Strip
For Sale
$3,697,000
6501 Central Ave, St Petersburg, FL 33710
Central Plaza strip mall built in 1972 at 6501 Central Ave, St. Petersburg.
Property Size11,894 SF
Price / SF$310.83
Days on Market12
Property Features for 6501 Central Ave
General Information
Standard status
Active
Size
11,894 SF
Property subtype
Shopping Strip
Additional Details
Cap Rate
6.5%
Amenities
6527 Central Avenue (Building One) received a new roof in 2022, providing long-term durability and the added benefit of a transferable warranty.
This property took ZERO damage during the hurricanes. No flooding and no wind damage.
Strategically positioned along Central Avenue, one of St. Petersburg's primary east–west commercial corridors, providing excellent visibility.
Building Details
Building Size
11,894 SF
Year Built
1972
Listing Agency:
Marcus & Millichap
(813) 387-4765
Listed By:
Evan Cannan · License #License(s): FL: SL3433461
(813) 387-4765
Source:
Marcusmillichap
Added: Jul 29
Changed: Jul 30
Last Checked: Aug 9 at 4:26AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Central Plaza is a for-sale strip mall building constructed in 1972. The property totals 11,894 SF, offering a compact retail format that can support a range of neighborhood-serving businesses.
The asset is located at 6501 Central Ave in St. Petersburg, Florida, providing a straightforward address for leasing or tenant planning purposes.
With its established in-place building vintage and modest overall size, Central Plaza may be well suited for users seeking a smaller footprint within a strip center environment. Further details on unit mix, leasing terms, and tenancy are not provided here.
The asset is located at 6501 Central Ave in St. Petersburg, Florida, providing a straightforward address for leasing or tenant planning purposes.
With its established in-place building vintage and modest overall size, Central Plaza may be well suited for users seeking a smaller footprint within a strip center environment. Further details on unit mix, leasing terms, and tenancy are not provided here.
Key Highlights
- Central Plaza strip mall
- 11,894 SF total building size
- Built in 1972
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
$116,769
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
3.16%
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%
$2,335,380
$2.3M
Cap Rate 7%
$1,668,129
$1.7M
Cap Rate 9%
$1,297,433
$1.3M
Market Conditions
NOI Build-Up for 11,894 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
$178.4K $15.00/SF
− Vacancy
−$11.6K −$0.98/SF
EGI
$166.8K $14.03/SF
− OpEx
−$50.0K −$4.21/SF
NOI
$116.8K $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%
$2,335,380
Cap Rate 7%
$1,668,129
Cap Rate 9%
$1,297,433
Alternative Uses
Best Use
Retail
$1.67M
$1.46M – $1.95M
NOI $116,769 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,561 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
12k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
8,257 visits/mo
0.5 miles
Kwik Stop
Shops & Services
3,511 visits/mo
0.5 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Central Plaza strip mall built in 1972 at 6501 Central Ave, St. Petersburg.
Where is this strip mall located?
The property is located at 6501 Central Ave St Petersburg, FL.
What is the asking price?
The asking price for this property is $3,697,000.
What are key features of this property?
This property features: Central Plaza strip mall; 11,894 SF total building size; Built in 1972
