Retail Property with Adjacent
For Sale
$700,000
1139 DR MARTIN LUTHER KING JR STREET S, St Petersburg, FL 33705
Retail property on a busy road with an additional vacant lot next door and CCT-1 zoning in place.
Property Size2,350 SF
Price / SF$297.87
Days on Market50
Property Features for 1139 DR MARTIN LUTHER KING JR STREET S
General Information
Standard status
Active
Size
2,350 SF
Property subtype
Retail
Zoning
CCT-1
Additional Details
Opportunity Zone
Yes
Amenities
0.16 acres, Dimensions: 58x130
Additional parcels description:, Parcel Number: 25-31-16-33516-000-0050, Public Survey Range: 16, Public Survey Section: 25, Annual Amount: $5,776.73, Tax Book Number: H3-67, Legal Description: GREENWOOD PARK LOT 5 LESS E 10FT & LESS S 7FT FOR RDS, Lot: 5, Year: 2025
Central Air
Listing ID: MFRW7886147, Standard Status: Active, MLS Status: Active, Property Subtype: Retail, On market as of 2026-07-22, Special Conditions: None
Built in 1956, Living area: 2350, Living area units: Square Feet, 1 storey, Construction Materials: Block
Subdivision: GREENWOOD PARK, MLS Area (Major): 33705 - St Pete, County/Parish: Pinellas
Slab
Frontage Type: City Street, Road Surface: Asphalt
Building Details
Year Built
1956
Listing Agency:
NAMASTE REALTY LLC
(727) 547-3610
Listed By:
Frederic Samson · License #3238948
(727) 432-0122
Source:
Miharaandassociates
Added: Jul 22
Changed: Sep 8
Last Checked: Sep 9 at 6:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAMASTE REALTY LLC
Investment Insights
Based on property information with market context.
This offering presents an income or development opportunity at 1139 Dr Martin Luther King Jr Street S in St Petersburg. The listing includes the retail property plus the vacant lot next door at 1131 Dr Martin Luther King Jr Street, providing flexibility for continued occupancy or future site redevelopment.
The property is located on a busy road near downtown St Petersburg. CCT-1 zoning is in place, and the site is also located in an Opportunity Zone.
For buyers seeking a retail asset with the ability to control adjoining land, this combination of existing tenants and a separately available next-door lot offers a practical path for planning and execution.
The property is located on a busy road near downtown St Petersburg. CCT-1 zoning is in place, and the site is also located in an Opportunity Zone.
For buyers seeking a retail asset with the ability to control adjoining land, this combination of existing tenants and a separately available next-door lot offers a practical path for planning and execution.
Key Highlights
- Retail property on a busy road near downtown St. Petersburg
- Year built: 1956
- Includes the vacant lot next door at 1131 Dr Martin Luther King
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
$23,071
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
3.30%
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%
$461,420
$461.4K
Cap Rate 7%
$329,586
$329.6K
Cap Rate 9%
$256,344
$256.3K
Market Conditions
NOI Build-Up for 2,350 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
$35.3K $15.00/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$33.0K $14.03/SF
− OpEx
−$9.9K −$4.21/SF
NOI
$23.1K $9.82/SF
Area
Pinellas County, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$461,420
Cap Rate 7%
$329,586
Cap Rate 9%
$256,344
Alternative Uses
Best Use
Retail
$329.6K
$288.4K – $384.5K
NOI $23,071 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$611.3K
$534.9K – $713.1K
NOI $42,788 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,213
Businesses Nearby
8k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Hotels & Casinos 36%
Electronics 17%
Family Dollar
Shops & Services
3,611 visits/mo
0.1 miles
Staybridge Suites St. Petersburg Downtown
Hotels & Casinos
2,753 visits/mo
0.5 miles
Metro by T-Mobile
Electronics
1,281 visits/mo
0.2 miles
Demographics for 33705, FL
27,915
Population
15,171
Households
1.8
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
4,985
Density / Sq Mi
$70,783
Median Household Income
$40,370
Median Earnings
$1,457
Median Rent
$321,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail property on a busy road with an additional vacant lot next door and CCT-1 zoning in place.
Where is this storefront property located?
The property is located at 1139 DR MARTIN LUTHER KING JR STREET S St Petersburg, FL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Retail property on a busy road near downtown St. Petersburg; Year built: 1956; Includes the vacant lot next door at 1131 Dr Martin Luther King
