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    115 112Th Ave NE St Petersburg, FL 33716

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    For Sale
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    24 Units, High ROI, Seller Financing

    Property size:
    18,850 SF

    Property Features for 115 112Th Ave NE

    General Information

    Standard status
    Active
    Zoning
    RES
    Size
    18,850 SF

    Building Details

    Year built
    1988

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    Listing Contact
    David Rosenthal
    David Rosenthal
    Source: Crexi

    Listing Agency: Grimaldi Commercial Realty Corp Listing Agent: David Rosenthal

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    24-Unit Condominium Portfolio For Sale

    This portfolio consists of 24 Class A condominium units located across St. Petersburg, Largo, and Clearwater, Florida. These markets are experiencing rapid growth and development, increasing demand for properties. Each building has an HOA responsible for property insurance and exterior maintenance, including roof and structural repairs. All units are in good condition with long-term tenants. The owner has updated all units in the past 5 years, and all units are located in top-of-the-line buildings across these three cities. The current rental rates are below the market average due to the presence of long-term tenants who have rented their units for an average of over 2 years. Similar units are renting for an average of over $300-$350 more per month, indicating potential for rental increases. The portfolio currently has a cash-on-cash return of over 14%. By increasing the rents to the market average, a buyer can potentially obtain a cap rate of over 9.3% and a cash-on-cash return of over 15.5%. The property size is 18850 square feet.
    Location Intelligence

    Current Use by Public Records

    Bridgewater Place Condominiums Condominium Complex A Printing Concept Marketing & Advertising Bridgewater Luxury Rentals Real Estate Agency Class A Commercial Services, ... Commercial Cleaning Service Trinity Building Services ... Construction Company

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    St Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.6346374
    Latitude
    27.8750318

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    FAQs

    What type of property is this?
    Apartment building - 24 Units, High ROI, Seller Financing
    Where is this apartment building located?
    The property is located at 115 112Th Ave NE St Petersburg, FL.
    What are key features of this property?
    This property features: 24-unit Class A condo portfolio in St. Petersburg, FL, totaling 18,850 square feet with 15,681 square feet of net rentable space, currently 100% occupied.; Seller financing available: $1,000,000 down payment, interest-only payments for three years (6%, 7%, and 8% interest rates for years one, two, and three respectively).; Currently generating a $303,308 NOI, projecting to $326,037; current cap rate of 7.58%, pro-forma cap rate of 8.15%.
    (813) 245-7333
    Request Owner's contact information
    115 112Th Ave NE St Petersburg, FL 33716
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    St Petersburg, FL 33716
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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
    115 112Th Ave NE St Petersburg, FL 33716
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    Listing Contact
    David Rosenthal
    David Rosenthal
    Real Estate License ID: SL3346176
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