5-Unit Apartment
For Sale
$895,000
Pending
944 15TH Avenue S, St Petersburg, FL 33705
Commercial Sale, ST PETERSBURG, FL
Property Size3,872 SF
Lot Size0.16 Acres
Days on Market541
Property Features for 944 15TH Avenue S
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
ORANGEWOOD
Directions
South on I-275. Exit 22 for I-175 E. Exit toward ML King Jr St. Merge onto 5th Ave S. Turn right onto 9th St. S. Turn right onto 15th Ave S.
Standard status
Pending
APN
25-31-16-64728-000-0110
Size
3,872 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
ORANGEWOOD LOT 11
Tax Annual Amount
11514
Legal Description
ORANGEWOOD LOT 11
Utilities
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Number of units
5
Flooring type
Laminate
Building materials
Stucco
Listing Agency:
KELLER WILLIAMS SOUTH TAMPA · Keller Williams Realty
(813) 875-3700
Listed By:
Shawna Opdycke · License #3374267
(646) 330-8481
Added: Mar 28, 2025
Changed: Sep 12
Last Checked: Sep 19 at 12:06AM
MLS# TB8367634
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.
Investment Insights
Based on property information with market context.
This 5-unit apartment property includes 3 buildings totaling 3,872 square feet on 0.16 acres. The improvements date to 1925 and feature stucco construction, laminate flooring, wall or window cooling, and public water and sewer service. Each unit is separately metered for electric and water. Recent work includes waterproof flooring, plumbing and electrical improvements, interior and exterior painting, cabinets, and air-conditioning units, with additional renovations underway.
All three buildings received new roofs in 2022, and foundation stabilization was completed with a lifetime warranty. The property is located in St. Petersburg near Midtown Academy, a local library, a community center, Downtown St. Pete, and Tropicana Field. It is in an X Flood Zone and is zoned for up to 9 units by the county and state. A shared utility room formerly housed on-site laundry equipment.
All three buildings received new roofs in 2022, and foundation stabilization was completed with a lifetime warranty. The property is located in St. Petersburg near Midtown Academy, a local library, a community center, Downtown St. Pete, and Tropicana Field. It is in an X Flood Zone and is zoned for up to 9 units by the county and state. A shared utility room formerly housed on-site laundry equipment.
Key Highlights
- 5 units across 3 buildings totaling 3,872 square feet
- 0.16‑acre property in St. Petersburg, FL 33705
- New roofs installed on all buildings in 2022
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
$35,611
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
3.98%
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%
$712,220
$712.2K
Cap Rate 7%
$508,729
$508.7K
Cap Rate 9%
$395,678
$395.7K
Market Conditions
NOI Build-Up for 3,872 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
$69.7K $18.00/SF
− Vacancy
−$4.9K −$1.28/SF
EGI
$64.7K $16.72/SF
− OpEx
−$29.1K −$7.52/SF
NOI
$35.6K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$712,220
Cap Rate 7%
$508,729
Cap Rate 9%
$395,678
Alternative Uses
Best Use
Apartment 5plus
$508.7K
$445.1K – $593.5K
NOI $35,611 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$881.3K – $1.18M
NOI $70,500 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,778
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily asset with separate electric and water metering, public utilities, and zoning for up to 9 units.
Where is this apartment building located?
The property is located at 944 15TH Avenue S St Petersburg, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 5 units across 3 buildings totaling 3,872 square feet; 0.16‑acre property in St. Petersburg, FL 33705; New roofs installed on all buildings in 2022
