Boutique Retail Property on Corey
For Sale
$1,350,000
350 Corey Avenue, St Pete Beach, FL 33706
Stabilized retail asset in St. Pete Beach's commercial district.
Property Size3,958 SF
Price / SF$341.08
Days on Market195
Property Features for 350 Corey Avenue
General Information
Standard status
Active
Size
3,958 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$12,412
Amenities
Central Air
3
Building Details
Year Built
1940
Listing Agency:
KELLER WILLIAMS ST PETE REALTY
(727) 894-1600
Listed By:
Lou Zabriski · License #SL3299971
Source:
Xome
Added: Feb 18
Changed: Aug 25
Last Checked: Aug 31 at 2:15PM
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 KELLER WILLIAMS ST PETE REALTY
Investment Insights
Based on property information with market context.
This boutique retail property is located in the heart of Corey Avenue, a walkable street-retail area in St. Pete Beach. Corey Avenue is a central gathering point for residents and visitors, featuring a mix of restaurants, shops, and neighborhood businesses. The property benefits from consistent pedestrian activity due to its walkable layout, proximity to the beach, and recurring community events such as the Corey Avenue Sunday Market. The nearby Beach Theatre enhances the area’s identity. The building is leased to Vaughn Law and Elizabeth’s Boutique. Vaughn Law benefits from prominent signage and visibility, while the plaza on Elizabeth’s Boutique contributes to the character of Corey Avenue. The site includes rear parking. The tenants are well-established. The property offers the opportunity for rental growth as the corridor strengthens and surrounding investment increases. Corey Avenue is located within the City’s Town Center zoning district, which supports walkable retail, dining, and mixed-use development. Ongoing planning efforts and nearby redevelopment activity reinforce the long-term viability and growth of the area. The property has a size of 3958 square feet. This property is one of several St. Pete Beach assets available for sale, and ownership will consider a combined acquisition.
Key Highlights
- Prime location in the heart of Corey Avenue, a highly recognizable and walkable commercial district in St. Pete Beach.
- Stabilized income stream from established tenants with complementary businesses.
- Consistent pedestrian traffic driven by proximity to the beach, recurring community events, and the Beach Theatre.
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
$38,858
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
2.88%
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%
$777,160
$777.2K
Cap Rate 7%
$555,114
$555.1K
Cap Rate 9%
$431,756
$431.8K
Market Conditions
NOI Build-Up for 3,958 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
$59.4K $15.00/SF
− Vacancy
−$3.9K −$0.98/SF
EGI
$55.5K $14.03/SF
− OpEx
−$16.7K −$4.21/SF
NOI
$38.9K $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%
$777,160
Cap Rate 7%
$555,114
Cap Rate 9%
$431,756
Alternative Uses
Best Use
Retail
$555.1K
$485.7K – $647.6K
NOI $38,858 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.03M
$900.8K – $1.20M
NOI $72,065 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
974
Businesses Nearby
36k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 27%
Home Improvements & Furnishings 15%
Apparel 5%
McDonald's
Dining
12,145 visits/mo
0.2 miles
Waffle House
Dining
5,910 visits/mo
0.2 miles
Exxon
Shops & Services
4,824 visits/mo
0.1 miles
Crowder Bros. Hardware
Home Improvements & Furnishings
3,658 visits/mo
0.1 miles
Bank of America
Shops & Services
2,883 visits/mo
0.2 miles
Demographics for 33706, FL
15,309
Population
14,199
Households
1.1
Avg Household Size
60
Median Age
54%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
4,138
Density / Sq Mi
$97,364
Median Household Income
$80,504
Median Earnings
$1,646
Median Rent
$616,800
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?
Storefront property - Stabilized retail asset in St. Pete Beach's commercial district.
Where is this storefront property located?
The property is located at 350 Corey Avenue St Pete Beach, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Prime location in the heart of Corey Avenue, a highly recognizable and walkable commercial district in St. Pete Beach.; Stabilized income stream from established tenants with complementary businesses.; Consistent pedestrian traffic driven by proximity to the beach, recurring community events, and the Beach Theatre.
