St. Petersburg Apartment Building For
For Sale
$3,600,000
1185 58TH STREET N, St Petersburg, FL 33710
18-unit apartment building in central St. Petersburg location.
Property Size13,183 SF
Lot Size0.50 Acres
Price / SF$273.08
Days on Market376
Property Features for 1185 58TH STREET N
General Information
Standard status
Active
Size
13,183 SF
Lot size
0.50 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$22,443
Amenities
Central air
Pool
Public Pool
Sidewalk
Built-Up Roof
Central Air Cooling
Central Heating
Neighbourhood
Parking Spaces - 19 to 30
Paved
Street Lights
Building Details
Year Built
1973
Listing Agency:
KAZBO REAL ESTATE COMPANY
(727) 822-5577
Listed By:
AL BOBELIS
Source:
Corcoran
Added: Jul 31, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:05AM
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 KAZBO REAL ESTATE COMPANY
Investment Insights
Based on property information with market context.
This 18-unit, 3-story apartment building features an elevator and is situated in a central St. Petersburg location, across the street from Tyrone Garden Shopping Center and Winn Dixie. The property includes sixteen 1-bedroom, 1-bathroom units and two 2-bedroom, 1-bathroom units, all equipped with central AC and heat. Each unit features either a balcony or a ground floor patio. The property caters to long-term tenants, and each apartment is separately metered for electric. An on-site laundry room is available for tenant use. The property also includes a large, off-street 24-space parking lot and an aluminum garage/workshop building measuring 12x24.
Key Highlights
- Excellent central St Petersburg location across from Tyrone Garden Shopping Center/Winn Dixie.
- 18‑unit apartment building with elevator.
- (16) 1‑Bedroom and (2) 2‑Bedroom units, all with Central AC/Heat.
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
$121,245
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
3.37%
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%
$2,424,900
$2.4M
Cap Rate 7%
$1,732,071
$1.7M
Cap Rate 9%
$1,347,167
$1.3M
Market Conditions
NOI Build-Up for 13,183 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
$237.3K $18.00/SF
− Vacancy
−$16.8K −$1.28/SF
EGI
$220.4K $16.72/SF
− OpEx
−$99.2K −$7.52/SF
NOI
$121.2K $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%
$2,424,900
Cap Rate 7%
$1,732,071
Cap Rate 9%
$1,347,167
Alternative Uses
Best Use
Apartment 5plus
$1.73M
$1.52M – $2.02M
NOI $121,245 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.43M
$3.00M – $4.00M
NOI $240,030 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 33710, FL
33,172
Population
16,767
Households
2
Avg Household Size
47
Median Age
37%
College-Educated
93%
High-School Grad
8.0 sq mi
ZIP Area
4,147
Density / Sq Mi
$76,908
Median Household Income
$46,520
Median Earnings
$1,577
Median Rent
$312,500
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?
Apartment building - 18-unit apartment building in central St. Petersburg location.
Where is this apartment building located?
The property is located at 1185 58TH STREET N St Petersburg, FL.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Excellent central St Petersburg location across from Tyrone Garden Shopping Center/Winn Dixie.; 18‑unit apartment building with elevator.; (16) 1‑Bedroom and (2) 2‑Bedroom units, all with Central AC/Heat.
