Freestanding Commercial Building Near
For Sale
$439,000
1664 15TH AVENUE S, St Petersburg, FL 33712
Corner-lot property suitable for retail or service uses.
Property Size1,740 SF
Lot Size0.23 Acres
Price / SF$252.30
Days on Market437
Property Features for 1664 15TH AVENUE S
General Information
Standard status
Active
Size
1,740 SF
Lot size
0.23 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,976
Amenities
Central air
Pool
Public Pool
Built-Up Roof
Ductless Heating
Tile Flooring
Wall/Window Unit(s) Cooling
Building Details
Year Built
1952
Listing Agency:
KELLER WILLIAMS REALTY- PALM H
(727) 772-0772
Listed By:
BRANDON RIMES · License #3228106
Source:
Corcoran
Added: May 31, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 KELLER WILLIAMS REALTY- PALM H
Investment Insights
Based on property information with market context.
This freestanding commercial building is located approximately 2 miles from downtown St. Petersburg. Situated on a corner lot, the property features approximately 1,740 square feet of heated space, with a total area of 2,060 square feet. The layout is flexible and suitable for a variety of retail or service uses. The property benefits from high visibility and ample parking. The sale includes the real estate. The current convenience store operation may be included at no additional cost. Existing equipment, including three refrigerators, a meat freezer, meat slicer, ice cooler, scale, and wrapping machine, will convey as a bonus with the purchase. The ATM and ice-cream cooler do not convey. All inventory will be removed prior to closing unless a buyer chooses to purchase it separately. Located within an Opportunity Zone, this property may qualify for investment incentives, grants, or financing programs. The property is sold As Is.
Key Highlights
- Prime corner‑lot location just 2 miles from downtown St. Petersburg.
- Freestanding commercial building with great visibility and ample parking.
- Located within an Opportunity Zone, potentially qualifying for investment incentives.
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
$19,340
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
4.41%
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%
$386,800
$386.8K
Cap Rate 7%
$276,286
$276.3K
Cap Rate 9%
$214,889
$214.9K
Market Conditions
NOI Build-Up for 1,740 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
$27.1K $15.60/SF
− Vacancy
−$1.4K −$0.78/SF
EGI
$25.8K $14.82/SF
− OpEx
−$6.4K −$3.70/SF
NOI
$19.3K $11.11/SF
Area
Pinellas County, FL
Vacancy
5.00%
Lease Rate
$15.60 /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%
$386,800
Cap Rate 7%
$276,286
Cap Rate 9%
$214,889
Alternative Uses
Best Use
Specialty Retail
$276.3K
$241.8K – $322.3K
NOI $19,340 @ 7.0% cap · market cap 4.41%
Second Best
Retail
$244.0K
$213.5K – $284.7K
NOI $17,082 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$452.6K
$396.0K – $528.0K
NOI $31,681 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
13k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 30%
Electronics 14%
Dollar General
Shops & Services
6,994 visits/mo
0.4 miles
China Star
Dining
1,944 visits/mo
0.4 miles
Krispy Krunchy Chicken
Dining
1,849 visits/mo
0.2 miles
Metro by T-Mobile
Electronics
1,779 visits/mo
0.4 miles
Demographics for 33712, FL
26,395
Population
13,055
Households
2
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
6.4 sq mi
ZIP Area
4,124
Density / Sq Mi
$57,729
Median Household Income
$39,589
Median Earnings
$1,440
Median Rent
$300,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Midtown Supermarket — 1856 18th Ave S, St. Petersburg, FL 33712
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Corner-lot property suitable for retail or service uses.
Where is this grocery and convenience store located?
The property is located at 1664 15TH AVENUE S St Petersburg, FL.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Prime corner‑lot location just 2 miles from downtown St. Petersburg.; Freestanding commercial building with great visibility and ample parking.; Located within an Opportunity Zone, potentially qualifying for investment incentives.
