Professional Office
For Sale
Contact for pricing
971 Virginia Ave, Palm Harbor, FL 34683
Renovated interior offers private offices, flexible workspace, and an area available for immediate occupancy.
Property Size5,490 SF
Price / SF$217.67
Days on Market140
Property Features for 971 Virginia Ave
General Information
Standard status
Active
Size
5,490 SF
Property subtype
OFFICE
Building Details
Buildings
1
Building Size
5,490 SF
Listing Agency:
Klein & Heuchan, Inc.
(813) 743-5056
Listed By:
Monique Petronje · License #3320654
(813) 743-5056
Source:
Moodyscre
Added: Apr 13
Changed: Aug 29
Last Checked: Aug 29 at 8:45PM
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 Klein & Heuchan, Inc.
Investment Insights
Based on property information with market context.
This 5,490-square-foot professional office building includes a reception area, four offices, open workspace, a breakroom, and a restroom. The interior has been renovated with vinyl plank flooring, abundant lighting, and windows in nearly every office, providing substantial natural light. A 1,880-square-foot portion is available for immediate occupancy, while approximately 3,400 square feet on the first floor may be available for future owner use.
The property is positioned just off Alt. 19 and across from the post office, providing a recognizable commercial setting in Palm Harbor. Its combination of occupied space and available area supports an owner-user configuration with room to expand within the building.
The property is positioned just off Alt. 19 and across from the post office, providing a recognizable commercial setting in Palm Harbor. Its combination of occupied space and available area supports an owner-user configuration with room to expand within the building.
Key Highlights
- 5,490 SF professional office building
- 1,880 SF available for immediate occupancy
- Reception area, 4 offices, open area, breakroom, and restroom
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
$85,240
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
7.13%
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%
$1,704,800
$1.7M
Cap Rate 7%
$1,217,714
$1.2M
Cap Rate 9%
$947,111
$947.1K
Market Conditions
NOI Build-Up for 5,490 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
$143.0K $26.04/SF
− Vacancy
−$29.3K −$5.34/SF
EGI
$113.7K $20.70/SF
− OpEx
−$28.4K −$5.18/SF
NOI
$85.2K $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%
$1,704,800
Cap Rate 7%
$1,217,714
Cap Rate 9%
$947,111
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.42M
NOI $85,240 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $99,959 @ 7.0% cap · market cap 8.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
865
Businesses Nearby
Explore this area
Business Placement
Demographics for 34683, FL
33,453
Population
15,686
Households
2.1
Avg Household Size
49
Median Age
43%
College-Educated
95%
High-School Grad
10.3 sq mi
ZIP Area
3,248
Density / Sq Mi
$90,037
Median Household Income
$53,330
Median Earnings
$1,655
Median Rent
$424,200
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?
Office building - Renovated interior offers private offices, flexible workspace, and an area available for immediate occupancy.
Where is this office building located?
The property is located at 971 Virginia Ave Palm Harbor, FL.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 5,490 SF professional office building; 1,880 SF available for immediate occupancy; Reception area, 4 offices, open area, breakroom, and restroom
