6827-6850 Central Avenue, St. Petersburg, FL
±25,580 SF Retail/Auto/Medical Property with Upside in Rents
Marketing description
RIPCO Real Estate is pleased to offer for sale 6827- 6850 Central Avenue, a four-building commercial collection totaling ±25,580 SF situated on the northwest corner of the signalized intersection of Pasadena Avenue and 1st Avenue South, with additional frontage on Central Avenue, in St. Petersburg, Florida. The portfolio is composed of two single-tenant buildings and two multi-tenant buildings. The single-tenant buildings are occupied by Carnovale Car Care, a well-regarded independent auto repair facility serving domestic and European vehicles that has operated at this location since 2011, and Practically Pikasso, a family-owned creative arts studio in business since 1999. The two multi-tenant buildings are primarily comprised of professional and medical office tenancies, including a CPA firm, financial services, home care providers, and a neurosurgery practice. The property offers multi-street frontage and signalized access across three arterials with a combined AADT of 47,400.
The property is located along Central Avenue, one of St. Petersburg's most established east-west commercial corridors, and benefits from proximity to the SunRunner Bus Rapid Transit line, St. Petersburg's first BRT service. Within a 3-mile radius, there is a population of 89,101 and an average household income of $112,627. This collection represents an attractive investment opportunity for investors seeking a multi-building commercial portfolio with significant arterial frontage, diversified tenancy, and hard-corner positioning in the largest city in Pinellas County, the most densely populated county in the state of Florida.
Investment highlights
DESIRABLE TENANT MIX | E-COMMERCE-RESILIENT
- 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
STABLE CASH FLOW | VALUE-ADD OPPORTUNITY
- 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 since2021, 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-termcapital expenditure requirements and lowering operating costs
STRATEGIC HIGH-VISIBILITY LOCATION | SUPPLY-CONSTRAINED INFILL MARKET
- 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 thebuildings 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
- The center is located in St. Petersburg, FL, the largest city in Pinellas County. Pinellas County is the most densely populated county in the state of Florida
- 1.5 miles from HCA Florida Pasadena, a 307-bed hospital with over 350 physicians and 700 employees
- The SunRunner BRT, Tampa Bay’s first Bus Rapid Transit service, operates along this corridor with 15-minute frequency, enhancing accessibility andsupporting property values
STRONG DEMOGRAPHICS
- 11,637 population within a 1-mile radius
- 89,101 population within a 3-mile radius
- $112,627 average household income within a 3-mile radius
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