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    St. Petersburg Multifamily Apartment Community Title is generated by Realmo AI

    120 47th Ave N, St Petersburg, FL 33703

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    Boutique 62-unit multifamily community in desirable St. Petersburg location.

    Type:Multifamily
    Added:
    Apr 1, 2026
    Days on Market:
    68
    Last Refresh:
    Apr 1 at 11:52 am

    Property Features for 120 47th Ave N

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    Building Details

    Year Built
    1974

    We can help!

    Listing Contact
    Mark Savarese

    Listing agent Mark Savarese License #FL #SL3424810

    Listing office

    Listing date Apr 1, 2026

    Source Franklinst

    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 Mark Savarese

    HighLights

    • Prime Location: Offering excellent walkability and convenience to dining, nightlife, entertainment, and cultural destinations in a high‑growth urban infill submarket of St. Petersburg.
    • Seamless Connectivity: Positioned along 4th Street North with immediate access to I‑275 and Gandy Boulevard.
    • Spacious Floorplans: Generous one‑bedroom (780 SF avg.) and two‑bedroom (1,080 SF avg.) layouts.
    • Robust Amenities: Includes a swimming pool, grilling area, dog park, trash chutes, secured building access, and on‑site laundry facilities.
    • Mid‑Rise Concrete Construction: Four‑story concrete block buildings with elevator access.
    • Exterior Improvements: Well‑maintained asset with newer roofs (2018) and upgraded vinyl windows.

    Overview

    Nordica Bay Apartments is a 62-unit multifamily community located in St. Petersburg. The four-story property is positioned along the 4th Street North corridor, offering connectivity to I-275, Gandy Boulevard, downtown St. Petersburg, and major employment and medical hubs including St. Anthony’s Hospital and Johns Hopkins All Children’s Hospital. The property has newer roofs (2018) and upgraded vinyl windows. The units have spacious layouts, with one-bedroom units averaging 780 square feet and two-bedroom units averaging 1,080 square feet. All two-bedroom units feature private screened-in patios. The property includes a swimming pool, grilling area, dog park, trash chutes, secured building access, and on-site laundry facilities. It is located minutes from downtown St. Petersburg and close to grocers including Whole Foods, Publix Supermarkets, and The Fresh Market. It is also minutes from the downtown waterfront and the beaches of Pinellas County. The surrounding area has an average household income of $134,178.
    Location Intelligence

    Current Use by Public Records

    Nordica Bay Apartments Apartment Complex

    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
    -82.6351487
    Latitude
    27.814451

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    FAQs

    What type of property is this?
    Apartment building - Boutique 62-unit multifamily community in desirable St. Petersburg location.
    Where is this apartment building located?
    The property is located at 120 47th Ave N St Petersburg, FL.
    What are key features of this property?
    This property features: Prime Location: Offering excellent walkability and convenience to dining, nightlife, entertainment, and cultural destinations in a high‑growth urban infill submarket of St. Petersburg.; Seamless Connectivity: Positioned along 4th Street North with immediate access to I‑275 and Gandy Boulevard.; Spacious Floorplans: Generous one‑bedroom (780 SF avg.) and two‑bedroom (1,080 SF avg.) layouts.
    (813) 695-3765
    We can help!
    Listing Contact
    Mark Savarese
    Real Estate License ID: FL #SL3424810
    Learn More
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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
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