Multi-Bay Flex
New
For Sale
$2,300,000
3580 66th Ave N, Pinellas Park, FL 33781
The property combines small-bay units, office space, and secured outdoor areas.
Property Size8,516 SF
Price / SF$270.08
Days on Market2
Property Features for 3580 66th Ave N
General Information
Standard status
Active
Size
8,516 SF
Building Details
Year Built
1967
Listing Agency:
KELLER WILLIAMS REALTY- PALM H
Listed By:
Janet Faulkner · License #9516868
(978) 828-8944
Source:
Chenoregroup
Added: Sep 7
Last Checked: Sep 7 at 3:06PM
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 REALTY- PALM H
Investment Insights
Based on property information with market context.
This flex property contains 8,516± SF on 0.47± acres, with approximately 7,200± SF of warehouse area and 700± SF of office space. The block-built facility is arranged as multiple small-bay units and includes 24 grade-level overhead doors measuring 9’ x 8’, 9.5’ ceiling heights, secured outdoor areas, and a recently installed TPO roof. Automotive lifts and equipment are also in place.
The property is located at 3580 66th Ave N in Pinellas Park, just off US Hwy 19, where exposure exceeds 66,000 vehicles per day. The current configuration includes 27 leasable units with month-to-month tenancy. Built in 1967, the asset offers a combination of warehouse, office, loading, and outdoor-use areas within an established industrial corridor.
The property is located at 3580 66th Ave N in Pinellas Park, just off US Hwy 19, where exposure exceeds 66,000 vehicles per day. The current configuration includes 27 leasable units with month-to-month tenancy. Built in 1967, the asset offers a combination of warehouse, office, loading, and outdoor-use areas within an established industrial corridor.
Key Highlights
- 8,516± SF industrial property on 0.47± acres
- Approximately 7,200± SF warehouse space and 700± SF office space
- 24 grade‑level overhead doors measuring 9’ x 8’
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
$83,606
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
3.64%
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%
$1,672,120
$1.7M
Cap Rate 7%
$1,194,371
$1.2M
Cap Rate 9%
$928,956
$929.0K
Market Conditions
NOI Build-Up for 8,516 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
$127.7K $15.00/SF
− Vacancy
−$8.3K −$0.98/SF
EGI
$119.4K $14.03/SF
− OpEx
−$35.8K −$4.21/SF
NOI
$83.6K $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%
$1,672,120
Cap Rate 7%
$1,194,371
Cap Rate 9%
$928,956
Alternative Uses
Best Use
Retail
$1.19M
$1.05M – $1.39M
NOI $83,606 @ 7.0% cap · market cap 3.64%
Second Best
Flex RnD
$1.10M
$963.1K – $1.28M
NOI $77,045 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$2.22M
$1.94M – $2.58M
NOI $155,056 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,189
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33781, FL
27,349
Population
12,370
Households
2.2
Avg Household Size
42
Median Age
22%
College-Educated
82%
High-School Grad
6.6 sq mi
ZIP Area
4,144
Density / Sq Mi
$55,378
Median Household Income
$37,039
Median Earnings
$1,197
Median Rent
$251,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - The property combines small-bay units, office space, and secured outdoor areas.
Where is this flex space located?
The property is located at 3580 66th Ave N Pinellas Park, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 8,516± SF industrial property on 0.47± acres; Approximately 7,200± SF warehouse space and 700± SF office space; 24 grade‑level overhead doors measuring 9’ x 8’
