Spa-Ready Commercial
For Sale
$725,000
3425 22ND AVENUE, St Petersburg, FL 33711
Vacant facility with existing plumbing, wiring, HVAC, salon finishes, and a separate restroom-equipped outbuilding.
Property Size2,372 SF
Price / SF$305.65
Days on Market335
Property Features for 3425 22ND AVENUE
General Information
Standard status
Active
Size
2,372 SF
Property subtype
Retail
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,768
Amenities
Central Air
3
Paved Driveway.
City Road, Asphalt.
Building Details
Year Built
1950
Buildings
2
Stories
1
Listing Agency:
CENTURY 21 BEGGINS
(800) 541-9923
Listed By:
Kristy Murphy · License #3286612
Source:
Xome
Added: Sep 22, 2025
Changed: Aug 22
Last Checked: Aug 22 at 4:33AM
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 CENTURY 21 BEGGINS
Investment Insights
Based on property information with market context.
This vacant commercial property contains a 2,372-square-foot main building configured for salon or wellness use. Plumbing, wiring, HVAC, and much of the interior finish remain from the prior operation, while central air supports the existing layout. A separate outbuilding includes a restroom and can provide additional storage, office, workshop, or ancillary space. The property was also previously used as a veterinarian office.
Located at 3425 22nd Avenue in St. Petersburg, the site has frontage and visibility along 22nd Avenue South, with additional visibility from 34th Street South. A paved driveway and onsite parking support access for customers and staff. The property was built in 1950 and is situated within the Childs Park/Revitalization district.
Located at 3425 22nd Avenue in St. Petersburg, the site has frontage and visibility along 22nd Avenue South, with additional visibility from 34th Street South. A paved driveway and onsite parking support access for customers and staff. The property was built in 1950 and is situated within the Childs Park/Revitalization district.
Key Highlights
- 2,372 SF commercial building with existing salon layout and interior finishes
- Plumbing, wiring, HVAC, and central air remain in the main building
- Separate outbuilding includes a restroom
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
$23,287
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
3.21%
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%
$465,740
$465.7K
Cap Rate 7%
$332,671
$332.7K
Cap Rate 9%
$258,744
$258.7K
Market Conditions
NOI Build-Up for 2,372 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
$35.6K $15.00/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$33.3K $14.03/SF
− OpEx
−$10.0K −$4.21/SF
NOI
$23.3K $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%
$465,740
Cap Rate 7%
$332,671
Cap Rate 9%
$258,744
Alternative Uses
Best Use
Retail
$332.7K
$291.1K – $388.1K
NOI $23,287 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$617.0K
$539.9K – $719.8K
NOI $43,188 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
69k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 51%
Groceries 25%
Dining 22%
Apparel 2%
Aldi
Groceries
17,454 visits/mo
0.5 miles
Shell
Shops & Services
10,584 visits/mo
0.2 miles
Family Dollar
Shops & Services
6,314 visits/mo
0.1 miles
Citgo
Shops & Services
6,205 visits/mo
0.1 miles
Church's Chicken
Dining
5,745 visits/mo
0.0 miles
Demographics for 33711, FL
20,121
Population
9,522
Households
2.1
Avg Household Size
41
Median Age
32%
College-Educated
96%
High-School Grad
4.7 sq mi
ZIP Area
4,281
Density / Sq Mi
$68,295
Median Household Income
$27,156
Median Earnings
$1,819
Median Rent
$253,100
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?
Spa & wellness property - Vacant facility with existing plumbing, wiring, HVAC, salon finishes, and a separate restroom-equipped outbuilding.
Where is this spa & wellness property located?
The property is located at 3425 22ND AVENUE St Petersburg, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 2,372 SF commercial building with existing salon layout and interior finishes; Plumbing, wiring, HVAC, and central air remain in the main building; Separate outbuilding includes a restroom
