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    240-242 Mateo Way NE Saint Petersburg, FL 33704

    Sponsored
    For Sale
    $700,000

    Multi-Unit (2-4) - Saint Petersburg, FL

    Property size:
    2,888 SF
    Days on Market:
    5
    Last Refresh:
    Feb 8 at 2:06 am

    Property Features for 240-242 Mateo Way NE

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    100
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    Bathrooms
    4
    APN
    083117726660000030
    Parking features
    Garage
    Size
    2,888 SF

    Building Details

    Year built
    1952
    Year renovated
    1952
    Floors in Building
    1
    Architectural style
    Other

    We can help!

    Listing Contact
    Brenda Bianchi
    Brenda Bianchi

    BIANCHI REALTY & PROPERTY MANAGEMENT INC (727) 638-8636

    Listing agent Brenda Bianchi (727) 638-8636

    Listing date Feb 4, 2026

    MLS# 11546723 Listing URL

    Copyright © 2026 My State 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

    Updated Duplex Near Vinoy Golf

    This updated and furnished duplex, built in 1952, is located in the desirable Snell Isle neighborhood near the Vinoy Golf Club and Coffee Pot Bayou, minutes from downtown St. Petersburg. Each of the two units features 2 bedrooms and 2 bathrooms, hardwood floors, enclosed front and back porches, French doors, and kitchens opened to the den. Both units have separate electric meters, inside laundry, and gas ranges. The property has a retro-reflective concrete tile roof installed in 2010, with an estimated remaining lifespan of 25-30 years. All exterior windows have been replaced, and the units feature quartzite counters, LED lighting, keyless locks, newer plumbing fixtures, and modern appliances. Recent upgrades from 2018 to 2025 include new HVAC systems installed in 2022 with wireless Ecobee thermostats, exterior paint also in 2022, and a new programmable irrigation system in 2022. A full crawl-space damp/mold abatement with fans was completed, and the master shower was rebuilt with upgraded ventilation. One unit received a new washer/dryer in 2025. The gas tankless water heaters have been professionally serviced. Additional features include dehumidifiers in both units with continuous drainage, a repaired garage roof, permitted electrical panel replacements, and storm-ready improvements. The property is surrounded by lush, professionally maintained landscaping with mature royal palms, cypress, and Florida native plants, which has been featured twice on the Native Plant Society Tour. The property is zoned 100. The property is intended for use as a residential income property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Saint Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.624974
    Latitude
    27.795321

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    FAQs

    What type of property is this?
    Duplex - Updated and furnished duplex near downtown St. Petersburg and Vinoy Golf.
    Where is this duplex located?
    The property is located at 240-242 Mateo Way NE Saint Petersburg, FL.
    What is the asking price?
    The asking price for this property is $700,000.
    What are key features of this property?
    This property features: - Rare income property: Beautifully updated and furnished duplex in desirable Snell Isle, perfect for living in one unit and renting the other.; - Major updates completed: **Brand-new HVAC systems (2022) with Ecobee thermostats**, retro-reflective concrete tile roof (2010) with 25-30 years life remaining, updated electric, newer plumbing fixtures, and modern appliances.; - **Move-in ready condition**: Features hardwood floors, enclosed porches, French doors, quartzite counters, LED lighting, keyless locks, and inside laundry in both units.
    (727) 595-7653
    Request Owner's contact information
    240-242 Mateo Way NE Saint Petersburg, FL 33704
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    Saint Petersburg, FL 33704
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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
    240-242 Mateo Way NE Saint Petersburg, FL 33704
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    We can help!
    Listing Contact
    Brenda Bianchi
    Brenda Bianchi
    Real Estate License ID: 574181
    (727) 595-7653
    Learn more
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