Two-Story Duplex with Double
For Sale
$635,000
119 48TH N STREET, St Petersburg, FL 33713
Two separately metered residences offer private laundry rooms and mini-split air conditioning systems.
Property Size2,163 SF
Price / SF$293.57
Days on Market485
Property Features for 119 48TH N STREET
General Information
Standard status
Active
Size
2,163 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,367
Amenities
private laundry rooms
Building Details
Year Built
1925
Stories
2
Listing Agency:
REALTY ONE GROUP ADVANTAGE
(813) 770-8699
Listed By:
Jala Ibrahim · License #3467149
(813) 770-8699
Source:
Exitrealty
Added: May 4, 2025
Changed: Aug 31
Last Checked: Aug 31 at 4:19PM
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 REALTY ONE GROUP ADVANTAGE
Investment Insights
Based on property information with market context.
This two-story duplex contains two distinct residences within 2,163 square feet. The lower unit offers two bedrooms and one bathroom, while the upper unit includes three bedrooms and one bathroom. Each residence has a private laundry room, individual electric metering, and mini-split air conditioning with wall-mounted units.
The property occupies a double lot with multifamily zoning allowing up to 10 units. The roof was replaced in 2022, and the mini-split systems date to 2022. Additional property details include no HOA, no CDD, and a designation outside the flood zone. The site is positioned between downtown St. Petersburg and the beaches.
The property occupies a double lot with multifamily zoning allowing up to 10 units. The roof was replaced in 2022, and the mini-split systems date to 2022. Additional property details include no HOA, no CDD, and a designation outside the flood zone. The site is positioned between downtown St. Petersburg and the beaches.
Key Highlights
- Two‑story duplex with 2,163 SF of building area
- Lower unit: 2 bed/1 bath; upper unit: 3 bed/1 bath
- Double lot with multifamily zoning allowing up to 10 units
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
$25,247
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%
$504,940
$504.9K
Cap Rate 7%
$360,671
$360.7K
Cap Rate 9%
$280,522
$280.5K
Market Conditions
NOI Build-Up for 2,163 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
$38.7K $17.88/SF
− Vacancy
−$2.6K −$1.21/SF
EGI
$36.1K $16.67/SF
− OpEx
−$10.8K −$5.00/SF
NOI
$25.2K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$504,940
Cap Rate 7%
$360,671
Cap Rate 9%
$280,522
Alternative Uses
Best Use
Multifamily LT 5
$360.7K
$315.6K – $420.8K
NOI $25,247 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$284.2K
$248.7K – $331.6K
NOI $19,893 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$562.6K
$492.3K – $656.4K
NOI $39,383 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,108
Businesses Nearby
Explore this area
Business Placement
Demographics for 33713, FL
31,321
Population
16,192
Households
1.9
Avg Household Size
42
Median Age
35%
College-Educated
91%
High-School Grad
6.5 sq mi
ZIP Area
4,819
Density / Sq Mi
$69,704
Median Household Income
$43,282
Median Earnings
$1,387
Median Rent
$279,000
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?
Duplex - Two separately metered residences offer private laundry rooms and mini-split air conditioning systems.
Where is this duplex located?
The property is located at 119 48TH N STREET St Petersburg, FL.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Two‑story duplex with 2,163 SF of building area; Lower unit: 2 bed/1 bath; upper unit: 3 bed/1 bath; Double lot with multifamily zoning allowing up to 10 units
