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    1121 Beach Dr NE St Petersburg, FL 33701

    View on Map
    Sponsored
    Pending
    $1,499,000

    Multi-Family 5+ - ST PETERSBURG, FL

    Property size:
    3,078 SF
    Lot size:
    0.25 Acres
    Days on Market:
    15
    Last Refresh:
    Mar 25 at 5:06 am

    Property Features for 1121 Beach Dr NE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    APN
    17-31-17-03435-006-0020
    Exterior features
    Paved
    Appliances
    Dryer, Refrigerator
    Size
    3,078 SF
    Lot size
    0.25 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air, Ductless, Multi Units

    Building Details

    Year built
    1953
    Flooring type
    Laminate, Tile
    Building materials
    Block
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Julie Jones
    Julie Jones

    Smith & Associates Real Estate

    Listing agent Julie Jones License #3189249

    Listing date Mar 11, 2026

    MLS# TB8473451 Listing URL

    Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    St. Petersburg Multifamily Investment Opportunity

    Located in the Old Northeast neighborhood, this five-unit apartment complex presents an investment opportunity. The property is situated on an oversized 0.25-acre lot (79' x 160'), near North Shore waterfront park and six blocks from downtown St. Petersburg. The complex features one 2-bedroom, 2-bath unit (approximately 1,000 sq ft) with central AC and four 1-bedroom, 1-bath units (approximately 500 sq ft) with newer mini-split systems. The 2-bedroom unit offers access to the rear patio. Constructed in 1953, the two-story building features solid block construction with a stucco exterior. The property includes 3,078 rentable square feet. Each unit has its original kitchen with stainless steel appliances, mid-century tile bathrooms, and several units feature polished terrazzo flooring. Off-street parking is available for each unit, along with four covered carport spaces and a one-car garage for storage or tenant use, plus on-site laundry. Each unit is separately metered for electric. The roof was replaced in 2016. The property is zoned RM-15, which does not permit vacation rentals. The owner has active rental licenses with the City of St. Petersburg.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    St Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.627152
    Latitude
    27.783665

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    FAQs

    What type of property is this?
    Apartment building - Five-unit apartment complex in desirable Old Northeast location.
    Where is this apartment building located?
    The property is located at 1121 Beach Dr NE St Petersburg, FL.
    What is the asking price?
    The asking price for this property is $1,499,000.
    What are key features of this property?
    This property features: - Prime Old Northeast location: Steps from North Shore waterfront park and 6 blocks from downtown St. Pete, offering exceptional walkability.; - Strong Income Potential: Five-unit apartment complex with a mix of 2-bedroom and 1-bedroom units, all currently rentable.; - Desirable Features: Includes a 2-bedroom owner's unit with central AC and access to a rear patio, plus four 1-bedroom units with newer mini-splits.
    (727) 452-8663
    Request Owner's contact information
    1121 Beach Dr NE St Petersburg, FL 33701
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    St Petersburg, FL 33701
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1121 Beach Dr NE St Petersburg, FL 33701
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    Listing Contact
    Julie Jones
    Julie Jones
    Real Estate License ID: 3189249
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