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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1 Asi N Way Saint Petersburg, FL 33702-2514

    • Office buildings
    • 120,734 SF
    • 13.01 lot acres
    OFF-MARKET
    Last Sale
    Jan 02, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5434360
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Sunshine Security Insurance Agency / Insurance Agency

    Property Details for 1 Asi N Way

    Year built
    2013
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    13.01 lot acres
    Property size
    120,734 SF
    Property type
    Office buildings
    APN
    24-30-16-60836-001-0020
    APU
    243016608360010020

    Description

    This exceptional 123,752-square-foot Class A office building, located at 1 ASI Way in St. Petersburg, Florida, presents a unique investment opportunity. Built in 2013 on a 13-acre campus, this three-story building boasts a prime location just one mile east of the Gandy Boulevard/Interstate 275 interchange, offering excellent accessibility and connectivity throughout the Tampa Bay MSA. The property features ample parking (4.2 spaces per 1,000 sq ft) and is currently 100% occupied, with the lease expiring December 31, 2024. Previously the headquarters for a Fortune 100 company, this "plug-and-play" space is ideal for a business seeking a modern, high-quality office environment in a thriving Sunbelt market. The building's modern architecture and design, combined with its strategic location and best-in-class amenities, make it an attractive option for both local and national companies. The property is zoned Corridor Commercial Suburban-1 and offers a single tenancy. This is a fee-simple ownership opportunity with no ground lease. The property's history of sole occupancy by a Fortune 100 company speaks to its quality and desirability. This presents a rare chance to acquire a premier corporate headquarters solution in a dynamic and growing market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $51,660,000
      Market price range: $24.3M - $51.7M
      AI Estimate
      $51,660,000
      Market price range: $24.3M - $51.7M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $35,880,000
      Current use
      RESTAURANT
      $74,120,000
      Change: +107% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $72,505,000
      Change: +102% Conversion: Easy
      AUTO REPAIR, GARAGE
      $42,135,000
      Change: +17% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $38,390,000
      Change: +7% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Saint Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.6486
    Latitude
    27.8588
    CBSA code
    45300
    CBSA name
    TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $888,677
    $0.00
    $0.00
    $44,750,000
    -
    $4,093,695
    $40,656,305
    $44,750,000

    Comparable in this City

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      32,652 SF

      9450 Koger N Blvd

      OFFICE BUILDING (MULTI-STORY) • 32,652 SF
      9450 Koger N Blvd, Saint Petersburg, FL 33702-2414
      View Details
    • Value Estimation
      $1,140,000
      3,413 SF

      7135 Dr Martin Luther King Jr N St

      PROFESSIONAL BUILDING • 3,413 SF
      7135 Dr Martin Luther King Jr N St, Saint Petersburg, FL 33702-5819
      View Details
    • Value Estimation
      $14,670,000
      73,036 SF

      888 Executive Ctr W Dr

      OFFICE BUILDING (MULTI-STORY) • 73,036 SF
      888 Executive Ctr W Dr, Saint Petersburg, FL 33702-2476
      View Details
    • Value Estimation
      $2,045,000
      9,583 SF

      2201 62nd N Ave

      PROFESSIONAL BUILDING • 9,583 SF
      2201 62nd N Ave, Saint Petersburg, FL 33702-5660
      View Details
    • Value Estimation
      $590,000
      2,248 SF

      8100 4th N St

      OFFICE BUILDING • 2,248 SF
      8100 4th N St, Saint Petersburg, FL 33702-3604
      View Details
    • Value Estimation
      $1,210,000
      2,824 SF

      7530 4th N St

      PROFESSIONAL BUILDING • 2,824 SF
      7530 4th N St, Saint Petersburg, FL 33702-5410
      View Details

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    Similar Nearby for Lease

    • $19 SF/Yr
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    1 Asi N Way
    Saint Petersburg, FL 33702-2514
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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