Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1640 Dr Martin Luther King Jr St S, Unit J St Petersburg, FL 33701

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $450,000

    Office space on a highly trafficked street with parking.

    Property size:
    1,901 SF
    Lot size:
    0.29 Acres

    Property Features for 1640 Dr Martin Luther King Jr St S

    General Information

    Standard status
    Active
    Size
    1,901 SF
    Lot size
    0.29 Acres

    Building Details

    Year built
    1995

    We can help!

    Listing Contact
    Monica Trevino Thurman
    Source: Corcoran

    Listing Agency: LOKATION Listing Agent: Monica Trevino Thurman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Corner Lot Office Space

    This property features office space situated on a corner lot along a highly trafficked street. It includes its own parking lot and is wheelchair accessible. The property is located within the CRA zoning district. Redevelopment is considered the highest and best use. The seller will entertain seller financing options. The property size is 1901 square feet.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    St Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.6463263
    Latitude
    27.7539083

    Nearby Similar for Sale

    • $913,000
      3,740 SF

      Versatile Commercial Property in St. Petersburg

      High-visibility commercial property suitable for auto repair or redevelopment.
      1254 34Th St S, St Petersburg, FL 33711
      View Details
    • $913,000
      3,740 SF

      Versatile Commercial Property in St. Petersburg

      High-visibility commercial property ideal for auto repair or redevelopment.
      1254 34Th St S, St Petersburg, FL 33711
      View Details
    • $461,000
      1,740 SF

      St. Petersburg Freestanding Commercial Building

      Freestanding commercial building near downtown St. Petersburg with retail potential.
      1664 15Th Ave S, St Petersburg, FL 33712
      View Details
    • $900,000
      4,152 SF

      High-Visibility Corner Office Building

      Prominent office building on a high-traffic corner lot.
      2901 58Th Ave N, St Petersburg, FL 33714
      View Details
    • $920,000
      2,496 SF

      Turnkey Medical Office in St. Petersburg

      Fully built-out medical office with flexible layout and ample parking.
      1152 62Nd Ave S, St Petersburg, FL 33705
      View Details
    • New
      $385,000
      1,832 SF

      Mixed-Use Commercial Opportunity in ST PETERSBURG

      Flexible shop, yard, and office space on a 12,615 sq ft lot.
      5201 66Th Way N, St Petersburg, FL 33709
      View Details
    • $900,000
      1,725 SF

      St. Petersburg Retail/Office Building

      Two-story retail/office building on a major thoroughfare.
      1510 Dr Martin Luther King Jr St N, St Petersburg, FL 33704
      View Details
    • $829,999
      1,885 SF

      Versatile Commercial Property in St. Pete

      Commercial property suitable for warehouse, retail, distribution, storage, or live-work.
      5205 Haines Rd N, St Petersburg, FL 33714
      View Details
    • $549,000
      1,338 SF

      Thriving Pub in St. Petersburg

      Turn-key bar with loyal clientele and strong financial growth.
      3007 6Th St S, St Petersburg, FL 33705
      View Details
    • $2,400,000
      5,784 SF

      Turnkey Medical and Wellness Facility

      Professionally outfitted health center in a booming St. Petersburg area.
      1700 Dr Martin Luther King Jr St N, St Petersburg, FL 33704
      View Details
    • $499,000
      1,516 SF

      St. Petersburg Office Building For Sale

      Well-maintained office building with high visibility and traffic counts.
      2672 66Th St N, St Petersburg, FL 33710
      View Details
    • $1,050,000
      2,972 SF

      Versatile Mixed-Use Property For Sale

      Unique live/work property with business potential in North Kenwood.
      2715 9Th Ave N, St Petersburg, FL 33713
      View Details

    FAQs

    What type of property is this?
    Office units - Office space on a highly trafficked street with parking.
    Where is this office units located?
    The property is located at 1640 Dr Martin Luther King Jr St S, Unit J St Petersburg, FL.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: - Corner lot location on highly trafficked MLK street.; - Redevelopment potential.; - Property located within the CRA zoning district.
    (954) 545-5583
    Request Owner's contact information
    1640 Dr Martin Luther King Jr St S, Unit J St Petersburg, FL 33701
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1640 Dr Martin Luther King Jr St S, Unit J
    St Petersburg, FL 33701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1640 Dr Martin Luther King Jr St S, Unit J St Petersburg, FL 33701
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Monica Trevino Thurman
    Real Estate License ID: 3576055
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!