St. Petersburg Flex Space
For Sale
Contact for pricing
2254 16th Ave N, St Petersburg, FL 33713
4,488 SF flex building with warehouse and residential unit.
Property Size4,488 SF
Price / SF$177.14
Days on Market192
Property Features for 2254 16th Ave N
General Information
Standard status
Active
Size
4,488 SF
Property subtype
Industrial
Zoning
IT
Listing Agency:
Vector Commercial Real Estate
(727) 823-1230
Listed By:
Ned Willis · License #FL 499932
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 12 at 4:35AM
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 Vector Commercial Real Estate
Investment Insights
Based on property information with market context.
Located in central St. Petersburg at 2254 16th Avenue North, this 4,488 SF concrete block building is situated just off 22nd Avenue North behind Home Depot, providing convenient access to I-275, US-19, and downtown St. Petersburg. The property is zoned Industrial Traditional (IT), allowing for a wide range of industrial, warehouse, and office uses. It features 2,088 SF of warehouse space, 1,200 SF of flex/office space, and a 1,200 SF apartment on the second floor with three bedrooms and two bathrooms. The warehouse includes two grade-level overhead doors, two car lifts, and an approximately 13-foot clear ceiling height. The property also features a fenced yard. This property is suitable for a small contractor, service provider, auto repair, or body shop, with ample yard space for vehicles, equipment, and materials.
Key Highlights
- 4,488 SF concrete block building with flexible space: 2,088 SF warehouse, 1,200 SF flex/office, and a 1,200 SF 3‑bedroom, 2‑bath apartment.
- Zoned Industrial Traditional (IT) allowing for a wide range of industrial, warehouse, and office uses.
- Convenient central St. Petersburg location with easy access to I‑275, US‑19, and downtown.
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
$40,604
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
5.11%
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%
$812,080
$812.1K
Cap Rate 7%
$580,057
$580.1K
Cap Rate 9%
$451,156
$451.2K
Market Conditions
NOI Build-Up for 4,488 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
$66.2K $14.76/SF
− Vacancy
−$3.8K −$0.84/SF
EGI
$62.5K $13.92/SF
− OpEx
−$21.9K −$4.87/SF
NOI
$40.6K $9.05/SF
Area
Pinellas County, FL
Vacancy
5.70%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
35.00%
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%
$812,080
Cap Rate 7%
$580,057
Cap Rate 9%
$451,156
Alternative Uses
Best Use
Flex RnD
$580.1K
$507.6K – $676.7K
NOI $40,604 @ 7.0% cap · market cap 5.11%
Second Best
Warehouse
$539.9K
$472.4K – $629.9K
NOI $37,795 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,715 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
777
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 4,488 SF flex building with warehouse and residential unit.
Where is this flex space located?
The property is located at 2254 16th Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 4,488 SF concrete block building with flexible space: **2,088 SF warehouse, 1,200 SF flex/office, and a 1,200 SF 3‑bedroom, 2‑bath apartment.**; Zoned Industrial Traditional (IT) allowing for a wide range of industrial, warehouse, and office uses.; Convenient central St. Petersburg location with easy access to I‑275, US‑19, and downtown.
