Two-Story Office
For Sale
$1,500,000
7024 Central Ave, St Petersburg, FL 33707
Professional workspace includes private offices, open areas, and shared support amenities.
Property Size4,960 SF
Price / SF$302.42
Days on Market14
Property Features for 7024 Central Ave
General Information
Standard status
Active
Size
4,960 SF
Class
Class B
Total Parking Spaces
16
Taxes and HOA fees
Annual Taxes
$17,429
Amenities
lobby
conference room
kitchen/breakroom
central air conditioning
wheelchair-accessible entry
Building Details
Buildings
1
Stories
2
Building Size
4,960 SF
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
LEVEROCKS REALTY
(727) 432-3483
Listed By:
Zach Lewis · License #3412732
(727) 432-3483
Source:
Exprealty
Added: Jul 28
Changed: Aug 9
Last Checked: Aug 9 at 11:04AM
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 LEVEROCKS REALTY
Investment Insights
Based on property information with market context.
7024 Central Ave is a 4,960 SF, two-level Class B office property with a mix of private rooms and open work areas. Interior features include wood floors, high ceilings, a reception lobby, conference room, kitchen/breakroom, restrooms, central air conditioning, wheelchair-accessible entry, and rear stair access to the upper-level suites.
Professional office tenants occupy much of the second floor, while the current first-floor occupant plans to relocate. This creates near-term availability for an owner-user or additional leasing opportunity, subject to applicable arrangements. The property provides 16 parking spaces, including 12 on-site spaces and four spaces behind the building across the alley.
The building is positioned on Central Avenue in St. Petersburg, near Treasure Island Beach, Pasadena, Park Street, Tyrone, established residential areas, restaurants, shops, and other professional businesses.
Professional office tenants occupy much of the second floor, while the current first-floor occupant plans to relocate. This creates near-term availability for an owner-user or additional leasing opportunity, subject to applicable arrangements. The property provides 16 parking spaces, including 12 on-site spaces and four spaces behind the building across the alley.
The building is positioned on Central Avenue in St. Petersburg, near Treasure Island Beach, Pasadena, Park Street, Tyrone, established residential areas, restaurants, shops, and other professional businesses.
Key Highlights
- 4,960 SF Class B office building with two floors
- Second‑floor professional office tenants provide in‑place occupancy
- First‑floor availability anticipated following the current occupant’s relocation
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
$77,011
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
5.13%
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%
$1,540,220
$1.5M
Cap Rate 7%
$1,100,157
$1.1M
Cap Rate 9%
$855,678
$855.7K
Market Conditions
NOI Build-Up for 4,960 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
$129.2K $26.04/SF
− Vacancy
−$26.5K −$5.34/SF
EGI
$102.7K $20.70/SF
− OpEx
−$25.7K −$5.18/SF
NOI
$77.0K $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%
$1,540,220
Cap Rate 7%
$1,100,157
Cap Rate 9%
$855,678
Alternative Uses
Best Use
Office B
$1.10M
$962.6K – $1.28M
NOI $77,011 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,309 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,035
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 - Professional workspace includes private offices, open areas, and shared support amenities.
Where is this office building located?
The property is located at 7024 Central Ave St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 4,960 SF Class B office building with two floors; Second‑floor professional office tenants provide in‑place occupancy; First‑floor availability anticipated following the current occupant’s relocation
