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    Property profile & analytics

    507 Dr Martin Luther King Jr Blvd Tampa, FL 33603-3932

    • Medical offices
    • 2,450 SF
    • 0.37 lot acres
    OFF-MARKET
    Last Sale
    Apr 20, 2020
    $850,000
    Value Estimations
    $880,000
    Show details
    Cap Rate Potential
    3.4%
    Medical offices
    Location Intelligence
    Property ID
    US18-4465874
    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.

    Current Use by Public Records

    • Childrens Medical Clinic / Medical Clinic
    • Blossom Pediatric Care / Pediatrician / Medical Clinic
    • LALITHA RAGUTHU / Pediatrician / Medical Clinic
    • Jackie's Pharmacy / Pharmacy
    • Chang Chih C MD / Pediatrician / Medical Clinic

    Property Details for 507 Dr Martin Luther King Jr Blvd

    Year built
    1964
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.37 lot acres
    Property size
    2,450 SF
    Zone code
    CG
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    A1229184HF000002000010
    APU
    A1229184HF000002000010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,060,000
      ML approach
      $1,080,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $595,000
      6.5%
      $550,000
      7%
      $510,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $881,000
      Market price range: $453k - $881k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $660,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $635,000
      Change: -4% Conversion: Difficult
      OFFICE BUILDING
      $625,000
      Change: -6% Conversion: Easy
      RETAIL STORES
      $545,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tampa
    County
    Hillsborough
    State
    Florida
    Longitude
    -82.4545
    Latitude
    27.9811
    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
    $16,821
    $219,696
    $658,304
    $878,000
    -
    $219,696
    $658,304
    $878,000

    Comparable in this City

    • Value Estimation
      $3,555,000
      17,975 SF

      5013 Armenia Ave

      MEDICAL BUILDING • 17,975 SF
      5013 Armenia Ave, Tampa, FL 33603-1403
      View Details
    • Value Estimation
      $1,500,000
      4,086 SF

      5200 Armenia Ave

      MEDICAL BUILDING • 4,086 SF
      5200 Armenia Ave, Tampa, FL 33603-1408
      View Details
    • Value Estimation
      $525,000
      3,152 SF

      4507 Armenia Ave

      MEDICAL BUILDING • 3,152 SF
      4507 Armenia Ave, Tampa, FL 33603-2703
      View Details
    • Value Estimation
      $840,000
      3,702 SF

      3400 Florida Ave

      MEDICAL BUILDING • 3,702 SF
      3400 Florida Ave, Tampa, FL 33603-5853
      View Details
    • Value Estimation by Request
      1,872 SF

      717 Dr Martin Luther King Jr Blvd

      MEDICAL BUILDING • 1,872 SF
      717 Dr Martin Luther King Jr Blvd, Tampa, FL 33603-3103
      View Details
    • Value Estimation
      $2,510,000
      12,446 SF

      4602 Armenia Ave

      MEDICAL BUILDING • 12,446 SF
      4602 Armenia Ave, Tampa, FL 33603-2626
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,040 SF

      Tampa Medical Office Building

      Prime Tampa medical office, 2,040 sq ft
      5106 Armenia Ave, Tampa, FL 33603
      View Details
    • $650,000
      1,260 SF

      Tampa Office Building For Sale

      Well-maintained office building on a large lot with expansion potential.
      1904 W Waters Ave, Tampa, FL 33603
      View Details
    • $495,000
      1,074 SF

      Prime Location on MLK Jr. Blvd.

      Commercial property with redevelopment potential in a high-traffic location.
      1318 East Dr Martin Luther King Junior Blvd, Tampa, FL 33603
      View Details
    • $975,000
      2,048 SF

      Turnkey Office Building Near Downtown

      Two-story office building in Seminole Heights, minutes from Downtown Tampa.
      4206 Nebraska Ave, Tampa, FL 33603
      View Details
    • $719,000
      2,416 SF

      Freestanding Building on Hillsborough Avenue

      2,416 SF building on a 14,027 SF lot.
      1515 W Hillsborough Ave, Tampa, FL 33603
      View Details
    • $2,900,000
      12,036 SF

      Tampa Office/Retail Strip Center

      Centrally located office/retail strip center in the heart of Tampa.
      718-722 W Dr Martin Luther King Jr Blvd, Tampa, FL 33603
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      1,800 SF

      Medical/Office Space For Rent

      Medical/office space featuring multiple exam rooms and executive office.
      4505 N Armenia Ave, Tampa, FL 33603
      View Details
    • $24 SF/Yr
      1,650 SF

      Renovated Office Space Near Downtown

      Modern, renovated office space with ample parking and natural light.
      120 E Dr Martin Luther King Jr Blvd, Tampa, FL 33603
      View Details
    • $4,200 /Mo
      1,800 SF

      Updated Office Space in Tampa

      Move-in-ready office space with reception, five offices, and parking.
      4505 N Armenia Ave, Tampa, FL 33603
      View Details
    • $30 SF/Yr
      1,974 SF

      Creative Office Space in Tampa

      Creative/collaborative office space with industrial design in Tampa, Florida.
      6401 N Nebraska Ave, Tampa, FL 33603
      View Details
    • $20 SF/Yr
      940 SF

      Modern Seminole Heights Professional Building

      Retail/office suites in a modern building with abundant natural light.
      4007 North Taliaferro Ave, Tampa, FL 33603
      View Details
    • $32 SF/Yr
      1,830 SF

      Tampa Bar/Restaurant Space for Lease

      1830 sq ft, prime Tampa location
      3607 Nebraska Ave, Tampa, FL 33603
      View Details
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    Tampa, FL 33603-3932
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    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
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