Two-Story Mixed-Use
For Sale
Contact for pricing
235-239 2nd Ave South, St Petersburg, FL 33701
1924 building renovated in 2022 with diversified NNN tenants and one first-floor retail/office suite available for buildout.
Property Size21,804 SF
Price / SF$499.91
Days on Market56
Property Features for 235-239 2nd Ave South
General Information
Standard status
Active
Size
21,804 SF
Class
B
Property subtype
Mixed Use, Office, Retail
Zoning
CG - Commercial General
Occupancy
88%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$612,556
Building Details
Year Built
1924
Year Renovated
2022
Stories
2
Tenancy
Multi
Listing Agency:
Vector Commercial Real Estate
Listed By:
Mike Heretick · License #FL 3221420
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 11 at 6:39AM
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.
The Wilson Building is a two-story mixed-use property originally constructed in 1924 and updated through significant renovations and capital improvements completed in 2022. The building includes a diversified mix of NNN tenants. Current tenants named in the offering include Black Leaf Cigar & Wine Bar, Growve/Viva 5 Corporation, and Jeff Scott Dentistry. In addition, one first-floor retail/office suite remains available, allowing for tenant buildout and occupancy while supporting continued use of the remaining leased space.
The property is located at 235-239 2nd Avenue South in Downtown St. Petersburg. It is positioned just steps from Beach Drive, the St. Petersburg Pier, waterfront parks, museums, restaurants, hotels, and the Bayfront entertainment district, supporting a steady pedestrian environment common to downtown destinations.
For buyers, the Wilson Building offers an in-place NNN tenant base with an opportunity to lease the remaining first-floor suite through buildout, whether for investment lease-up or for an owner-occupant seeking a downtown presence. The combination of stabilized tenancy and available space can help an operator plan a phased approach to occupancy while retaining the building’s historic character alongside the 2022 improvements.
The property is located at 235-239 2nd Avenue South in Downtown St. Petersburg. It is positioned just steps from Beach Drive, the St. Petersburg Pier, waterfront parks, museums, restaurants, hotels, and the Bayfront entertainment district, supporting a steady pedestrian environment common to downtown destinations.
For buyers, the Wilson Building offers an in-place NNN tenant base with an opportunity to lease the remaining first-floor suite through buildout, whether for investment lease-up or for an owner-occupant seeking a downtown presence. The combination of stabilized tenancy and available space can help an operator plan a phased approach to occupancy while retaining the building’s historic character alongside the 2022 improvements.
Key Highlights
- Mixed‑use Wilson Building at 235‑239 2nd Avenue South, built in 1924 and spanning approx. 21,804 SF across two stories
- Significant renovations and capital improvements completed in 2022, modernizing much of the building while preserving historic character
- Diversified NNN tenant mix includes Black Leaf Cigar & Wine Bar, Growve/Viva 5 Corporation, and Jeff Scott Dentistry
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
$338,537
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
3.11%
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%
$6,770,740
$6.8M
Cap Rate 7%
$4,836,243
$4.8M
Cap Rate 9%
$3,761,522
$3.8M
Market Conditions
NOI Build-Up for 21,804 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
$567.8K $26.04/SF
− Vacancy
−$116.4K −$5.34/SF
EGI
$451.4K $20.70/SF
− OpEx
−$112.8K −$5.18/SF
NOI
$338.5K $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%
$6,770,740
Cap Rate 7%
$4,836,243
Cap Rate 9%
$3,761,522
Alternative Uses
Best Use
Office B
$4.84M
$4.23M – $5.64M
NOI $338,537 @ 7.0% cap · market cap 3.11%
Second Best
Mixed Use
$3.87M
$3.39M – $4.51M
NOI $270,806 @ 7.0% cap · market cap 2.48%
Theoretical Best
Office A
$5.67M
$4.96M – $6.62M
NOI $396,997 @ 7.0% cap · market cap 3.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,064
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 1924 building renovated in 2022 with diversified NNN tenants and one first-floor retail/office suite available for buildout.
Where is this mixed-use property located?
The property is located at 235-239 2nd Ave South St Petersburg, FL.
What is the asking price?
The asking price for this property is $10,900,000.
What are key features of this property?
This property features: Mixed‑use Wilson Building at 235‑239 2nd Avenue South, built in 1924 and spanning approx. 21,804 SF across two stories; Significant renovations and capital improvements completed in 2022, modernizing much of the building while preserving historic character; Diversified NNN tenant mix includes Black Leaf Cigar & Wine Bar, Growve/Viva 5 Corporation, and Jeff Scott Dentistry
