Tampa Bay market.
Positioned at 9375 US Highway 19 North in Pinellas Park, the complex fronts US Highway 19 and is exposed to approximately 70,000 vehicles per day. Access to Gandy Boulevard and the Gateway Expressway connects the property with St. Petersburg and the broader Tampa Bay market.
Key Highlights
- 18,588 SF multi‑tenant office complex
- 100% occupied with average tenant tenure exceeding five years
- Garden‑style design with first‑floor suite access from parking 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
$288,604
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
9.16%
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%
$5,772,080
$5.8M
Cap Rate 7%
$4,122,914
$4.1M
Cap Rate 9%
$3,206,711
$3.2M
Market Conditions
NOI Build-Up for 18,588 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
$484.0K $26.04/SF
− Vacancy
−$99.2K −$5.34/SF
EGI
$384.8K $20.70/SF
− OpEx
−$96.2K −$5.18/SF
NOI
$288.6K $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%
$5,772,080
Cap Rate 7%
$4,122,914
Cap Rate 9%
$3,206,711
Alternative Uses
Best Use
Office B
$4.12M
$3.61M – $4.81M
NOI $288,604 @ 7.0% cap · market cap 9.16%
Second Best
Healthcare Medical
$2.45M
$2.14M – $2.86M
NOI $171,441 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$4.83M
$4.23M – $5.64M
NOI $338,442 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 33782, FL
22,198
Population
10,581
Households
2.1
Avg Household Size
50
Median Age
29%
College-Educated
88%
High-School Grad
5.4 sq mi
ZIP Area
4,111
Density / Sq Mi
$65,487
Median Household Income
$41,676
Median Earnings
$1,767
Median Rent
$253,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied office property with garden-style access and suites serving medical and professional users.
Where is this office building located?
The property is located at 9375 US Highway 19 North Pinellas Park, FL.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 18,588 SF multi‑tenant office complex; 100% occupied with average tenant tenure exceeding five years; Garden‑style design with first‑floor suite access from parking areas
