Multi-Building Office
For Sale
Contact for pricing
6827-6850 Central Avenue, St Petersburg, FL 33707
Four-building commercial collection with professional, medical, automotive, and creative-service occupants.
Property Size25,580 SF
Price / SF$223.81
Days on Market56
Property Features for 6827-6850 Central Avenue
General Information
Standard status
Active
Size
25,580 SF
Total Parking Spaces
87
Property subtype
Office, Retail
Zoning
Corridor Commercial Suburban-1, City of St. Petersburg
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$415,060
Site & Location
Corner Location
Yes
Traffic Count
47,400 vehicles/day
Road Access
Yes
Public Transit
Yes
Building Details
Year Built
1948
Year Renovated
2024
Buildings
4
Tenancy
Multi
Listing Agency:
Ripco Real Estate
(727) 452-6864
Listed By:
Ari Ravi · License #SL- 3210827
Source:
Crexi
Added: Jul 7
Changed: Aug 30
Last Checked: Aug 30 at 9:52PM
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 Ripco Real Estate
Investment Insights
Based on property information with market context.
This four-building commercial collection at 6827-6850 Central Avenue in St. Petersburg contains approximately 25,580 SF and was built in 1948. The property includes two single-tenant buildings and two multi-tenant buildings, with professional and medical office users alongside an automotive service facility and a creative arts studio. Existing occupants include Carnovale Car Care, Practically Pikasso, a CPA firm, financial services providers, home care providers, and a neurosurgery practice.
The property occupies the northwest corner of the signalized intersection of Pasadena Avenue and 1st Avenue South, with additional frontage along Central Avenue. Signalized access extends across three arterials with a combined AADT of 47,400. The site is within the Central Avenue commercial corridor and near the SunRunner Bus Rapid Transit line. Zoning is Corridor Commercial Suburban-1, City of St. Petersburg.
The property occupies the northwest corner of the signalized intersection of Pasadena Avenue and 1st Avenue South, with additional frontage along Central Avenue. Signalized access extends across three arterials with a combined AADT of 47,400. The site is within the Central Avenue commercial corridor and near the SunRunner Bus Rapid Transit line. Zoning is Corridor Commercial Suburban-1, City of St. Petersburg.
Key Highlights
- Four‑building collection totaling ±25,580 SF
- Two single‑tenant buildings and two multi‑tenant buildings
- Professional and medical office occupancy includes a CPA firm and neurosurgery practice
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
$397,164
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
6.94%
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%
$7,943,280
$7.9M
Cap Rate 7%
$5,673,771
$5.7M
Cap Rate 9%
$4,412,933
$4.4M
Market Conditions
NOI Build-Up for 25,580 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
$666.1K $26.04/SF
− Vacancy
−$136.6K −$5.34/SF
EGI
$529.6K $20.70/SF
− OpEx
−$132.4K −$5.18/SF
NOI
$397.2K $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%
$7,943,280
Cap Rate 7%
$5,673,771
Cap Rate 9%
$4,412,933
Alternative Uses
Best Use
Office B
$5.67M
$4.96M – $6.62M
NOI $397,164 @ 7.0% cap · market cap 6.94%
Second Best
Retail
$3.59M
$3.14M – $4.19M
NOI $251,132 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$6.65M
$5.82M – $7.76M
NOI $465,749 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
47,400 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
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 units - Four-building commercial collection with professional, medical, automotive, and creative-service occupants.
Where is this office units located?
The property is located at 6827-6850 Central Avenue St Petersburg, FL.
What is the asking price?
The asking price for this property is $5,725,000.
What are key features of this property?
This property features: Four‑building collection totaling ±25,580 SF; Two single‑tenant buildings and two multi‑tenant buildings; Professional and medical office occupancy includes a CPA firm and neurosurgery practice
