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    1233 Oak St NE St Petersburg, FL 33701

    View on Map
    Sponsored
    Pending
    $1,499,990

    Multi-Family 5+ - ST PETERSBURG, FL

    Property size:
    4,938 SF
    Lot size:
    0.10 Acres
    Days on Market:
    33
    Last Refresh:
    Mar 24 at 5:06 am

    Property Features for 1233 Oak St NE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    8
    APN
    18-31-17-05274-001-0060
    Parking features
    Garage, Off Street, On Street
    Interior features
    Ceiling Fans(s), Eat-in Kitchen
    Exterior features
    Lighting, Sidewalk, Storage
    Appliances
    Dryer, Range, Refrigerator
    Size
    4,938 SF
    Lot size
    0.10 Acres

    Utilities

    Heating system
    Ductless (Heating)
    Cooling system
    Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1925
    Number of units
    8
    Flooring type
    Linoleum, Wood
    Building materials
    Frame, Stucco
    Roof type
    Built-Up
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Carol Giovannoni
    Carol Giovannoni

    REMAX preferred

    Listing agent Carol Giovannoni License #614305

    Listing date Feb 19, 2026

    MLS# TB8473243 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

    Mediterranean Multifamily Income Property

    Located in the highly sought-after historic Old Northeast of St. Petersburg, this iconic Mediterranean multifamily income property, known as the Melrose, features 8 one-bedroom, one-bath apartments. This neighborhood is recognized as one of St Petersburg’s top spots to live, work, and play. The two-story building showcases classic Mediterranean architectural details, including thick stucco exterior walls, barrel tile ornate accents, and terra cotta entry steps. Hexagonal paver sidewalks enhance the property's curb appeal. Each apartment includes a living room and eat-in kitchen. Interior features include a gracious common lobby and vintage hardwood flooring. The property has separately metered electricity and an on-site coin laundry in the detached garage building. A new roof is scheduled for installation in 2025. The property also features an efficient tankless gas hot water heater. The property is fully occupied with annual leases and long-term tenants. Situated in a high and dry location, no flood insurance is required. The property is located three blocks from Beach Drive NE and downtown St. Petersburg, with its galleries, North Shore Aquatic Complex, waterfront parks, the Pier, boutiques, restaurants, bars, and entertainment venues. This property is suitable for a 1031 Exchange, portfolio expansion, or investment in an established market. The building size is 4,938 square feet and the lot size is 0.1 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    1031 exchange properties

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Dental Office Real Estate Agency Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    St Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.631404
    Latitude
    27.78458

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    FAQs

    What type of property is this?
    Apartment building - Boutique 8-unit residence in the historic Old Northeast.
    Where is this apartment building located?
    The property is located at 1233 Oak St NE St Petersburg, FL.
    What is the asking price?
    The asking price for this property is $1,499,990.
    What are key features of this property?
    This property features: - Prime Location: In the desirable historic 'Old Northeast' neighborhood, close to downtown St. Petersburg.; - Income-Generating Property: Fully occupied 8-unit building with annual leases and long-term tenants.; - Mediterranean Architecture & Curb Appeal: Iconic 'Melrose' building with classic Mediterranean features.
    (727) 481-9909
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    1233 Oak St 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
    1233 Oak St NE St Petersburg, FL 33701
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    Listing Contact
    Carol Giovannoni
    Carol Giovannoni
    Real Estate License ID: 614305
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