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    6538 42Nd Ave N Kenneth City, FL 33709

    View on Map
    Sponsored
    For Sale
    $1,990,000

    Mixed Use - KENNETH CITY, FL

    Type:Mixed Use
    Property size:
    5,028 SF
    Lot size:
    0.38 Acres
    Days on Market:
    87
    Last Refresh:
    Mar 19 at 6:06 pm

    Property Features for 6538 42Nd Ave N

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Standard status
    Active
    Zoning
    RM-15
    APN
    05-31-16-29430-001-0380
    Appliances
    Refrigerator
    Size
    5,028 SF
    Lot size
    0.38 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Ductless, Multi Units

    Building Details

    Year built
    1958
    Number of units
    8
    Building materials
    Block, Concrete
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Bailey Bjugan
    Bailey Bjugan

    Dalton Wade, Inc. (727) 888-4175

    Listing agent Bailey Bjugan (888) 668-8283

    Listing date Dec 22, 2025

    MLS# TB8457636 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

    Renovated Multifamily Investment Opportunity

    This fully renovated eight-unit commercial property in St. Petersburg, Florida, presents a prime multifamily investment opportunity. The property delivers immediate cash flow with a proven rental history. It comprises eight spacious two-bedroom, one-bathroom units situated across four separate buildings, complemented by a private on-site parking lot. The property is fully leased and has been comprehensively updated, making it a turnkey addition to any investment portfolio. All major capital improvements have already been completed, significantly reducing future maintenance exposure. Updates include new roofs on all buildings, updated windows, individual HVAC systems, added insulation for improved energy efficiency and pest prevention, and in-unit washers and dryers throughout. Exterior improvements enhance long-term value and tenant appeal, featuring upgraded landscaping, new fencing, fresh exterior paint, and a dedicated bike rack for residents. Each unit has been thoughtfully renovated with consistency and quality in mind. Kitchens showcase shaker-style cabinetry, granite countertops, and stainless steel refrigerators and stoves. Bathrooms have been fully updated with modern tilework, vanities, fixtures, and hardware. Additional interior upgrades include new baseboards and crown molding across all units, reflecting a high standard of finish rarely found in comparable properties. Located outside of a flood zone, this asset offers additional peace of mind for long-term ownership. Its central St. Petersburg location provides easy access to schools, shopping, dining, entertainment, public transportation, and major thoroughfares, further supporting strong tenant demand. The property is located in Kenneth City, Florida. The lot size is 0.38 acres and the property size is 5028 square feet. The zoning is RM-15.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Kenneth City
    County
    Pinellas
    State
    Florida
    Longitude
    -82.727651
    Latitude
    27.809737

    Nearby Similar for Sale

    • $1,990,000
      5,028 SF

      Renovated Multifamily Investment Opportunity

      Fully renovated eight-unit property in St. Petersburg with immediate cash flow.
      6538 42Nd Ave N, Kenneth City, FL 33709
      View Details
    • $1,800,000
      5,028 SF

      St. Petersburg Multifamily Investment Opportunity

      Fully renovated eight-unit property with immediate cash flow.
      6538 42Nd Ave N, Kenneth City, FL 33709
      View Details
    • $9,100,000
      97,399 SF

      Kenneth City Shopping Center

      Florida Retail Center - $9.1M
      4501 66Th St, Kenneth City, FL 33709
      View Details

    FAQs

    What type of property is this?
    Apartment building - Fully renovated eight-unit commercial property in St. Petersburg, Florida.
    Where is this apartment building located?
    The property is located at 6538 42Nd Ave N Kenneth City, FL.
    What is the asking price?
    The asking price for this property is $1,990,000.
    What are key features of this property?
    This property features: - Fully renovated eight-unit property generating immediate cash flow with a proven rental history.; - All major capital improvements completed, including new roofs, updated windows, HVAC systems, insulation, and in-unit washers and dryers.; - Located outside of a flood zone in a central St. Petersburg location with easy access to amenities and transportation.
    (727) 355-1771
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    6538 42Nd Ave N Kenneth City, FL 33709
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    Kenneth City, FL 33709
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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
    6538 42Nd Ave N Kenneth City, FL 33709
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    We can help!
    Listing Contact
    Bailey Bjugan
    Bailey Bjugan
    Real Estate License ID: 3552411
    (727) 355-1771 (888) 668-8283
    Learn more
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