Multi-Tenant Flex
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For Sale
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4643 73rd Avenue North, Pinellas Park, FL 33781
Adjoining warehouse and office improvements offer flexible layouts, month-to-month occupancy, and municipal water and sewer service.
Property Size11,550 SF
Lot Size0.53 Acres
Price / SF$160.17
Days on Market6
Property Features for 4643 73rd Avenue North
General Information
Standard status
Active
Size
11,550 SF
Class
C
Lot size
0.53 Acres
Property subtype
Retail, Office, Industrial
Zoning
B-1
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$30,485
Financials
Asking Price
$1,250,000
Gross Income
$49,800
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
9 ft
Warehouse Space
8,750 SF
Dock-High Doors
1
Three-Phase Power
Yes
Building Details
Year Built
1960
Buildings
2
Units
8
Tenancy
Multi
Listing Agency:
Bridgewater Commercial Real Estate
(813) 995-1592
Listed By:
Jack Wynne · License #BK3604106
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 6:09AM
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 Bridgewater Commercial Real Estate
Investment Insights
Based on property information with market context.
This flex-space offering combines adjoining warehouse and office improvements totaling 11,550 square feet on 0.79 acres. The warehouse component includes 3,750-square-foot and 5,000-square-foot buildings constructed in 1960 and 1973, respectively, with nine-foot clear heights. Features include loading ramps, overhead doors, a van-high dock, 220-volt single-phase power, and select 3-phase service. The office/flex building was constructed in 1982 and includes 2,800 square feet, 12 parking spaces, and four rear roll-up garage doors, some enclosed by tenants.
Located one block south of Park Boulevard in Pinellas Park, the properties are within a five-minute drive of I-275 and US 19. B-1 zoning supports a broad range of uses, including contractor offices and shops, indoor storage, light repair, mixed-use development, and selected manufacturing or service operations. The improvements connect to municipal water and sewer. The warehouse has three tenants occupying 4,800 square feet, while the office building is fully leased to three tenants; all tenancies are month-to-month.
Located one block south of Park Boulevard in Pinellas Park, the properties are within a five-minute drive of I-275 and US 19. B-1 zoning supports a broad range of uses, including contractor offices and shops, indoor storage, light repair, mixed-use development, and selected manufacturing or service operations. The improvements connect to municipal water and sewer. The warehouse has three tenants occupying 4,800 square feet, while the office building is fully leased to three tenants; all tenancies are month-to-month.
Key Highlights
- 11,550 square feet across adjoining warehouse and office/flex improvements on 0.79 acres
- B‑1 zoning supports contractor offices and shops, indoor storage, light repair, and other listed commercial uses
- Warehouse buildings measure 3,750 SF and 5,000 SF, with nine‑foot clear ceiling heights
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
$104,494
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
5.65%
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%
$2,089,880
$2.1M
Cap Rate 7%
$1,492,771
$1.5M
Cap Rate 9%
$1,161,044
$1.2M
Market Conditions
NOI Build-Up for 11,550 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
$170.5K $14.76/SF
− Vacancy
−$9.7K −$0.84/SF
EGI
$160.8K $13.92/SF
− OpEx
−$56.3K −$4.87/SF
NOI
$104.5K $9.05/SF
Area
Pinellas County, FL
Vacancy
5.70%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
35.00%
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%
$2,089,880
Cap Rate 7%
$1,492,771
Cap Rate 9%
$1,161,044
Alternative Uses
Best Use
Office B
$2.56M
$2.24M – $2.99M
NOI $179,329 @ 7.0% cap · market cap 9.69%
Second Best
Flex RnD
$1.49M
$1.31M – $1.74M
NOI $104,494 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$3.00M
$2.63M – $3.50M
NOI $210,297 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
1
Dock-high doors
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,564
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adjoining warehouse and office improvements offer flexible layouts, month-to-month occupancy, and municipal water and sewer service.
Where is this flex space located?
The property is located at 4643 73rd Avenue North Pinellas Park, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 11,550 square feet across adjoining warehouse and office/flex improvements on 0.79 acres; B‑1 zoning supports contractor offices and shops, indoor storage, light repair, and other listed commercial uses; Warehouse buildings measure 3,750 SF and 5,000 SF, with nine‑foot clear ceiling heights
