Two-Unit Office
For Sale
Under Contract
$1,200,000
3632 CENTRAL Avenue, St Petersburg, FL 33711
Commercial Sale, ST PETERSBURG, FL
Property Size3,112 SF
Lot Size0.18 Acres
Price / SF$385.60
Days on Market50
Property Features for 3632 CENTRAL Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
WEST CENTRAL AVE SUB
Lot features
Central Business District
Directions
34th street to west on Central. property down on the left.
Standard status
Active Under Contract
APN
22-31-16-96192-003-0050
Size
3,112 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST CENTRAL AVE SUB BLK C, LOTS 5 AND 6
Tax Annual Amount
8626
Legal Description
WEST CENTRAL AVE SUB BLK C, LOTS 5 AND 6
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1965
Floors in Building
1
Flooring type
Tile - Ceramic, Carpet
Building materials
Block
Listing Agency:
LPT REALTY, LLC
(877) 366-2213
Listed By:
Carl Gresen · License #BK3208512
(727) 424-6330
Added: Aug 8
Changed: Sep 11
Last Checked: Sep 26 at 6:06PM
MLS# TB8537152
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,112-square-foot office property contains two separate office spaces, each measuring more than 1,500 square feet. The building was constructed in 1965 with block construction and includes ceramic tile and carpet flooring, central heating, and central air conditioning. A 0.18-acre site provides 12 parking spaces.
Located at 3632 CENTRAL Avenue in St. Petersburg, the property is configured for continued office use, with each side offering a distinct workspace. The two-suite layout can accommodate an owner using one or both areas or an owner seeking separate rental spaces, as supported by the existing configuration.
Located at 3632 CENTRAL Avenue in St. Petersburg, the property is configured for continued office use, with each side offering a distinct workspace. The two-suite layout can accommodate an owner using one or both areas or an owner seeking separate rental spaces, as supported by the existing configuration.
Key Highlights
- 3,112‑square‑foot office property with two separate office spaces
- Each office space measures more than 1,500 square feet
- 12 parking spaces on a 0.18‑acre site
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
$48,318
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
4.03%
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%
$966,360
$966.4K
Cap Rate 7%
$690,257
$690.3K
Cap Rate 9%
$536,867
$536.9K
Market Conditions
NOI Build-Up for 3,112 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
$81.0K $26.04/SF
− Vacancy
−$16.6K −$5.34/SF
EGI
$64.4K $20.70/SF
− OpEx
−$16.1K −$5.18/SF
NOI
$48.3K $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%
$966,360
Cap Rate 7%
$690,257
Cap Rate 9%
$536,867
Alternative Uses
Best Use
Office B
$690.3K
$604.0K – $805.3K
NOI $48,318 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$809.5K
$708.3K – $944.4K
NOI $56,662 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,754
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Two separate office suites support owner occupancy or rental use with dedicated parking.
Where is this office units located?
The property is located at 3632 CENTRAL Avenue St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3,112‑square‑foot office property with two separate office spaces; Each office space measures more than 1,500 square feet; 12 parking spaces on a 0.18‑acre site
