695 CENTRAL AVE St Petersburg FL 33701-3669

RIPCO Real Estate is pleased to offer for sale 695 Central Avenue, a new construction, two-story, three-unit retail/mixed-use building on the northeast corner of Central Avenue and 7th Street N in the heart of downtown St. Petersburg. The property contains 3 units ranging in size from 2,574 SF to 8,000 SF. All three units are leased to Melting Pot, Southern Grounds, and Image Studios. Central Avenue, the primary East-West corridor in Downtown St. Petersburg, serves as a dynamic business hub featuring a mix of independent boutiques, innovative startups, and established enterprises, making it a key driver of the city’s economic growth. Within 3 miles of 695 Central Avenue, there is a population of 101,137 and an average household income of $113,247.

The asset would be an attractive investment opportunity for investors looking for the rare opportunity to acquire a stabilized retail/mixed-use building with long term leases in a trophy location in the heart of downtown St. Petersburg, one of the most desirable submarkets in West and Central Florida.

• Strong National & Successful Local Tenants:-
• The Melting Pot is a chain of franchised fondue restaurants in the United States and Canada. The company was founded in Maitland, FL in 1975 and is headquartered in Tampa, FL. The fondue franchise has grown to over 96 locations as of 2024. This location will serve as their flagship store for their new restaurant format
• IMAGE Studios is a franchise chain of luxury salon suites for health, wellness, and beauty professionals. In the 15 years since its inception, IMAGE Studios has grown to 119 locations across the nation
• Southern Grounds Coffee is a Jacksonville based coffee shop with 5 total locations. This store is their first in West Florida. They are currently looking to expand in most states in the Southeast
• Stable Cash Flow With Minimal Landlord Responsibilities / Possible User Investment Opportunity:-
• All three units are fully leased
• All of the current tenants have new 10-year NNN leases,, all featuring two 5-year renewal options
• Each lease has 10% increases every 5 years through the original term and option periods
• Strategic Location:-
• The property is in the heart of downtown St. Petersburg, a highly desirable location with opportunities rarely becoming available to investors
• The property is located within a block of a new Publix Supermarket, the new high-end Hermitage Apartment Homes building, the new high-end Camden Central Apartments, 930 Central Flats, and just west of the new Big Apple Project
• Downtown St. Petersburg has an extremely strong walk score (98) and bike score (97) providing additional foot traffic from surrounding residents
• Strong Demographics:-
• 101,137 population within a 3-mile radius
• $113,247 average household income within a 3-mile radius
• 221,781 daytime population within a 5-mile radius