NNN Sale Lease-Back St. Pete 1033 Dr M L King St N 10,504 SF Office Building Saint Petersburg, FL 33701 For Sale 7.50% Cap Rate

1033 Dr. Martin Luther King Jr. Street N., a premier single-tenant net lease investment located along one of St. Petersburg’s primary north-south commercial corridors. The property is offered as a sale-leaseback with a new 5-year Triple Net (NNN) lease commencing at closing, providing investors with a 7.50% Year 1 capitalization rate, 3% annual rental increases, market-rate renewal options, and personal guarantees from the operating principals.
The property consists of approximately 10,500 square feet situated on 0.447 acres and serves as the corporate headquarters for a rapidly growing technology company operating a proprietary platform connecting consumers with approximately 4,000 licensed Medicare insurance and financial professionals nationwide. The platform facilitates more than 200,000 consumer appointments annually while the company expands into the senior care referral market.
Originally acquired by the tenant because comparable lease opportunities were unavailable, the building provides exceptional long-term functionality while preserving future flexibility for investors. Constructed of concrete block with a clear-span structural system supported by steel I-beams, the property features tall ceilings, abundant perimeter windows, a shared lobby, kitchen/break area, men’s and women’s restrooms, and ample parking.
Previously configured as four separate suites, the building can be readily repositioned for multiple tenants, including medical office, professional office, retail showroom, education, flex office, or other commercial uses. The existing layout and parking configuration support future subdivision should an investor elect to reposition the asset after the initial lease term.
Located just minutes from Downtown St. Petersburg, Historic Uptown, Crescent Lake, Central Avenue, and Interstate 275, the property benefits from exceptional accessibility, strong demographics, and continued investment throughout the MLK North Corridor. The MLK Business District has become one of the city’s most active redevelopment corridors, characterized by medical office growth, boutique retail, restaurants, and mixed-use development. New monument signage provides outstanding visibility to both northbound and southbound traffic, further enhancing the property’s long-term value.
Billions of dollars have been invested throughout Downtown St. Petersburg and surrounding districts, including major mixed-use developments, residential construction, infrastructure improvements, and redevelopment initiatives that continue to drive demand for well-located commercial assets. The city’s redevelopment pipeline and investment in business districts continue to support long-term property appreciation and leasing demand. This offering combines immediate passive cash flow with contractual rent growth and significant long-term real estate upside in one of Florida’s strongest commercial real estate markets.