Multi-Tenant Office
For Sale
Contact for pricing
6827 S 1ST AVE, St Petersburg, FL 33707
Fully occupied center with medical and professional office buildouts across three buildings.
Property Size25,580 SF
Price / SF$223.81
Days on Market65
Property Features for 6827 S 1ST AVE
General Information
Standard status
Active
Size
25,580 SF
Property subtype
OFFICE
Occupancy
100%
Building Details
Buildings
3
Tenancy
Multi
Listing Agency:
RIPCO Real Estate | Tampa
(813) 320-0050
Listed By:
Ari Ravi · License #SL-3210827
(813) 921-5640
Source:
Moodyscre
Added: Jul 14
Changed: Sep 10
Last Checked: Sep 15 at 10:20AM
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 | Tampa
Investment Insights
Based on property information with market context.
This 25,580-square-foot office property comprises three buildings and is 100% occupied by nine tenants, including medical, legal, and financial services users. Medical office buildouts provide existing functional improvements for future leasing, while ownership has invested in suite renovations across the buildings since 2022. The majority of HVAC units have been replaced since 2021, and all roofs were replaced with TPO and tile systems in 2017–2018. A solar electric system is also installed.
The property is positioned on the westside of Pasadena Avenue with frontage on both 1st Avenue S and Central Avenue, providing access to each building. Three oversized pylon signs serve the center, and the combined traffic count along Pasadena Avenue, 1st Avenue S, and Central Avenue N is 47,400 AADT. Current tenants have a weighted average lease term remaining of 3.5 years, with four tenants in place for more than 10 years.
The property is positioned on the westside of Pasadena Avenue with frontage on both 1st Avenue S and Central Avenue, providing access to each building. Three oversized pylon signs serve the center, and the combined traffic count along Pasadena Avenue, 1st Avenue S, and Central Avenue N is 47,400 AADT. Current tenants have a weighted average lease term remaining of 3.5 years, with four tenants in place for more than 10 years.
Key Highlights
- 25,580‑square‑foot office property across three buildings
- 100% occupied by nine tenants, including medical and professional users
- Weighted average lease term remaining of 3.5 years
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
Healthcare Medical
$3.37M
$2.95M – $3.93M
NOI $235,929 @ 7.0% cap · market cap 4.12%
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
100%
Occupancy
Multi-tenant
Tenancy
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 building - Fully occupied center with medical and professional office buildouts across three buildings.
Where is this office building located?
The property is located at 6827 S 1ST AVE 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: 25,580‑square‑foot office property across three buildings; 100% occupied by nine tenants, including medical and professional users; Weighted average lease term remaining of 3.5 years
