1401 5th Ave N
Saint Petersburg, FL 33705

$8,162 USD/MO

Office For Lease • 6,996 SF

Property Details

Property Type Office
Year Built 1977
Total Building Size 13,623 SF
Tenancy Multiple
Building Class B
Zoning CG

45 Transit Score

68 Walk Score

1 Space Available

Name

Space Use

Size

Rent

Details

1st Floor Ste

Office

6,996 SF

$14.00 USD/SF/YR

THIS AMAZING DEVELOPMENT OPPORTUNITY CONSISTS OF ALL PROPERTY AND BUILDINGS ON 14TH ST. IN DOWNTOWN STAINT PETERSBURG, FL, FROM 5TH AVE N TO 7TH AVE N. THE PROPERTY HAS 18 MULITFAMILY UNITS AND A LARGE 13,000 S/F OFFICE BUILDING! THE SITE IS RIPE FOR REDEVELOPMENT AS NEW ZONING WAS APPROVED IN 2024. THE NEW ZONING WILL ALLOW THE BUYER TO BUILD AT LEAST 6065 UNITS AND POTENTIALLY AS MANY AS 106 MULTIFAMILY UNITS IN DOWNTOWN ST. PETERSBURG! (SELLER FINANCING IS AVAILABLE, SEE P. 5 FOR DETAILS)

BOTH THE OFFICE BUILDING AND THE MULTIFAMILY UNITS ARE IN GOOD CONDITION, ALLOWING A BUYER TO COME IN AND NOT SPEND ADDITIONAL MONEY ON THESE UNITS BEOFRE FURUTRE REDEVELOPMENT. ALL UNITS ARE OCCUPIED AND THE PROPERTY PRODUCES FANTASTIC CASH FLOW! THE INCREDIBLE OPPORTUNITY SITS RIGHT IN THE HEART OF DOWNTOWN, DIRECTLY NEXT TO ST. ANTHONYS HOSPITAL, ONE OF THE TOP HOSPITALS IN THE STATE AND CURRENTLY PLANNING A $158 MILLION DOLLAR EXPANSION PLAN!

CURRENTLY, THE PROPERTY IS FULLY OCCUPIED WITH BELOW-MARKET RENTAL RATES GIVING THE BUYER MASSIVE UPSIDE TO RAISE RENTS IN ONE OF THE MOST DESIRABLE AREAS IN FLORIDA! THE OWNERS ARE CURRENTLY IN NEGOTIATIONS ON A LONGTERM LEASE FOR THE OFFICE BUILDING, WHICH WOULD ONLY FURTHER ENHANCE THE CURRENT INCOME AT THE PROPERTY. WITH THE REZONING ALREADY COMPLETED, A BUYER CAN COME IN AND CASH FLOW, THE OFFICE BUILDING, AND THE MULTIFAMILY UNITS, UNTIL THEY ARE READY TO REDEVELOP THE SITE.

THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF 7%, AND WITH A MASSIVE GAP IN THE CURRENT RENTAL RATES COMPARED TO THE MARKET RATES, A BUYER CAN EASILY INCREASE THIS TO ALMOST AN 8% CAP RATE BY 2025. THIS UNIQUE OPPORTUNITY TO PURCHASE AN ENTIRE BLOCK IN DOWNTOWN ST. PETE FOR A FUTURE DEVELOPMENT, WHILE STILL MAKING 7%+ RETURN IN THE SHORT TERM IS IMPOSSIBLE TO FIND ANYWHERE ELSE.

Date available: Now
Lease term: 5 - 20 Years
Service type: Triple Net
Built out as: Professional Services
Space Type: Relet

Description

DOWNTOWN ST. PETERSBURG OFFICE BUILDING FOR LEASE! PERFECT FOR OFFICE/MEDICAL/RETAIL USE!
13,623 S/F M.O.L 14$ P/S

BEAUTIFUL TWO-STORY OFFICE BUILDING IN THE HEART OF HISTORIC UPTOWN IN DOWNTOWN ST. PETERSBURG. THE BUILDING HAS OVER 13,000 S/F AVAILABLE FOR RENT, WITH BUILD-OUT AVAILABLE TO ANY NEW TENANTS. THE PROPERTY SITS IN AN AMAZING LOCATION DIRECTLY NEXT TO ST ANTHONY'S HOSPITAL, THE #1 HOSPITAL IN ST PETERSBURG, AND IS LISTED IN THE TOP FEW HOSPITALS IN THE STATE. ST ANTHONY'S CONTINUES TO GROW AND IS COMPLETING A $158 MILLION EXPANSION.

THE PROPERTY SITS DIRECTLY IN THE MIDDLE OF THE LARGE MEDICAL CORRIDOR OF DOWNTOWN ST. PETE. THIS AMAZING SITE, HAS TWO FLOORS WITH OVER 6,900 SF OF RENTABLE SPACE ON EACH LEVEL. THE PROPERTY HAS AN UPDATED ROOF AS WELL AS PLUMBING AND HVAC UPDATES IN THE PAST 5 YEARS. THE BUILDING HAS OVER 40 PARKING SPACES IN THE FRONT PARKING LOT AND A GATED LOT IN THE REAR WITH PYLON SIGNAGE FACING 5TH AVE N. THE PROPERTIES ENTRANCE IS LESS THAN A MILE FROM INTERSTATE I-275 CONNECTING ST. PETERSBURG WITH TAMPA, FL!

THE PROPERTY IS PERFECT FOR OFFICE, RETAIL OR MEDICAL USE AS IT CONTAINS OVER 20 OFFICE SUITES, LARGE CORRIDORS, AND AMPLE SPACE FOR CONFERENCE ROOMS. THE OWNER IS WILLING TO ALLOW FOR BUILDOUT FOR ANY USE. THE SPACE CAN BE DIVIDED BY 1ST AND 2ND FLOOR. LEASE TERMS ARE AS FOLLOWS: 13,623 RENTABLE SF, 14$ P/S/F, PURE NNN LEASE, 5-20 YEAR TERM, BUILDOUT INCLUDED, TENANT IS RESPONSIBLE FOR ALL EXPENSES AT THE PROPERTY.

                
                    Highlights
                
                                13,629 OF AVAILABLE SPACE IN DOWNTOWN ST. PETE!
                            
                                $14 SF/YR BUILDOUT AVAILABLE!
                            
                                OVER 40 PARKING SPACES AND SIGNAGE FACING 5TH AVE N! 
                            
                                PURE NNN LEASE, 5-20 YEAR TERM!
                            
                                Only 30 feet from St. Anthony’s Hospital
                            
                                Only 15 minutes to Tampa and Airport