Listed by Marcus & Millichap
$3,697,000
CENTRAL PLAZA | Tampa MSA
Details
APN 20-31-16-48204-002-0080, 20-31-16-48204-002-0100
Property Type Retail
Square Footage 11,894
Net Rentable (SqFt) 11,894
Cap Rate 6.50%
NOI $240,322
Occupancy 100%
Tenancy Multi
Price per SqFt $311
Year Built 1972
Year Renovated 2026
Buildings 2
Acreage 0.740
Parking Spaces 63 spaces
Parking per 1,000 SqFt 5.30
Ground Lease No
Retail Strip Center | Value-Add Upside | New Roof & Facade
Marketing description
Central Plaza is a fully-occupied, two-building office property strategically positioned along Central Avenue, one of St. Petersburg's primary east-west commercial corridors, providing excellent visibility, steady daily traffic, and strong long-term demand from both tenants and investors. Located just minutes from Downtown St. Petersburg, the property offers convenient access to major employers, the waterfront, cultural attractions, museums, restaurants, entertainment venues, and the city's vibrant nightlife. The property is surrounded by a diverse mix of local restaurants, boutique retailers, service-oriented businesses, and neighborhood destinations, supporting a wide range of leasing, repositioning, and adaptive-reuse opportunities.
Investment highlights
- 6527 Central Avenue (Building One) received a new roof in 2022, providing long-term durability and the added benefit of a transferable warranty.
- 6501 Central Avenue (Building Two) also features a recently replaced roof, offering improved protection and reduced near-term capital requirements.
- Both buildings received updated façades in 2026, enhancing the properties' overall appearance, curb appeal, and marketability.
- This property took ZERO damage during the hurricanes. No flooding and no wind damage.
- With close proximity to Treasure Island and the beaches, leasing activity / demand has picked up tremendously from tenants that had to move their business over the bridge away from the beach.
- Strategically positioned along Central Avenue, one of St. Petersburg's primary east-west commercial corridors, providing excellent visibility, steady daily traffic, and strong long-term demand from both tenants and investors.
- Located just minutes from Downtown St. Petersburg, offering convenient access to major employers, the waterfront, cultural attractions, museums, restaurants, entertainment venues, and the city's vibrant nightlife.
- Surrounded by a diverse mix of local restaurants, boutique retailers, service-oriented businesses, and neighborhood destinations, supporting a wide range of leasing, repositioning, and adaptive-reuse opportunities.
- Central Avenue continues to attract significant investor interest due to consistent tenant absorption, improving tenant quality, limited infill availability, and St. Petersburg's favorable long-term market fundamentals.
Listing Contacts
Listed by Marcus & Millichap
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$240,322.00
$20,026.83/mo
Valuation Metrics
0
DSCR
6.5%
Cap Rate
6.5%
ROI
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Name
License
Title
Name
License
Brokerage
Brokerage Phone
Title
Is there information that looks off?
