Two-Story Corner Office
For Sale
Contact for pricing
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 Market66
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: Aug 21
Last Checked: Sep 4 at 5:57PM
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
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 = 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
$213,317
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
4.74%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
