Log In/Sign Up
Your email has been sent.
Covered Land Play - Downtown St Pete Suburb 1600 Dr Martin Luther King Jr St N 4,411 SF Office Building Saint Petersburg, FL 33704 $4,359,600 CAD ($988.35 CAD/SF) 7.49% Cap Rate
Investment Highlights
- The building is well positioned for medical use with guest lobby that has separate check-in/check-out access, central admin station, and exam rooms.
- The subject property is located less than 1 mile from St. Anthony’s Hospital, and 2 miles from Johns Hopkins All Children’s Hospital.
- The property is located in a densely populated area with more than 119,000 residents within 3 miles of the property.
- The site is a total of 0.63 acres, which includes an adjacent unpaved grass lot that provides additional land potential for reuse.
- 18,500 cars pass by the property each day with a full-access curb cut, allowing ease of access to the property.
- The average household income within 3 miles is $112,393.
Executive Summary
CBRE is pleased to present for sale a covered land play currently leased by a women’s medical care office in one of the hottest markets in Florida - St. Petersburg, Pinellas County, within the Tampa Bay MSA, and after being acquired by a larger group will be relocating a different building to consolidate offices, which presents an opportunity for second generation medical space or redevelopment. The existing lease has about two years remaining on the base term providing ample time for planning a redevelopment on the 0.63 acre frontage on Dr. Martin Luther King, Jr. Street N. Additionally, the building can be delivered for occupancy as early as May, 2025 through a sub-lease or in negotiations with a user who intends to occupy the building themselves.
The 4,411 SF asset received an infusion of $375,000 for capital improvements in 2018, and is located outside of a flood zone. More than 18,500 cars pass this location each day (ADT), providing excellent exposure and easy access via a full-access curb cut, allowing left-in, left-out access at the main road.
The 4,411 SF asset received an infusion of $375,000 for capital improvements in 2018, and is located outside of a flood zone. More than 18,500 cars pass this location each day (ADT), providing excellent exposure and easy access via a full-access curb cut, allowing left-in, left-out access at the main road.
Data Room Click Here to Access
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Medical
Building Size
4,411 SF
Building Class
C
Year Built
1990
Price
$4,359,600 CAD
Price Per SF
$988.35 CAD
Cap Rate
7.49%
NOI
$326,534 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
4,411 SF
Building FAR
0.16
Lot Size
0.63 AC
Zoning
CRT-1, St Petersburg - Corridor Residential Traditional - 1
Parking
45 Spaces (10.2 Spaces per 1,000 SF Leased)
Amenities
- Wheelchair Accessible
- Air Conditioning
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 13-31-16-39672-000-0030 | Improvements Assessment | $280,790 CAD |
| Land Assessment | $957,890 CAD | Total Assessment | $1,238,680 CAD |
Property Taxes
Parcel Number
13-31-16-39672-000-0030
Land Assessment
$957,890 CAD
Improvements Assessment
$280,790 CAD
Total Assessment
$1,238,680 CAD
1 of 7
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Covered Land Play - Downtown St Pete Suburb | 1600 Dr Martin Luther King Jr St N
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.