Triplex with Cathedral
For Sale
$399,500
Pending
1204 38TH N, St Petersburg, FL 33704
Three-unit residential property with a spacious upper-level residence and access to urban amenities.
Property Size1,501 SF
Days on Market11
Property Features for 1204 38TH N
General Information
Standard status
Pending
Size
1,501 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,310
Building Details
Building Size
1,501 SF
Year Built
1925
Buildings
1
Listing Agency:
(727) 439-6634
Listed By:
David Wing · License #3187889
(727) 439-6634
Source:
Elliman
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 10:37PM
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 David Wing
Investment Insights
Based on property information with market context.
Built in 1925, this triplex includes a spacious upstairs 2-bedroom unit with cathedral ceilings and an open interior profile. The property sits on a large lot and offers three residential units within a multifamily configuration.
The address is in Northeast St. Petersburg, near downtown, shopping, dining, and major roadways. WalkScore is 65, indicating a somewhat walkable setting; BikeScore is 66, and TransitScore is 30. The property supports a range of multifamily ownership strategies, including occupancy of one unit while leasing the others, as described in the available property information.
The address is in Northeast St. Petersburg, near downtown, shopping, dining, and major roadways. WalkScore is 65, indicating a somewhat walkable setting; BikeScore is 66, and TransitScore is 30. The property supports a range of multifamily ownership strategies, including occupancy of one unit while leasing the others, as described in the available property information.
Key Highlights
- Triplex configuration with three residential units
- Upstairs 2‑bedroom unit with cathedral ceilings
- Large lot in Northeast St. Petersburg
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
$17,520
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
4.39%
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%
$350,400
$350.4K
Cap Rate 7%
$250,286
$250.3K
Cap Rate 9%
$194,667
$194.7K
Market Conditions
NOI Build-Up for 1,501 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
$26.8K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$25.0K $16.67/SF
− OpEx
−$7.5K −$5.00/SF
NOI
$17.5K $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%
$350,400
Cap Rate 7%
$250,286
Cap Rate 9%
$194,667
Alternative Uses
Best Use
Multifamily LT 5
$250.3K
$219.0K – $292.0K
NOI $17,520 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$197.2K
$172.6K – $230.1K
NOI $13,805 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$390.4K
$341.6K – $455.5K
NOI $27,330 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 33704, FL
16,031
Population
9,037
Households
1.8
Avg Household Size
46
Median Age
58%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,715
Density / Sq Mi
$102,647
Median Household Income
$63,803
Median Earnings
$1,398
Median Rent
$657,400
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?
Triplex - Three-unit residential property with a spacious upper-level residence and access to urban amenities.
Where is this triplex located?
The property is located at 1204 38TH N St Petersburg, FL.
What is the asking price?
The asking price for this property is $399,500.
What are key features of this property?
This property features: Triplex configuration with three residential units; Upstairs 2‑bedroom unit with cathedral ceilings; Large lot in Northeast St. Petersburg
