Two-Story Mixed-Use
New
For Sale
$790,000
7321 1ST S, St Petersburg, FL 33707
Office and industrial improvements combine with adjoining development land and approved townhome plans.
Property Size1,825 SF
Lot Size0.17 Acres
Days on Market1
Property Features for 7321 1ST S
General Information
Standard status
Active
Size
1,825 SF
Total Parking Spaces
2
Lot size
0.17 Acres
Property subtype
Commercial
Zoning
CRT-1
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$7,220
Building Details
Building Size
1,825 SF
Year Built
1979
Buildings
1
Stories
2
Listing Agency:
RE/MAX ACTION FIRST OF FLORIDA
Listed By:
Lori Crawford · License #3036499
(727) 234-8002
Source:
Elliman
Added: Sep 4
Last Checked: Sep 4 at 2:18PM
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.
The property includes a two-story office building with four office spaces, two bathrooms, a lobby/reception area, and an industrial 2-car garage. The 1979 building also provides upstairs bonus space, indoor storage, fenced outdoor storage, and high-ceiling garage bays. It occupies a 0.17-acre lot, with the option to acquire two contiguous 0.17-acre lots for a combined 0.54 acres. All three lots are zoned CRT-1.
Approved plans call for 12 open-concept townhomes across the assembled site, requiring removal of the existing building. The proposed three-story residences include three bedrooms, two full bathrooms, two half-bathrooms, optional private elevators, rooftop terraces, kitchens, and two-car garages. The contractor/developer/sellers may remain available to construct the project. An alley runs behind the building and adjoining lots. The property is along a bike trail, one block from Sunset Park and the Treasure Island Causeway, with beaches to the west and the St. Pete Pier, restaurants, and retail to the east. WalkScore is 65, bikeScore is 97, and transitScore is 38.
Approved plans call for 12 open-concept townhomes across the assembled site, requiring removal of the existing building. The proposed three-story residences include three bedrooms, two full bathrooms, two half-bathrooms, optional private elevators, rooftop terraces, kitchens, and two-car garages. The contractor/developer/sellers may remain available to construct the project. An alley runs behind the building and adjoining lots. The property is along a bike trail, one block from Sunset Park and the Treasure Island Causeway, with beaches to the west and the St. Pete Pier, restaurants, and retail to the east. WalkScore is 65, bikeScore is 97, and transitScore is 38.
Key Highlights
- Two‑story office building with four office spaces and two bathrooms
- Industrial 2‑car garage with high‑ceiling bays and indoor storage
- Existing improvements sit on a 0.17‑acre lot
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
Mixed Use
$323.8K
$283.3K – $377.8K
NOI $22,667 @ 7.0% cap · market cap 2.87%
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
Current Use
Lease Details
4
Office units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,414
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?
Mixed-use property - Office and industrial improvements combine with adjoining development land and approved townhome plans.
Where is this mixed-use property located?
The property is located at 7321 1ST 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: Two‑story office building with four office spaces and two bathrooms; Industrial 2‑car garage with high‑ceiling bays and indoor storage; Existing improvements sit on a 0.17‑acre lot
