Covered Land Play - Downtown St Pete Suburb
Covered Land Play | 2nd Gen Medical Office | Less than 1 Mile from Downtown St. Pete, FL
Marketing description
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.
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 equipped with plumbing.
+ The site is a total of 0.63 acres, which includes an adjacent unpaved grass lot currently used for overflow parking, but providing additional land potential for reuse.
+ The subject property is located less than 1 mile from St. Anthony’s Hospital, and 2 miles from Johns Hopkins All Children’s Hospital and the Orlando Health Bayfront Hospital
+ 18,500 cars pass by the property each day with a full-access curb cut, allowing ease of access to the property by way of left-in, left-out entry and exit
+ The property is located in a densely populated area with more than 119,000 residents within 3 miles of the property
+ The average household income within 3 miles is $112,393
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