Listed by Ripco Real Estate
$5,000,000
401 Corbett Street | Powell Professional Center
Details
APN 21-29-15-06462-025-0060,21-29-15-06462-025-0090
Property Type Office
Sub Type Medical Office, Traditional Office
Square Footage 46,464
Net Rentable (SqFt) 46,464
Units 14
NOI $297,202
Occupancy 68.9%
Tenancy Multi
Brand/Tenant Labcorp, Partners in Pediatrics
Rent Bumps Yes
Price per SqFt $108
Year Built 1985
Buildings 1
Stories 4
Acreage 2.060
Zoning Office (City of Clearwater)
Parking Spaces 160 spaces
Parking per 1,000 SqFt 3.44
Investment Type Value Add
Office | 46,464 SqFt
Marketing description
The property is located adjacent to BayCare's Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually, driving demand for medical users in the area. The asset is located off S Ft Harrison Avenue which has an AADT of 17,500. The center is located in Pinellas County, the most densely populated county in the state of Florida.
Investment highlights
- The property has a diverse tenant mix and staggered lease terms, limiting rollover risk
- 10 of the 14 tenants have no options remaining, giving an investor near-term control of the rent roll and full flexibility to negotiate renewals, reset expense base years, and remix the tenancy at rollover
- 7 vacant units allows an investor to immediately increase cash flow at the property by leasing up spaces, increasing gross rents by approximately 50%
- The property is located adjacent to BayCare's Morton Plant Hospital, a 687-bed facility with more than 50,000 patients annually, driving demand for medical users in the area
- The asset is located off S Ft Harrison Avenue which has an AADT of 17,500
- The center is located in Pinellas County, the most densely populated county in the state of Florida
- 86,345 population within a 3-mile radius
- $103,269 average household income within a 3-mile radius
Listing Contacts
Listed by Ripco Real Estate
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$297,202.00
$24,766.83/mo
Valuation Metrics
0
DSCR
5.94%
Cap Rate
5.94%
ROI
Map
Zoning
O CommercialOfficeOffice
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View all 77 uses Last updated Jun 23, 2026 For deeper zoning details, reports are available at Zoneomics
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