Corner Lot Office
For Sale
$450,000
1640 DR MARTIN LUTHER KING JR Street S, St Petersburg, FL 33701
SINGLE_FAMILY - ST PETERSBURG, FL
Property Size1,901 SF
Lot Size0.29 Acres
Price / SF$236.72
Days on Market159
Property Features for 1640 DR MARTIN LUTHER KING JR Street S
General Information
Property type
Residential
Property subtype
Office
Zoning
CRT-1
Subdivision
DISTRICT FLA CORP SUB 1
Directions
On the east side of MLK street between 16th and 17th ave s.
Standard status
Active
APN
30-31-17-21564-000-0010
Size
1,901 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DISTRICT FLA CORP SUB NO 1 LOTS 1, 2, 3 AND 4
Tax Annual Amount
7364
Legal Description
DISTRICT FLA CORP SUB NO 1 LOTS 1, 2, 3 AND 4
Utilities
Cooling system
Central Air
Amenities
wheelchair accessible
Building Details
Year built
1995
Floors in Building
1
Building materials
Vinyl Siding
Listing Agency:
LOKATION
(954) 545-5583
Listed By:
Monica Trevino Thurman · License #3576055
(863) 517-9090
Added: Mar 13
Changed: Jul 20
Last Checked: Aug 18 at 8:06AM
MLS# L4959884
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This corner-lot office space includes dedicated parking and wheelchair accessibility. The property is for sale and contains approximately 1,901 square feet on a 0.29-acre site. Tenants are currently in place, so please do not disturb them. The seller notes that the highest and best use is redevelopment, and most recent appraisal is available upon request.
The property is located at 1640 Dr Martin Luther King Jr Street S in St. Petersburg, Florida, within the CRA zoning district and zoned CRT-1. The listing also indicates the seller will entertain seller financing options.
The property is located at 1640 Dr Martin Luther King Jr Street S in St. Petersburg, Florida, within the CRA zoning district and zoned CRT-1. The listing also indicates the seller will entertain seller financing options.
Key Highlights
- Corner‑lot office space on highly trafficked MLK Street
- Own parking lot for the building
- Wheelchair‑accessible building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,516
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$590,320
$590.3K
Cap Rate 7%
$421,657
$421.7K
Cap Rate 9%
$327,956
$328.0K
Market Conditions
NOI Build-Up for 1,901 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$49.5K $26.04/SF
− Vacancy
−$10.1K −$5.34/SF
EGI
$39.4K $20.70/SF
− OpEx
−$9.8K −$5.18/SF
NOI
$29.5K $15.53/SF
Area
Pinellas County, FL
Vacancy
20.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$590,320
Cap Rate 7%
$421,657
Cap Rate 9%
$327,956
Alternative Uses
Best Use
Office B
$421.7K
$369.0K – $491.9K
NOI $29,516 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.5K
$432.7K – $576.9K
NOI $34,613 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Corner lot office space with dedicated parking and wheelchair accessibility within CRT-1 zoning.
Where is this office units located?
The property is located at 1640 DR MARTIN LUTHER KING JR Street S St Petersburg, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Corner‑lot office space on highly trafficked MLK Street; Own parking lot for the building; Wheelchair‑accessible building
