Flex Warehouse with Private
For Sale
$1,295,000
1801 28th St N, St Petersburg, FL 33713
Flex layout includes showroom, offices, warehouse loading via overhead door, and multiple restrooms.
Property Size3,174 SF
Price / SF$311.90
Days on Market43
Property Features for 1801 28th St N
General Information
Standard status
Active
Size
3,174 SF
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Amenities
Private Offices
Conference Room
Kitchenette
Shower
Restrooms
Building Details
Year Built
1947
Building Size
3,174 SF
Listing Agency:
BHHS FLORIDA PROPERTIES GROUP
Listed By:
Renee Landes
(727) 460-4901
Source:
Fulcrum-residential
Added: Jul 28
Changed: Sep 8
Last Checked: Sep 8 at 5:31AM
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 BHHS FLORIDA PROPERTIES GROUP
Investment Insights
Based on property information with market context.
This flex warehouse property offers a functional combination of showroom, private office space, and warehouse/storage area. Interior amenities include a large conference room, multiple private offices, a kitchenette, shower, and multiple restrooms. Warehouse operations are supported by an overhead door for efficient loading and storage.
The property is located less than 1 mile to I-275, with PIE Airport about 11 miles and Tampa International Airport about 18 miles away. An outdoor storage area is also available for materials or excess parking.
Built in 1947, the building totals 3,174± square feet and is positioned for tenants seeking an on-site mix of office and warehouse use.
The property is located less than 1 mile to I-275, with PIE Airport about 11 miles and Tampa International Airport about 18 miles away. An outdoor storage area is also available for materials or excess parking.
Built in 1947, the building totals 3,174± square feet and is positioned for tenants seeking an on-site mix of office and warehouse use.
Key Highlights
- 3,174± total SF flex building built in 1947
- Flexible layout with showroom, multiple private office areas, and a large conference room
- Warehouse area includes an overhead door for loading and storage
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
$64,465
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
4.98%
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%
$1,289,300
$1.3M
Cap Rate 7%
$920,929
$920.9K
Cap Rate 9%
$716,278
$716.3K
Market Conditions
NOI Build-Up for 4,152 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
$108.1K $26.04/SF
− Vacancy
−$22.2K −$5.34/SF
EGI
$86.0K $20.70/SF
− OpEx
−$21.5K −$5.18/SF
NOI
$64.5K $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 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%
$1,289,300
Cap Rate 7%
$920,929
Cap Rate 9%
$716,278
Alternative Uses
Best Use
Office B
$920.9K
$805.8K – $1.07M
NOI $64,465 @ 7.0% cap · market cap 4.98%
Second Best
Flex RnD
$536.6K
$469.6K – $626.1K
NOI $37,564 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$1.08M
$945.0K – $1.26M
NOI $75,598 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,058
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33713, FL
31,321
Population
16,192
Households
1.9
Avg Household Size
42
Median Age
35%
College-Educated
91%
High-School Grad
6.5 sq mi
ZIP Area
4,819
Density / Sq Mi
$69,704
Median Household Income
$43,282
Median Earnings
$1,387
Median Rent
$279,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex layout includes showroom, offices, warehouse loading via overhead door, and multiple restrooms.
Where is this flex space located?
The property is located at 1801 28th St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 3,174± total SF flex building built in 1947; Flexible layout with showroom, multiple private office areas, and a large conference room; Warehouse area includes an overhead door for loading and storage
