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825 W Martin Luther King Blvd
Tampa, FL 33603
Great Expressions Dental Centers · Office Property For Sale
Investment Highlights
- Long-Term Lease Through 2034: Great Expressions recently executed a lease extension through December 2034, demonstrating commitment to location.
- Attractive $250/SF Basis: Offered at approximately $250/SF, providing an attractive basis for a specialized medical/dental facility in the Tampa MSA.
- National Dental Platform: Great Expressions operates 300+ locations and provides general and specialty dental services across multiple states.
- 3% Annual Rent Growth: Contractual 3% annual increases provide consistent NOI growth throughout the remaining base term.
- Approximately $700,000 Tenant Investment: Great Expressions completed substantial renovations in 2023.
- Strategic Tampa Medical Corridor: Located approximately 1.5 miles from St. Joseph’s Hospital with visibility along Dr. Martin Luther King Jr. Blvd.
Executive Summary
Matthews™ is pleased to exclusively present the opportunity to acquire a 10,520-square-foot single-tenant dental investment leased to Great Expressions Dental Centers in Tampa, Florida. Great Expressions has operated at this established location since acquiring the practice in 2007 and recently extended its lease through December 2034.
The lease features 3% annual rent increases and a significant scheduled rent step-up, providing investors with consistent NOI growth and an approximately 7.88% yield by 2030 based on the current asking price. The Property is offered at approximately $250/SF, providing an attractive basis within the Tampa MSA.
Great Expressions invested approximately $700,000 in renovations and equipment in 2023, while the Property also benefits from a roof replaced in 2018 with a represented transferable 20-year warranty. Located approximately 1.5 miles from St. Joseph’s Hospital along a highly visible corridor carrying approximately 34,500 vehicles per day, the asset combines long-term tenancy, contractual rent growth and an established healthcare location.
The lease features 3% annual rent increases and a significant scheduled rent step-up, providing investors with consistent NOI growth and an approximately 7.88% yield by 2030 based on the current asking price. The Property is offered at approximately $250/SF, providing an attractive basis within the Tampa MSA.
Great Expressions invested approximately $700,000 in renovations and equipment in 2023, while the Property also benefits from a roof replaced in 2018 with a represented transferable 20-year warranty. Located approximately 1.5 miles from St. Joseph’s Hospital along a highly visible corridor carrying approximately 34,500 vehicles per day, the asset combines long-term tenancy, contractual rent growth and an established healthcare location.
Property Facts
Sale Type
Investment
Property Type
Building Size
10,386 SF
Building Class
C
Year Built/Renovated
1970/1999
Price
$3,634,775 CAD
Price Per SF
$349.97 CAD
Cap Rate
6.50%
NOI
$236,260 CAD
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
5,260 SF
Building FAR
0.27
Lot Size
0.88 AC
Zoning
SH-CG - SH-CG - Commercial - Medical Buildings
Property Taxes
| Parcel Number | A-02-29-18-ZZZ-000005-86240.0 | Improvements Assessment | $1,948,718 CAD |
| Land Assessment | $138 CAD | Total Assessment | $1,948,856 CAD |
Property Taxes
Parcel Number
A-02-29-18-ZZZ-000005-86240.0
Land Assessment
$138 CAD
Improvements Assessment
$1,948,718 CAD
Total Assessment
$1,948,856 CAD
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