Fully Occupied Two-Building Office
For Sale
Contact for pricing
6501-6539 Central Ave, St Petersburg, FL 33710
Central Avenue office property near Downtown St. Petersburg, surrounded by restaurants, retailers, service businesses, and neighborhood destinations.
Property Size11,894 SF
Price / SF$310.83
Days on Market54
Property Features for 6501-6539 Central Ave
General Information
Standard status
Active
Size
11,894 SF
Total Parking Spaces
63
Property subtype
Retail
Occupancy
100%
Net Operating Income
$240,322
Building Details
Year Built
1972
Year Renovated
2026
Buildings
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap
Listed By:
Reid Thedford · License #FL SL3442474
(813) 387-4726
Source:
Crexi
Added: Jul 27
Changed: Sep 10
Last Checked: Sep 18 at 6:36AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Central Plaza consists of two office buildings totaling 11,894 square feet. The property is fully occupied and was built in 1972, providing an established office asset along Central Avenue.
The site is positioned on a primary east-west commercial corridor in St. Petersburg, with convenient access to Downtown St. Petersburg. The surrounding area includes local restaurants, boutique retailers, service-oriented businesses, and neighborhood destinations. Waterfront attractions, museums, entertainment venues, restaurants, and nightlife are also located nearby.
The site is positioned on a primary east-west commercial corridor in St. Petersburg, with convenient access to Downtown St. Petersburg. The surrounding area includes local restaurants, boutique retailers, service-oriented businesses, and neighborhood destinations. Waterfront attractions, museums, entertainment venues, restaurants, and nightlife are also located nearby.
Key Highlights
- 11,894‑square‑foot office property comprising two buildings
- Fully occupied office asset
- Built in 1972
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
$184,670
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
5.00%
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%
$3,693,400
$3.7M
Cap Rate 7%
$2,638,143
$2.6M
Cap Rate 9%
$2,051,889
$2.1M
Market Conditions
NOI Build-Up for 11,894 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
$309.7K $26.04/SF
− Vacancy
−$63.5K −$5.34/SF
EGI
$246.2K $20.70/SF
− OpEx
−$61.6K −$5.18/SF
NOI
$184.7K $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%
$3,693,400
Cap Rate 7%
$2,638,143
Cap Rate 9%
$2,051,889
Alternative Uses
Best Use
Office B
$2.64M
$2.31M – $3.08M
NOI $184,670 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,561 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,154
Businesses Nearby
Explore this area
Business Placement
Demographics for 33710, FL
33,172
Population
16,767
Households
2
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
4,147
Density / Sq Mi
$76,908
Median Household Income
$46,520
Median Earnings
$1,577
Median Rent
$312,500
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?
Office building - Central Avenue office property near Downtown St. Petersburg, surrounded by restaurants, retailers, service businesses, and neighborhood destinations.
Where is this office building located?
The property is located at 6501-6539 Central Ave St Petersburg, FL.
What is the asking price?
The asking price for this property is $3,697,000.
What are key features of this property?
This property features: 11,894‑square‑foot office property comprising two buildings; Fully occupied office asset; Built in 1972
