Leased Corner Strip
For Sale
Contact for pricing
Pending
2942 49TH ST N, St Petersburg, FL 33707
Fully leased strip center with newer roof, ample parking, and a corner traffic light location in St. Petersburg.
Property Size4,188 SF
Days on Market57
Property Features for 2942 49TH ST N
General Information
Standard status
Pending
Size
4,188 SF
Total Parking Spaces
28
Property subtype
Retail
Occupancy
100%
Lease Type
Gross
Building Details
Year Built
1956
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
Smith & Associates Real Estate
Listed By:
Pat Calhoon · License #FL BK259869
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Jul 26 at 4:30PM
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 Smith & Associates Real Estate
Investment Insights
Based on property information with market context.
This offering is a full, leased strip center presented for sale as a single asset. The property includes a newer roof and is configured to operate as a retail-oriented center with established tenant occupancy, supported by a rent roll and expense information available in the attached brochure. Ample on-site parking supports everyday customer access and tenant operations.
The center is situated in a popular area of St. Petersburg with a corner traffic light location, providing convenient vehicular access from intersecting directions. The property is also noted as not being in a flood zone, which can simplify risk considerations for buyers.
For tenants, buyers, and brokers, the key factor here is the ability to acquire a fully leased retail strip center rather than an untethered redevelopment concept. The seller has not offered the property for sale for decades, and the presentation package includes rent roll and expense details for underwriting review. Prospective buyers should refer to the attached brochure for the specific tenant lineup, current income details, and operating expense information associated with the center.
The center is situated in a popular area of St. Petersburg with a corner traffic light location, providing convenient vehicular access from intersecting directions. The property is also noted as not being in a flood zone, which can simplify risk considerations for buyers.
For tenants, buyers, and brokers, the key factor here is the ability to acquire a fully leased retail strip center rather than an untethered redevelopment concept. The seller has not offered the property for sale for decades, and the presentation package includes rent roll and expense details for underwriting review. Prospective buyers should refer to the attached brochure for the specific tenant lineup, current income details, and operating expense information associated with the center.
Key Highlights
- Full leased strip center built in 1956
- Corner location with a traffic light
- Newer roof
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
$41,116
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
4.57%
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%
$822,320
$822.3K
Cap Rate 7%
$587,371
$587.4K
Cap Rate 9%
$456,844
$456.8K
Market Conditions
NOI Build-Up for 4,188 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
$62.8K $15.00/SF
− Vacancy
−$4.1K −$0.98/SF
EGI
$58.7K $14.03/SF
− OpEx
−$17.6K −$4.21/SF
NOI
$41.1K $9.82/SF
Area
Pinellas County, FL
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$822,320
Cap Rate 7%
$587,371
Cap Rate 9%
$456,844
Alternative Uses
Best Use
Retail
$587.4K
$514.0K – $685.3K
NOI $41,116 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$953.2K – $1.27M
NOI $76,253 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,108
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
6,220 visits/mo
0.1 miles
BP
Shops & Services
4,462 visits/mo
0.2 miles
Sunoco
Shops & Services
2,567 visits/mo
0.4 miles
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased strip center with newer roof, ample parking, and a corner traffic light location in St. Petersburg.
Where is this strip mall located?
The property is located at 2942 49TH ST N St Petersburg, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Full leased strip center built in 1956; Corner location with a traffic light; Newer roof
