Total Square Feet
±25,580
Total Acreage
±1.82 AC
Asking Price
$5,725,000
NOI
$415,060
CAP Rate
7.25%
For sale
6827 Central Avenue, St. Petersburg, FL, USA
St. Petersburg, Florida
- Medical
- Mixed Use
- Office
Key Details
Investment Highlights
- Office tenants are primarily composed of medical and professional tenants such as local law firms, physicians and neurosurgeons, and financial services
- Desirable medical office buildouts provide landlord the ability to re-tenant spaces with plug and play ability for otherwise costly improvements
- Multiple tenants have occupied the property for over a decade, including Ralph, Price, McAuliffe & Associates (since 2010), Carnovale Car Care (since 2011), and Florida E.N.T. & Allergy (since 2012)
- Practically Pikasso, in business for over 25 years, expanded its footprint at the property into a combined 6,508 SF across suites A and B
- 100% occupied by nine (9) tenants, four (4) of which have been at the location for over 10 years
- Weighted average lease term remaining of 3.5 years for the current tenants
- Below market rents with upcoming lease expirations provides potential buyers the opportunity to raise rents or backfill tenants to market rent
- The ownership has invested over $417,000 in suite renovations across three buildings since 2022, and the majority of HVAC units have been replaced since 2021, demonstrating active reinvestment and minimizing deferred maintenance exposure for an incoming buyer
- All roofs across the portfolio were replaced with new TPO and tile systems in 2017–2018 and a solar electric system was installed, further reducing near-term capital expenditure requirements and lowering operating costs
- The property is located on the westside of Pasadena Avenue with frontage on both 1st Avenue S and Central Avenue, providing ease of access to any of the buildings in the center
- Three oversized pylon signs, signage of this scale can no longer be permitted, creating a non-replicable visibility advantage
- The combined traffic count of these stretches of Pasadena Ave, 1st Avenue S, and Central Ave N is 47,400 AADT
- 11,637 population within a 1-mile radius
- $112,627 average household income within a 3-mile radius
Brokers
Request Pricing / Contact
For sale
6827 Central Avenue, St. Petersburg, FL, USA
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