Duplex With Two 3-Bedroom
For Sale
$449,800
245- 247 38TH AVE SE, Saint Petersburg, FL 33705
MULTI_FAMILY - Saint Petersburg, FL
Property Size2,356 SF
Lot Size0.16 Acres
Price / SF$190.92
Days on Market157
Property Features for 245- 247 38TH AVE SE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Laundry Room, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 3
Interior features
Master Downstairs
Subdivision
Coquina Key
High school district
PINELLAS
Directions
Get on I-275 S in St. Petersburg from Gandy Blvd Continue on I-275 S to St. Petersburg Take 4th St S and 6th St S to 38th Ave S
Standard status
Active
APN
31-31-17-51498-017-0080
Size
2,356 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6421
Utilities
Heating system
Electric (Heating), Forced Air
Water source
Public
Building Details
Year built
1959
Floors in Building
1
Flooring type
Tile
Roof type
Asphalt
Listing Agency:
BIANCHI REALTY & PROPERTY MANAGEMENT INC
(727) 638-8636
Listed By:
Brenda Bianchi · License #574181
(727) 638-8636
Added: Mar 4
Changed: Aug 5
Last Checked: Aug 8 at 9:06PM
MLS# 11666834
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.
Investment Insights
Based on property information with market context.
This solid concrete block duplex offers two spacious 3-bedroom, 2-bath units. Each unit features updated flooring, refreshed kitchens with stone countertops and a tile backsplash, and renovated bathrooms with modern subway tile finishes. Large windows help bring in natural light, supporting comfortable living spaces. Central air conditioning is included for tenant comfort. The property provides approximately 2,140 square feet of heated living space and was built in 1959.
Set on a 75 x 90 lot in the Lewis Island area, the home is positioned just minutes from downtown St. Petersburg, waterfront parks, shopping, dining, and major commuter routes. The home uses public water and includes an asphalt roof. Heating is electric with forced air.
Each unit has its own meters for water and electric, supporting convenient, separate utilities management for residents.
Set on a 75 x 90 lot in the Lewis Island area, the home is positioned just minutes from downtown St. Petersburg, waterfront parks, shopping, dining, and major commuter routes. The home uses public water and includes an asphalt roof. Heating is electric with forced air.
Each unit has its own meters for water and electric, supporting convenient, separate utilities management for residents.
Key Highlights
- Two 3‑bedroom, 2‑bath units in a solid concrete block duplex
- Approximately 2,140 square feet of heated living space
- 75 x 90 lot size
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,500
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$550,000
$550.0K
Cap Rate 7%
$392,857
$392.9K
Cap Rate 9%
$305,556
$305.6K
Market Conditions
NOI Build-Up for 2,356 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$42.1K $17.88/SF
− Vacancy
−$2.8K −$1.21/SF
EGI
$39.3K $16.67/SF
− OpEx
−$11.8K −$5.00/SF
NOI
$27.5K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$550,000
Cap Rate 7%
$392,857
Cap Rate 9%
$305,556
Alternative Uses
Best Use
Multifamily LT 5
$392.9K
$343.8K – $458.3K
NOI $27,500 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$309.5K
$270.9K – $361.1K
NOI $21,668 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$612.8K
$536.2K – $715.0K
NOI $42,897 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 33705, FL
27,915
Population
15,171
Households
1.8
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
4,985
Density / Sq Mi
$70,783
Median Household Income
$40,370
Median Earnings
$1,457
Median Rent
$321,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Concrete block duplex with central air, two updated 3-bedroom, 2-bath units, and separate water and electric meters.
Where is this duplex located?
The property is located at 245- 247 38TH AVE SE Saint Petersburg, FL.
What is the asking price?
The asking price for this property is $449,800.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units in a solid concrete block duplex; Approximately 2,140 square feet of heated living space; 75 x 90 lot size
