Two-Story Office Building with
For Sale
$790,000
7321 1st Avenue, St Petersburg, FL 33707
Two-story office building includes four office spaces and high-ceiling garage bays on a CRT-1 lot with option to add two lots.
Property Size2,812 SF
Lot Size0.17 Acres
Price / SF$280.94
Days on Market199
Property Features for 7321 1st Avenue
General Information
Standard status
Active
Size
2,812 SF
Lot size
0.17 Acres
Property subtype
Office
Zoning
CRT-1
Additional Details
Fenced Yard
Yes
Office Units
4
Taxes and HOA fees
Annual Taxes
$7,221
Amenities
3
Building Details
Year Built
1979
Stories
2
Listing Agency:
RE/MAX ACTION FIRST OF FLORIDA
(727) 777-0328
Listed By:
David Crawford · License #3422506
(727) 777-0328
Source:
Xome
Added: Jan 25
Changed: Aug 12
Last Checked: Aug 12 at 4:03AM
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 RE/MAX ACTION FIRST OF FLORIDA
Investment Insights
Based on property information with market context.
This two-story office building includes four office spaces and two bathrooms, along with a lobby/reception area. The property also features industrial elements designed for business use with trucks and/or heavy equipment, including fenced outdoor storage, indoor storage areas, and high-ceiling garage bays with a two-car industrial garage. The upstairs bonus space can support multiple venue-style uses, and an alley running behind the building and lots can accommodate a variety of uses.
The property sits on a 0.17-acre lot zoned CRT-1, with an option to purchase two contiguous lots for a total of 0.54 acres; both additional lots are cleared and graded. The offering also includes plans, renderings, and permitting to construct 12 open-concept townhomes, with approved plans for three-story, three-bedroom units requiring all three lots and demolition of the existing building.
Both vacant lots may be purchased separately under MLS #TB8470017 and TB8470032.
The property sits on a 0.17-acre lot zoned CRT-1, with an option to purchase two contiguous lots for a total of 0.54 acres; both additional lots are cleared and graded. The offering also includes plans, renderings, and permitting to construct 12 open-concept townhomes, with approved plans for three-story, three-bedroom units requiring all three lots and demolition of the existing building.
Both vacant lots may be purchased separately under MLS #TB8470017 and TB8470032.
Key Highlights
- Two‑story office building built in 1979 on a 0.17‑acre CRT‑1‑zoned lot
- Includes 4 office spaces and 2 bathrooms, with a lobby/reception area
- On‑site industrial‑style space features a 2‑car garage and high‑ceiling garage bays
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
$43,660
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
5.53%
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%
$873,200
$873.2K
Cap Rate 7%
$623,714
$623.7K
Cap Rate 9%
$485,111
$485.1K
Market Conditions
NOI Build-Up for 2,812 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
$73.2K $26.04/SF
− Vacancy
−$15.0K −$5.34/SF
EGI
$58.2K $20.70/SF
− OpEx
−$14.6K −$5.18/SF
NOI
$43.7K $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%
$873,200
Cap Rate 7%
$623,714
Cap Rate 9%
$485,111
Alternative Uses
Best Use
Office B
$623.7K
$545.8K – $727.7K
NOI $43,660 @ 7.0% cap · market cap 5.53%
Second Best
Flex RnD
$363.4K
$318.0K – $424.0K
NOI $25,441 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$731.4K
$640.0K – $853.3K
NOI $51,200 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,191
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 - Two-story office building includes four office spaces and high-ceiling garage bays on a CRT-1 lot with option to add two lots.
Where is this office building located?
The property is located at 7321 1st Avenue St Petersburg, FL.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Two‑story office building built in 1979 on a 0.17‑acre CRT‑1‑zoned lot; Includes 4 office spaces and 2 bathrooms, with a lobby/reception area; On‑site industrial‑style space features a 2‑car garage and high‑ceiling garage bays
