Industrial Flex Property With Secured
For Sale
Contact for pricing
3284 MORRIS ST N, St Petersburg, FL 33713
Renovated offices accompany warehouse, mezzanine storage, and three-phase power.
Property Size6,264 SF
Price / SF$263.41
Days on Market139
Property Features for 3284 MORRIS ST N
General Information
Standard status
Active
Size
6,264 SF
Class
A
Total Parking Spaces
12
Property subtype
Office, Industrial
Zoning
IT
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
1957
Year Renovated
2023
Stories
1
Units
1
Tenancy
Single
Listing Agency:
KW Commercial St. Petersburg
Listed By:
Jake Wollman · License #3511103
Source:
Crexi
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 4:41AM
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 KW Commercial St. Petersburg
Investment Insights
Based on property information with market context.
This 6,264 SF industrial flex property combines approximately 4,700 SF of warehouse space with approximately 1,560 SF of renovated offices. The warehouse features a 98’ x 48’ layout, clear heights ranging from approximately 13’ to 25’, an oversized roll-up door, 3-phase power, and approximately 1,000 SF of mezzanine area. The office buildout includes five private offices, a conference room, two entrances, a breakroom, two interior restrooms, oversized windows, new LVP flooring, and a new HVAC system.
The 0.43-acre site includes a secured fenced yard, a covered outdoor work or storage area, and approximately 12 traditional parking spaces. Zoned IT (Industrial Traditional), the property supports contractor and service operations, light manufacturing and assembly, warehouse and storage, office/flex use, and wholesale or distribution activities. Its Morris Street location is near Lowe’s and Home Depot, with access to I-275 and regional connections through I-75 and I-4.
The 0.43-acre site includes a secured fenced yard, a covered outdoor work or storage area, and approximately 12 traditional parking spaces. Zoned IT (Industrial Traditional), the property supports contractor and service operations, light manufacturing and assembly, warehouse and storage, office/flex use, and wholesale or distribution activities. Its Morris Street location is near Lowe’s and Home Depot, with access to I-275 and regional connections through I-75 and I-4.
Key Highlights
- 6,264 SF property on 0.43 acres with warehouse, office, and secured yard space
- Approximately 4,700 SF warehouse with 13’ to 25’ clear heights and an oversized roll‑up door
- Approximately 1,560 SF renovated office buildout with five private offices and two restrooms
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
$97,257
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
5.89%
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%
$1,945,140
$1.9M
Cap Rate 7%
$1,389,386
$1.4M
Cap Rate 9%
$1,080,633
$1.1M
Market Conditions
NOI Build-Up for 6,264 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
$163.1K $26.04/SF
− Vacancy
−$33.4K −$5.34/SF
EGI
$129.7K $20.70/SF
− OpEx
−$32.4K −$5.18/SF
NOI
$97.3K $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%
$1,945,140
Cap Rate 7%
$1,389,386
Cap Rate 9%
$1,080,633
Alternative Uses
Best Use
Office B
$1.39M
$1.22M – $1.62M
NOI $97,257 @ 7.0% cap · market cap 5.89%
Second Best
Flex RnD
$809.6K
$708.4K – $944.5K
NOI $56,671 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,052 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
755
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 - Renovated offices accompany warehouse, mezzanine storage, and three-phase power.
Where is this flex space located?
The property is located at 3284 MORRIS ST N St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 6,264 SF property on 0.43 acres with warehouse, office, and secured yard space; Approximately 4,700 SF warehouse with 13’ to 25’ clear heights and an oversized roll‑up door; Approximately 1,560 SF renovated office buildout with five private offices and two restrooms
