Remodeled Office
For Sale
$430,000
C-801 2nd St N, Safety Harbor, FL 34695
Fully leased medical office with scheduled annual increases and occupancy secured through 2029.
Property Size1,202 SF
Price / SF$357.74
Days on Market156
Property Features for C-801 2nd St N
General Information
Standard status
Active
Size
1,202 SF
Property subtype
Residential Income
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$4,750
Amenities
private entrance
reception area
break room/kitchen
private handicap restroom
separate workroom
ample closets & storage
high ceilings
plantation shutters
24-hour access
security alarm system
private temperature control
Building Details
Year Built
2007
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
COASTAL REALTY & DEV GROUP INC
(727) 647-2329
Listed By:
June Vogt
(727) 647-2329
Source:
Exprealty
Added: Mar 7
Changed: Aug 8
Last Checked: Aug 9 at 12:16PM
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 COASTAL REALTY & DEV GROUP INC
Investment Insights
Based on property information with market context.
This 1,202-square-foot office unit is part of a one-story commercial building constructed in 2007. The remodeled suite includes a private entrance, reception area, break room with kitchen, five offices, a workroom, handicap-accessible restroom, closets, and storage. Windows in each office provide natural light, with plantation shutters throughout. The unit also features 24-hour access, a private security alarm, and a new air-conditioning system with independent temperature control.
The property is located at C-801 2nd St N in downtown Safety Harbor, one block from Main Street. A private parking lot is positioned near the entrance, with additional city parking for 40–50 cars one block away and street parking along 8th and 9th Avenue North. The building has a newer roof, recent exterior painting, and Flood Zone X designation. The office is leased to a medical tenant through 2029, with scheduled annual rent increases and a potential renewal option.
The property is located at C-801 2nd St N in downtown Safety Harbor, one block from Main Street. A private parking lot is positioned near the entrance, with additional city parking for 40–50 cars one block away and street parking along 8th and 9th Avenue North. The building has a newer roof, recent exterior painting, and Flood Zone X designation. The office is leased to a medical tenant through 2029, with scheduled annual rent increases and a potential renewal option.
Key Highlights
- 1,202‑square‑foot remodeled office unit
- Leased to a medical tenant through 2029
- Five offices plus reception, workroom, kitchen, restroom, closets, and storage
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
$18,663
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
4.34%
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%
$373,260
$373.3K
Cap Rate 7%
$266,614
$266.6K
Cap Rate 9%
$207,367
$207.4K
Market Conditions
NOI Build-Up for 1,202 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
$31.3K $26.04/SF
− Vacancy
−$6.4K −$5.34/SF
EGI
$24.9K $20.70/SF
− OpEx
−$6.2K −$5.18/SF
NOI
$18.7K $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%
$373,260
Cap Rate 7%
$266,614
Cap Rate 9%
$207,367
Alternative Uses
Best Use
Office B
$266.6K
$233.3K – $311.1K
NOI $18,663 @ 7.0% cap · market cap 4.34%
Second Best
Healthcare Medical
$158.4K
$138.6K – $184.8K
NOI $11,086 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$312.6K
$273.6K – $364.8K
NOI $21,885 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 34695, FL
17,927
Population
8,025
Households
2.2
Avg Household Size
52
Median Age
46%
College-Educated
96%
High-School Grad
5.6 sq mi
ZIP Area
3,201
Density / Sq Mi
$96,138
Median Household Income
$53,436
Median Earnings
$1,680
Median Rent
$418,200
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 units - Fully leased medical office with scheduled annual increases and occupancy secured through 2029.
Where is this office units located?
The property is located at C-801 2nd St N Safety Harbor, FL.
What is the asking price?
The asking price for this property is $430,000.
What are key features of this property?
This property features: 1,202‑square‑foot remodeled office unit; Leased to a medical tenant through 2029; Five offices plus reception, workroom, kitchen, restroom, closets, and storage
