Two-Story Professional Office
For Sale
$1,500,000
7024 CENTRAL Avenue, St Petersburg, FL 33707
Commercial Sale, ST PETERSBURG, FL
Property Size4,960 SF
Lot Size0.18 Acres
Price / SF$302.42
Days on Market28
Property Features for 7024 CENTRAL Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
CCT-1
Security features
Security System
Window features
Blinds
Lot features
City Limits, Sidewalk, Street Lights
Directions
Central Avenue between 70th St S and 71st St S
Subdivision
33707 - St Pete/South Pasadena/Gulfport/St Pete Bch
Standard status
Active
APN
19-31-16-67500-071-0040
Size
4,960 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PASADENA ON THE GULF BLK 71, LOT 4 & W 5FT OF LOT 3
Tax Annual Amount
17430
Legal Description
PASADENA ON THE GULF BLK 71, LOT 4 & W 5FT OF LOT 3
Utilities
Utilities
Electricity Available
Sewer type
Septic Needed
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
high ceilings
wood flooring
natural light
lobby
private offices
open workspace areas
conference room
kitchen/breakroom
restroom facilities
central air conditioning
wheelchair-accessible entry
rear stair access
Building Details
Year built
1922
Floors in Building
2
Flooring type
Carpet, Tile
Building materials
Block, Stucco, Frame
Roof type
Built-Up
Listing Agency:
LEVEROCKS REALTY
(727) 432-6852
Listed By:
Zach Lewis · License #3412732
(727) 432-3483
Added: Jul 28
Changed: Aug 20
Last Checked: Aug 24 at 1:06PM
MLS# TB8531043
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.
Located at 7024 Central Avenue in St. Petersburg, this two-story office property contains 4,960 square feet and was built in 1922. The interior includes private offices, open work areas, a conference room, kitchen and breakroom space, restrooms, a lobby, high ceilings, wood flooring, and abundant natural light. Central heating and air conditioning, wheelchair-accessible entry, and rear stair access serve the building. The property is constructed with block, stucco, and frame materials, with carpet and tile flooring in portions of the interior.
Professional office tenants occupy much of the second floor, while the owner's company plans to relocate from the first floor. The site provides 16 parking spaces, including 12 on-site spaces and four spaces behind the building across the alley. CCT-1 zoning applies, with public water, electricity available, and septic needed. The property is near Treasure Island Beach, Pasadena, Park Street, Tyrone, residential neighborhoods, restaurants, shops, and other professional businesses.
Professional office tenants occupy much of the second floor, while the owner's company plans to relocate from the first floor. The site provides 16 parking spaces, including 12 on-site spaces and four spaces behind the building across the alley. CCT-1 zoning applies, with public water, electricity available, and septic needed. The property is near Treasure Island Beach, Pasadena, Park Street, Tyrone, residential neighborhoods, restaurants, shops, and other professional businesses.
Key Highlights
- 4,960‑square‑foot, two‑story office building on 0.18 acres
- Built in 1922 with block, stucco, and frame construction
- 16 parking spaces: 12 on‑site and four behind the building across the alley
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
$77,011
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
5.13%
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%
$1,540,220
$1.5M
Cap Rate 7%
$1,100,157
$1.1M
Cap Rate 9%
$855,678
$855.7K
Market Conditions
NOI Build-Up for 4,960 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
$129.2K $26.04/SF
− Vacancy
−$26.5K −$5.34/SF
EGI
$102.7K $20.70/SF
− OpEx
−$25.7K −$5.18/SF
NOI
$77.0K $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%
$1,540,220
Cap Rate 7%
$1,100,157
Cap Rate 9%
$855,678
Alternative Uses
Best Use
Office B
$1.10M
$962.6K – $1.28M
NOI $77,011 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,309 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
Explore this area
Business Placement
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible office layout with existing upper-floor tenancy, first-floor availability, central air, and on-site parking.
Where is this office building located?
The property is located at 7024 CENTRAL Avenue St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 4,960‑square‑foot, two‑story office building on 0.18 acres; Built in 1922 with block, stucco, and frame construction; 16 parking spaces: 12 on‑site and four behind the building across the alley
