Well-Maintained Office Building For
For Sale
$919,000
6967 SUNSET DRIVE S, St Petersburg, FL 33707
Three-unit office building near Publix, suitable for investment or owner-occupancy.
Property Size2,750 SF
Lot Size0.29 Acres
Price / SF$334.18
Days on Market324
Property Features for 6967 SUNSET DRIVE S
General Information
Standard status
Active
Size
2,750 SF
Lot size
0.29 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,313
Amenities
Central air
Pool
Public Pool
Sidewalk
Accessible Entrance
Accessible Hallway(s)
Carpet Flooring
Central Air Cooling
Central Heating
Electric Heating
Flood Zone
Ground Level
Laminate Flooring
Parking Spaces - 13 to 18
Shingle Roof
Building Details
Year Built
1976
Listing Agency:
ALL SAILS REAL ESTATE
(727) 823-5855
Listed By:
LUANNE WOODS
Source:
Corcoran
Added: Oct 17, 2025
Changed: Sep 4
Last Checked: Sep 4 at 6:40AM
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 ALL SAILS REAL ESTATE
Investment Insights
Based on property information with market context.
This well-maintained, "L" shaped building features three office units. The property includes four restrooms and fifteen parking spaces. Unit sizes are approximate, with one unit measuring 1450 square feet and currently leased as a dental office. The smallest unit is 490 square feet and is rented as an art studio. The inside corner unit, comprising 810 square feet, is currently owner-occupied as a real estate office. The real estate office will be vacating the property, allowing a new owner to occupy or lease the space. Located directly behind the Publix supermarket on Pasadena Avenue and Sunset Drive South, the property is also just minutes from the Gulf Beaches. According to a 1999 survey, the building has a 12-foot elevation. The roof was replaced in 2019, and the exterior has been freshly painted. Potential uses for the property include medical, dental, chiropractor, attorney, real estate, mortgage broker, appraiser, accountant, and title company, among others.
Key Highlights
- No flooding during Hurricane Helene, unlike nearly every other building in the neighborhood.
- Three‑unit building with diverse tenant potential (dental, art studio, vacant office).
- Prime location directly behind Publix on Pasadena Ave. and Sunset Dr. S., minutes from Gulf Beaches.
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
$42,697
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
4.65%
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%
$853,940
$853.9K
Cap Rate 7%
$609,957
$610.0K
Cap Rate 9%
$474,411
$474.4K
Market Conditions
NOI Build-Up for 2,750 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
$71.6K $26.04/SF
− Vacancy
−$14.7K −$5.34/SF
EGI
$56.9K $20.70/SF
− OpEx
−$14.2K −$5.18/SF
NOI
$42.7K $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%
$853,940
Cap Rate 7%
$609,957
Cap Rate 9%
$474,411
Alternative Uses
Best Use
Office B
$610.0K
$533.7K – $711.6K
NOI $42,697 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$715.3K
$625.9K – $834.5K
NOI $50,071 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
879
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Three-unit office building near Publix, suitable for investment or owner-occupancy.
Where is this office units located?
The property is located at 6967 SUNSET DRIVE S St Petersburg, FL.
What is the asking price?
The asking price for this property is $919,000.
What are key features of this property?
This property features: No flooding during Hurricane Helene, unlike nearly every other building in the neighborhood.; Three‑unit building with diverse tenant potential (dental, art studio, vacant office).; Prime location directly behind Publix on Pasadena Ave. and Sunset Dr. S., minutes from Gulf Beaches.
