Third-Floor Residential Income
For Sale
$99,500
11224 82ND AVENUE #301, Seminole, FL 33772
Corner unit in a 55+ community with elevator access, updated kitchen countertops, and laminate flooring throughout.
Property Size912 SF
Price / SF$109.10
Days on Market47
Property Features for 11224 82ND AVENUE #301
General Information
Standard status
Active
Size
912 SF
Property subtype
Condo - Hotel
Amenities
0.32 acres, Landscaped, Paved, Oak Trees
Heated, In Ground
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 27-30-15-79688-217-3010, Public Survey Range: 15, Public Survey Section: 27, Annual Amount: $327.06, Tax Block: 79688, Tax Book Number: 151-100, Legal Description: SEMINOLE GARDEN APTS CO-OP (UNREC) BLDG 21-G, APT 301 TOGETHER WITH THE USE OF PARKING SPACE 301, Lot: 217, Year: 2025
Laminate
Central Air
Central, Electric
Laundry Room
Listing ID: MFRTB8529499, Standard Status: Active, MLS Status: Active, Property Subtype: Condo - Hotel, On market as of 2026-07-16, 1 day on market, Special Conditions: None
Blinds, Storm Window(s)
2 total bedrooms
Built in 1969, Living area: 912, Living area units: Square Feet, Building faces North, 1 storey, Levels: One, Construction Materials: Stucco
Subdivision: SEMINOLE GARDEN APTS CO-OP, MLS Area (Major): 33772 - Seminole, County/Parish: Pinellas
Completed, Trees/Woods
2 total bathrooms, 2 full bathrooms
Clubhouse, Pool
Cable Available, Sewer Connected, Water Source: Public
Slab
Close Of Escrow
Allowed: No
Road Surface: Asphalt
Patio/Porch Features: Rear Porch, Lighting, Private Mailbox, Sidewalk
Elevator
Fire Alarm, Smoke Detector(s)
Disposal, Range, Range Hood, Refrigerator
Association Fee: $793.28, Fee Frequency: Monthly, Amenities: Clubhouse, Elevators, Laundry, Sauna, Shuffleboard Court, Spa/Hot Tub, Vehicle Restrictions
Building Details
Year Built
1969
Listing Agency:
RIDGE SEMINOLE MGMNT CORP
(727) 397-2534
Listed By:
Kathy Haugh · License #426211
Source:
Miharaandassociates
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 30 at 6:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RIDGE SEMINOLE MGMNT CORP
Investment Insights
Based on property information with market context.
This 912-square-foot, two-bedroom, two-bath residential income property is positioned on the third floor as a corner unit within an elevator building. Built in 1969, the residence features laminate flooring throughout, updated kitchen countertops, extensive kitchen storage, and a large walk-in closet in the primary bedroom. New windows serve the enclosed porch and bedrooms.
Residents have access to a clubhouse, heated pool, hot tub, sauna, and a shuttle bus for those who do not drive. The property is within walking distance of Seminole Shopping Center, with retail stores, restaurants, and a movie theater nearby. The beaches and two major airports are minutes away. The property is located in a non-flood and non-evacuation zone.
Residents have access to a clubhouse, heated pool, hot tub, sauna, and a shuttle bus for those who do not drive. The property is within walking distance of Seminole Shopping Center, with retail stores, restaurants, and a movie theater nearby. The beaches and two major airports are minutes away. The property is located in a non-flood and non-evacuation zone.
Key Highlights
- 912 SF two‑bedroom, two‑bath corner unit
- Third‑floor location in an elevator building
- 55+ community with clubhouse, heated pool, hot tub, and sauna
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
$8,388
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
8.43%
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%
$167,760
$167.8K
Cap Rate 7%
$119,829
$119.8K
Cap Rate 9%
$93,200
$93.2K
Market Conditions
NOI Build-Up for 912 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
$16.4K $18.00/SF
− Vacancy
−$1.2K −$1.28/SF
EGI
$15.3K $16.72/SF
− OpEx
−$6.9K −$7.52/SF
NOI
$8.4K $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%
$167,760
Cap Rate 7%
$119,829
Cap Rate 9%
$93,200
Alternative Uses
Best Use
Apartment 5plus
$119.8K
$104.9K – $139.8K
NOI $8,388 @ 7.0% cap · market cap 8.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$237.2K
$207.6K – $276.8K
NOI $16,605 @ 7.0% cap · market cap 16.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 33772, FL
24,121
Population
12,340
Households
2
Avg Household Size
51
Median Age
32%
College-Educated
93%
High-School Grad
5.3 sq mi
ZIP Area
4,551
Density / Sq Mi
$74,026
Median Household Income
$46,187
Median Earnings
$1,454
Median Rent
$327,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner unit in a 55+ community with elevator access, updated kitchen countertops, and laminate flooring throughout.
Where is this residential income property located?
The property is located at 11224 82ND AVENUE #301 Seminole, FL.
What is the asking price?
The asking price for this property is $99,500.
What are key features of this property?
This property features: 912 SF two‑bedroom, two‑bath corner unit; Third‑floor location in an elevator building; 55+ community with clubhouse, heated pool, hot tub, and sauna
