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Office Medical

Mia Aesthetics Surgery Center

705 16th St N, St. Petersburg, FL 33705

Listing Price: $8,195,405

Cap Rate
6.49%
Rentable SF
16,709
Occupancy
100.0%
Year Built
2004
Lot Size
1.63 acres

Investment Overview

Marcus & Millichap is pleased to present 705 16th Street N, a single-tenant medical ambulatory surgery center (ASC) located in St. Petersburg, Florida. This 16,709 square foot facility is situated on 1.63 acres adjacent to BayCare St. Anthony's Hospital, a 395-bed regional academic medical center.

Investment Highlights

  • NNN Lease Structure? Tenant pays taxes, insurance, maintenance and 100% of operating expenses? Delivering true passive landlord ownership?
  • Ideal Immediate Location? Property is situated adjacent to St Anthony's BayCare Hospital? 395-bed hospital ? Region's largest academic hospital ?
  • Replaceable Rental Rate? Tenant currently pays $31.68/ft? Market rents for an ASC in market are between $40.00 to $55.00 per sq/ft?
  • Two (5) Year Renewal Options?: Tenant holds two five-year renewal options, providing potential for over 15 years of total lease term?
  • Dense Surrounding Population? Property is situated only 1.6 miles from the heart of Downtown St Petersburg? St Petersburg is home to over a quarter million people and is a part of the Tampa metro that has over 3.3 million residents?
  • Recent Capital Item Renovations? Tenant and landlord have invested over $1,000,000 into the facility over the past 5-years ? New roof in 2026? New HVAC in 2021? Extensive renovations to the ASC interior?
  • 2.5% Annual Rent Escalations? Built-in 2.5% annual rent increases throughout the primary term and 3% in option ?
  • Corporate Backed and Guaranteed Lease? Mia Services, the corporate entity, is the guarantor of the lease ? Corporate/financial guarantee to the lease? tenant reports financials to landlord?

Exclusively Listed By

Financing By

Office Medical

Mia Aesthetics Surgery Center

Listing Price: $8,195,405

Cap Rate
6.49%
Rentable SF
16,709
Occupancy
100.0%
Year Built
2004
Lot Size
1.63 acres

Investment Highlights

  • NNN Lease Structure? Tenant pays taxes, insurance, maintenance and 100% of operating expenses? Delivering true passive landlord ownership?
  • Ideal Immediate Location? Property is situated adjacent to St Anthony's BayCare Hospital? 395-bed hospital ? Region's largest academic hospital ?
  • Replaceable Rental Rate? Tenant currently pays $31.68/ft? Market rents for an ASC in market are between $40.00 to $55.00 per sq/ft?
  • Two (5) Year Renewal Options?: Tenant holds two five-year renewal options, providing potential for over 15 years of total lease term?
  • Dense Surrounding Population? Property is situated only 1.6 miles from the heart of Downtown St Petersburg? St Petersburg is home to over a quarter million people and is a part of the Tampa metro that has over 3.3 million residents?
  • Recent Capital Item Renovations? Tenant and landlord have invested over $1,000,000 into the facility over the past 5-years ? New roof in 2026? New HVAC in 2021? Extensive renovations to the ASC interior?
  • 2.5% Annual Rent Escalations? Built-in 2.5% annual rent increases throughout the primary term and 3% in option ?
  • Corporate Backed and Guaranteed Lease? Mia Services, the corporate entity, is the guarantor of the lease ? Corporate/financial guarantee to the lease? tenant reports financials to landlord?

Investment Overview

Marcus & Millichap is pleased to present 705 16th Street N, a single-tenant medical ambulatory surgery center (ASC) located in St. Petersburg, Florida. This 16,709 square foot facility is situated on 1.63 acres adjacent to BayCare St. Anthony's Hospital, a 395-bed regional academic medical center.

Exclusively Listed By

Financing By

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