Office Building with Development
For Sale
$790,000
Pending
7321 1ST AVENUE S, St Petersburg, FL 33707
Two-story office building with development opportunity in St. Petersburg.
Property Size1,825 SF
Lot Size0.17 Acres
Days on Market195
Property Features for 7321 1ST AVENUE S
General Information
Standard status
Pending
Size
1,825 SF
Lot size
0.17 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,221
Amenities
Pool
Public Pool
Sidewalk
Carpet Flooring
Central Heating
Electric Heating
Landscaped
Parking Spaces - 1 to 5
Paved
Tile Flooring
Vinyl Flooring
Building Details
Year Built
1979
Listing Agency:
RE/MAX ACTION FIRST OF FLORIDA
(727) 466-0800
Listed By:
DAVID CRAWFORD · License #3422506
Source:
Corcoran
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 property features a two-story office building with an industrial 2-car garage situated on a 0.17-acre lot. There is an option to purchase two contiguous lots, each 0.17 acres in size, for a total of 0.54 acres, all zoned CRT-1. The existing building is suitable for companies with trucks or heavy equipment, such as HVAC, plumbing, or general contracting firms, and offers office space, fenced outdoor storage, indoor storage areas, and high-ceiling garage bays. The building includes four office spaces, two bathrooms, and a lobby/reception area. The upstairs bonus space can support a multitude of venue purposes. The alley running behind the building can accommodate a variety of uses. Approved plans are available for three-story, three-bedroom townhomes with two full baths and two half baths, optional private elevators, rooftop terraces, gourmet kitchens, and two-car garages, which would require all three lots and demolition of the existing building. The two contiguous lots are cleared and graded. This parcel is located one block from Sunset Park and the Treasure Island Causeway, and is situated along a bike trail. It is also located minutes from the St. Pete Pier, restaurants, and retail. The property size is 1825 square feet.
Key Highlights
- Turnkey investor opportunity with approved plans, renderings, and permitting for 12 open‑concept townhomes.
- Option to purchase two contiguous lots (0.17 acres each) for a total of 0.54 acres, zoned CRT‑1.
- Existing two‑story office building with industrial 2‑car garage suitable for companies with trucks/heavy equipment.
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
$28,336
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
3.59%
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%
$566,720
$566.7K
Cap Rate 7%
$404,800
$404.8K
Cap Rate 9%
$314,844
$314.8K
Market Conditions
NOI Build-Up for 1,825 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
$47.5K $26.04/SF
− Vacancy
−$9.7K −$5.34/SF
EGI
$37.8K $20.70/SF
− OpEx
−$9.4K −$5.18/SF
NOI
$28.3K $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%
$566,720
Cap Rate 7%
$404,800
Cap Rate 9%
$314,844
Alternative Uses
Best Use
Office B
$404.8K
$354.2K – $472.3K
NOI $28,336 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$474.7K
$415.4K – $553.8K
NOI $33,229 @ 7.0% cap · market cap 4.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,509
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 with development opportunity in St. Petersburg.
Where is this office building located?
The property is located at 7321 1ST AVENUE S 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: Turnkey investor opportunity with approved plans, renderings, and permitting for 12 open‑concept townhomes.; Option to purchase two contiguous lots (0.17 acres each) for a total of 0.54 acres, zoned CRT‑1.; Existing two‑story office building with industrial 2‑car garage suitable for companies with trucks/heavy equipment.
