Freestanding Elevated Office
New
For Sale
$3,999,900
1301 66TH STREET N, St Petersburg, FL 33710
Second-floor office space at a signalized corner with covered parking, prominent signage, and nearby retail anchors.
Property Size8,931 SF
Price / SF$447.87
Days on Market4
Property Features for 1301 66TH STREET N
General Information
Standard status
Active
Size
8,931 SF
Total Parking Spaces
47
Elevators
Yes
Property subtype
Office
Additional Details
Road Access
Yes
Building Details
Year Built
1984
Buildings
1
Stories
2
Construction
block
Tenancy
Single
Abandoned
No
Listing Agency:
WILLIAM D. BESSELIEU
(813) 263-5854
Listed By:
William Besselieu · License #3068945
Source:
Endlesssummerrealty
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 4:08PM
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 WILLIAM D. BESSELIEU
Investment Insights
Based on property information with market context.
This freestanding office property contains 8,931 SF on an elevated second floor above covered parking. The 1984 building uses block construction and includes perimeter offices, hallway windows that bring daylight into the interior, restrooms, a conference room, and a break room. Two stairways and an elevator connect the office level with parking below. A new roof was installed in 2024, and the property is being offered as-is with inspection rights. The building will be delivered vacant upon sale.
Positioned at a signalized corner along 66th Street N, the property provides access from both 13th Avenue and 66th Street. Traffic volume is reported at 39,000 average cars a day. The site is across from a Publix-anchored plaza and near Home Depot, Best Buy, Chick-fil-A, Tyrone Square Mall, and a new Orlando Health 45,000 SF emergency room.
Positioned at a signalized corner along 66th Street N, the property provides access from both 13th Avenue and 66th Street. Traffic volume is reported at 39,000 average cars a day. The site is across from a Publix-anchored plaza and near Home Depot, Best Buy, Chick-fil-A, Tyrone Square Mall, and a new Orlando Health 45,000 SF emergency room.
Key Highlights
- 8,931 SF freestanding office building constructed in 1984
- New roof installed in 2024
- 47 +/- total parking spaces, including 12+/- covered spaces beneath the 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
$138,666
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
3.47%
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%
$2,773,320
$2.8M
Cap Rate 7%
$1,980,943
$2.0M
Cap Rate 9%
$1,540,733
$1.5M
Market Conditions
NOI Build-Up for 8,931 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
$232.6K $26.04/SF
− Vacancy
−$47.7K −$5.34/SF
EGI
$184.9K $20.70/SF
− OpEx
−$46.2K −$5.18/SF
NOI
$138.7K $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%
$2,773,320
Cap Rate 7%
$1,980,943
Cap Rate 9%
$1,540,733
Alternative Uses
Best Use
Office B
$1.98M
$1.73M – $2.31M
NOI $138,666 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.32M
$2.03M – $2.71M
NOI $162,612 @ 7.0% cap · market cap 4.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,178
Businesses Nearby
Explore this area
Business Placement
Demographics for 33710, FL
33,172
Population
16,767
Households
2
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
4,147
Density / Sq Mi
$76,908
Median Household Income
$46,520
Median Earnings
$1,577
Median Rent
$312,500
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 - Second-floor office space at a signalized corner with covered parking, prominent signage, and nearby retail anchors.
Where is this office building located?
The property is located at 1301 66TH STREET N St Petersburg, FL.
What is the asking price?
The asking price for this property is $3,999,900.
What are key features of this property?
This property features: 8,931 SF freestanding office building constructed in 1984; New roof installed in 2024; 47 +/- total parking spaces, including 12+/- covered spaces beneath the building
