Corner Lot Office
For Sale
$450,000
1640 DR MARTIN LUTHER KING JR STREET S #J, St Petersburg, FL 33701
Office space on a highly trafficked street with parking.
Property Size1,901 SF
Lot Size0.29 Acres
Price / SF$236.72
Days on Market226
Property Features for 1640 DR MARTIN LUTHER KING JR STREET S #J
General Information
Standard status
Active
Size
1,901 SF
Lot size
0.29 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,364
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Building Details
Year Built
1995
Listing Agency:
LOKATION
(954) 545-5583
Listed By:
MONICA TREVINO THURMAN · License #3576055
(863) 517-9090
Source:
Corcoran
Added: Mar 13
Changed: Aug 21
Last Checked: Aug 11 at 6:26AM
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 LOKATION
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- Corner lot location on highly trafficked MLK street.
- Redevelopment potential.
- Property located within the CRA zoning district.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,516
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$590,320
$590.3K
Cap Rate 7%
$421,657
$421.7K
Cap Rate 9%
$327,956
$328.0K
Market Conditions
NOI Build-Up for 1,901 SF
Gross rent
$49.5K $26.04/SF
− Vacancy
−$10.1K −$5.34/SF
EGI
$39.4K $20.70/SF
− OpEx
−$9.8K −$5.18/SF
NOI
$29.5K $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 Rate 5%
$590,320
Cap Rate 7%
$421,657
Cap Rate 9%
$327,956
Alternative Uses
Best Use
Office B
$421.7K
$369.0K – $491.9K
NOI $29,516 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.5K
$432.7K – $576.9K
NOI $34,613 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Office space on a highly trafficked street with parking.
Where is this office unit located?
The property is located at 1640 DR MARTIN LUTHER KING JR STREET S #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.
