Freestanding Storefront with
For Sale
Contact for pricing
2821 Dr Martin Luther King Jr St N, St Petersburg, FL 33704
Open interior layout includes two enclosed rooms and a rear roll-up door.
Property Size2,333 SF
Lot Size0.15 Acres
Price / SF$297.90
Days on Market718
Property Features for 2821 Dr Martin Luther King Jr St N
General Information
Standard status
Active
Size
2,333 SF
Lot size
0.15 Acres
Property subtype
Retail, Industrial
Zoning
CCT-1
Additional Details
Road Access
Yes
Amenities
extra-wide sidewalk cafe
rare prized giant sign
Building Details
Year Built
1963
Buildings
1
Building Size
2,333 SF
Listing Agency:
AXXOS
Listed By:
Jon Reno La Budde · License #FL 3088599
Source:
Crexi
Added: Sep 14, 2024
Changed: Aug 31
Last Checked: Aug 31 at 2:36AM
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 AXXOS
Investment Insights
Based on property information with market context.
This freestanding storefront contains 2,333 SF within a 6,464 SF land mass. The building occupies the front of the parcel along the street and is configured with a predominantly open interior, plus two enclosed rooms. Two roll-up doors at the front open toward an extra-wide sidewalk cafe area, while a third roll-up door serves the rear. A large sign is positioned on the front of the building.
Located at 2821 Dr Martin Luther King Jr St N in St. Petersburg, the property includes back parking and street-facing retail exposure. CCT-1 zoning is identified for the site, and the building has a long history of retail use. The existing configuration may support a range of storefront, food-and-beverage, personal-service, office, medical, financial, showroom, or storage applications, subject to applicable approvals.
Located at 2821 Dr Martin Luther King Jr St N in St. Petersburg, the property includes back parking and street-facing retail exposure. CCT-1 zoning is identified for the site, and the building has a long history of retail use. The existing configuration may support a range of storefront, food-and-beverage, personal-service, office, medical, financial, showroom, or storage applications, subject to applicable approvals.
Key Highlights
- 2,333 SF storefront building on a 6,464 SF land mass
- Front of parcel opens directly onto the street
- Two front roll‑up doors open toward an extra‑wide sidewalk cafe
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
$22,904
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%
$458,080
$458.1K
Cap Rate 7%
$327,200
$327.2K
Cap Rate 9%
$254,489
$254.5K
Market Conditions
NOI Build-Up for 2,333 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
$35.0K $15.00/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$32.7K $14.03/SF
− OpEx
−$9.8K −$4.21/SF
NOI
$22.9K $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%
$458,080
Cap Rate 7%
$327,200
Cap Rate 9%
$254,489
Alternative Uses
Best Use
Retail
$327.2K
$286.3K – $381.7K
NOI $22,904 @ 7.0% cap · market cap 3.30%
Second Best
Flex RnD
$301.5K
$263.8K – $351.8K
NOI $21,107 @ 7.0% cap · market cap 3.04%
Theoretical Best
Office A
$606.8K
$531.0K – $708.0K
NOI $42,478 @ 7.0% cap · market cap 6.11%
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
1,202
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33704, FL
16,031
Population
9,037
Households
1.8
Avg Household Size
46
Median Age
58%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,715
Density / Sq Mi
$102,647
Median Household Income
$63,803
Median Earnings
$1,398
Median Rent
$657,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Open interior layout includes two enclosed rooms and a rear roll-up door.
Where is this storefront property located?
The property is located at 2821 Dr Martin Luther King Jr St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,333 SF storefront building on a 6,464 SF land mass; Front of parcel opens directly onto the street; Two front roll‑up doors open toward an extra‑wide sidewalk cafe
