Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    38021 Market Sq Dr Zephyrhills, FL 33542-7504
    Back to Search
    Property profile & analytics

    38021 Market Sq Dr, Zephyrhills, FL 33542-7504

    View on Map
    • Medical Office Space
    • 6,680 SF
    • 0.69 lot acres
    Off-Market
    Property ID
    US18-4037257
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $980,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 38021 Market Sq Dr

    Year built
    2013
    Lot size
    0.69 lot acres
    Zone code
    00C2
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    02-26-21-0010-04000-0050
    APU
    226210010040000050

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 26, 2011 $26,037,000 Health Care Reit INC Fmc Market Square INC Grant Deed —
    Sep 8, 2010 $475,000 Fmc Market Square INC Hashmi,hasan F & Salma H Warranty Deed $475k · Florida Traditions Bank
    Jul 1, 1993 — Owner Name Unavailable Owner Name Unavailable Warranty Deed · related $160k
    — — Hasan F Hashmi — Deed Of Trust · related $100k · Suntrust Bank NA
    — — Hasan F Hashmi — Deed Of Trust · related $450k · Community National Bank Pasco

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,025,000
      6.5%
      $950,000
      7%
      $880,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $796,000
      Market price range: $355k - $857k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,405,000
      Current use
      COMMERCIAL (GENERAL)
      $1,140,000
      Change: -19% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Zephyrhills
    County
    Pasco
    State
    Florida
    Longitude
    -82.1877
    Latitude
    28.255
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $23,749
    $228,000
    $832,285
    $1,060,285
    -
    $228,000
    $832,285
    $1,060,285

    Comparable in this City

    • Value Estimation by Request
      3,500 SF

      37827 Eiland Blvd

      MEDICAL BUILDING
      37827 Eiland Blvd, Zephyrhills, FL 33542-1857
      View Details
    • Value Estimation
      $4,750,000
      9,600 SF

      36819 Eiland Blvd

      MEDICAL BUILDING
      36819 Eiland Blvd, Zephyrhills, FL 33542-0600
      View Details
    • Value Estimation
      $14,000,000
      32,076 SF

      36763 Eiland Blvd

      MEDICAL BUILDING
      36763 Eiland Blvd, Zephyrhills, FL 33542-0600
      View Details
    • Value Estimation by Request
      2,380 SF

      6239 Ft King Rd

      MEDICAL BUILDING
      6239 Ft King Rd, Zephyrhills, FL 33542-2530
      View Details
    • Value Estimation
      $695,000
      6,736 SF

      6733 Gall Blvd

      MEDICAL BUILDING
      6733 Gall Blvd, Zephyrhills, FL 33542-2522
      View Details
    • Value Estimation by Request
      1,530 SF

      6620 Gall Blvd

      MEDICAL BUILDING
      6620 Gall Blvd, Zephyrhills, FL 33542-2510
      View Details

    Similar Nearby for Sale

    • $1,100,000
      5,248 SF

      Zephyrhills Medical Office Complex

      Prime Medical Office, 5,248 SF, 1 Acre Lot
      0 Gall Blvd, Zephyrhills, FL 33542
      View Details
    • $3,490,000
      22,231 SF

      Zephyrhills Commercial Property on Gall Boulevard

      22,000+ SF commercial building on 2 acres in Zephyrhills.
      5435 Gall Blvd, Zephyrhills, FL 33542
      View Details
    • Contact for pricing
      7,200 SF

      Medical Office Building For Sale

      7,200 SF medical office building leased to Florida Medical Clinic.
      6606 Stadium Dr, Zephyrhills, FL 33542
      View Details
    • Contact for pricing
      3,242 SF

      Zephyrhills Medical Office Shell

      Under construction medical office shell in growing Zephyrhills district.
      6638 Dairy Rd, Zephyrhills, FL 33542
      View Details
    • $374,900
      2,097 SF

      Versatile Mixed-Use Property, Zephyrhills

      Mixed-use property with residential and commercial potential in Zephyrhills.
      5335 6Th St, Zephyrhills, FL 33542
      View Details
    • $3,490,000

      Zephyrhills Redevelopment Opportunity on Gall

      22,000+ SF building on 2 acres in Opportunity Zone.
      5435 Gall Blvd, Zephyrhills, FL 33542
      View Details

    Similar Nearby for Lease

    • $3 SF/Yr

      Zephyrhills Medical Office Space

      1,500 SF office space in established Zephyrhills area.
      6725 Cedarridge Dr, Zephyrhills, FL 33542
      View Details
    • $7,200 /Mo

      Professional Office Space Available Now

      Executive suites and virtual offices available with flexible leasing terms.
      6272 Abbott Station Dr, Zephyrhills, FL 33542
      View Details
    • Contact for pricing
      1,000 SF

      Zephyrhills Retail/Office Space Available

      1,000 SF commercial space in a flourishing Zephyrhills location.
      38363 County Road 54, Zephyrhills, FL 33542
      View Details
    • $21,600

      Zephyrhills Commercial Space For Lease

      Freestanding commercial building with versatile space in high-traffic area.
      4830 Gall Blvd, Zephyrhills, FL 33542
      View Details
    • $12 SF/Yr
      Pending

      Zephyrhills Commercial Building For Lease

      Charming 485 sq ft commercial building available for lease.
      38542 6Th Ave, Zephyrhills, FL 33542
      View Details
    • $2,500 /Mo

      Zephyrhills Retail/Office Space Available

      Retail or office space with high visibility on State Road 54.
      37037 State Road 54, Zephyrhills, FL 33542
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    38021 Market Sq Dr
    Zephyrhills, FL 33542-7504
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    38021 Market Sq Dr, Zephyrhills, FL, 33542
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!