Office Building Near
For Sale
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1262 Dr Martin Luther King Jr St N, St Petersburg, FL 33705
Located on a prominent north-south commercial corridor with access to downtown and surrounding residential, retail, and business districts.
Property Size2,474 SF
Price / SF$402.18
Days on Market119
Property Features for 1262 Dr Martin Luther King Jr St N
General Information
Standard status
Active
Size
2,474 SF
Class
C
Property subtype
Office
Zoning
SP
Investment Type
Owner/User
Additional Details
Asking Price
$995,000
Road Access
Yes
Building Details
Year Built
1925
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
John Burpee & Associates
(727) 585-2070
Listed By:
John Burpee · License #FL cq1057398
Source:
Crexi
Added: May 4
Changed: Aug 30
Last Checked: Aug 30 at 8:31AM
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 John Burpee & Associates
Investment Insights
Based on property information with market context.
This 2,474-square-foot office building was constructed in 1925 and is located at 1262 Dr. Martin Luther King Jr. St. N. The property carries SP zoning and is presented as suitable for office, retail, and professional-services use.
The building sits along Dr. Martin Luther King Jr. Street North, a major north-south route through St. Petersburg with frontage on an established commercial corridor. Its location provides access to Downtown St. Petersburg, the downtown waterfront, the St. Pete Pier, Central Avenue, and nearby residential, retail, and business areas.
The property combines an established office improvement with a central urban setting and a range of stated commercial-use possibilities. Its 1925 construction date, 2,474 square feet of building area, and SP zoning provide key reference points for evaluating the asset.
The building sits along Dr. Martin Luther King Jr. Street North, a major north-south route through St. Petersburg with frontage on an established commercial corridor. Its location provides access to Downtown St. Petersburg, the downtown waterfront, the St. Pete Pier, Central Avenue, and nearby residential, retail, and business areas.
The property combines an established office improvement with a central urban setting and a range of stated commercial-use possibilities. Its 1925 construction date, 2,474 square feet of building area, and SP zoning provide key reference points for evaluating the asset.
Key Highlights
- 2,474‑square‑foot office building
- Constructed in 1925
- SP zoning
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
$38,412
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
3.86%
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%
$768,240
$768.2K
Cap Rate 7%
$548,743
$548.7K
Cap Rate 9%
$426,800
$426.8K
Market Conditions
NOI Build-Up for 2,474 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
$64.4K $26.04/SF
− Vacancy
−$13.2K −$5.34/SF
EGI
$51.2K $20.70/SF
− OpEx
−$12.8K −$5.18/SF
NOI
$38.4K $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%
$768,240
Cap Rate 7%
$548,743
Cap Rate 9%
$426,800
Alternative Uses
Best Use
Office B
$548.7K
$480.2K – $640.2K
NOI $38,412 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$643.5K
$563.1K – $750.8K
NOI $45,045 @ 7.0% cap · market cap 4.53%
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
2,168
Businesses Nearby
Explore this area
Business Placement
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
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 - Located on a prominent north-south commercial corridor with access to downtown and surrounding residential, retail, and business districts.
Where is this office building located?
The property is located at 1262 Dr Martin Luther King Jr St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,474‑square‑foot office building; Constructed in 1925; SP zoning
