Two-Story Corner Office
For Sale
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721 1st Avenue North, St Petersburg, FL 33701
Two-story office building with reception, conference rooms, private offices, and employee break areas in a highly visible downtown corner setting.
Property Size13,739 SF
Price / SF$327.53
Days on Market112
Property Features for 721 1st Avenue North
General Information
Standard status
Active
Size
13,739 SF
Class
B
Total Parking Spaces
13
Property subtype
Office
Zoning
DC-1
Building Details
Year Built
1920
Year Renovated
1938
Stories
2
Listing Agency:
Vector Commercial Real Estate
Listed By:
Mike Heretick · License #FL 3221420
Source:
Crexi
Added: Jul 2
Changed: Oct 16
Last Checked: Oct 20 at 6:24PM
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 Vector Commercial Real Estate
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Investment Insights
Based on property information with market context.
721 1st Avenue North is a distinguished two-story office building constructed in 1920 and 1938, totaling approximately 13,739 square feet. The interior is designed for day-to-day office operations, with a reception area, multiple conference rooms, private offices, and employee break areas.
Located on the prominent corner of 1st Avenue North and 8th Street North in Downtown St. Petersburg, the property is positioned for visibility and is within walking distance of downtown restaurants, retail, hotels, and cultural attractions. The building is zoned DC-1 (Downtown Center-1), offering flexibility for office, retail, residential, hospitality, and mixed-use uses.
Located on the prominent corner of 1st Avenue North and 8th Street North in Downtown St. Petersburg, the property is positioned for visibility and is within walking distance of downtown restaurants, retail, hotels, and cultural attractions. The building is zoned DC-1 (Downtown Center-1), offering flexibility for office, retail, residential, hospitality, and mixed-use uses.
Key Highlights
- Two‑story office building built in 1920 and 1938, offering approximately 13,739 SF of space
- Downtown St. Petersburg corner location at 1st Avenue North and 8th Street North
- Interior includes reception area, multiple conference rooms, private offices, and employee break areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$213,317
Cap Rate
4.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,266,340
$4.3M
Cap Rate 7%
$3,047,386
$3.0M
Cap Rate 9%
$2,370,189
$2.4M
Market Conditions
NOI Build-Up for 13,739 SF
Gross rent
$357.8K $26.04/SF
− Vacancy
−$73.3K −$5.34/SF
EGI
$284.4K $20.70/SF
− OpEx
−$71.1K −$5.18/SF
NOI
$213.3K $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 Rate 5%
$4,266,340
Cap Rate 7%
$3,047,386
Cap Rate 9%
$2,370,189
Alternative Uses
Best Use
Office B
$3.05M
$2.67M – $3.56M
NOI $213,317 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.57M
$3.13M – $4.17M
NOI $250,154 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with reception, conference rooms, private offices, and employee break areas in a highly visible downtown corner setting.
Where is this office building located?
The property is located at 721 1st Avenue North St Petersburg, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Two‑story office building built in 1920 and 1938, offering approximately 13,739 SF of space; Downtown St. Petersburg corner location at 1st Avenue North and 8th Street North; Interior includes reception area, multiple conference rooms, private offices, and employee break areas
