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St. Pete Multifamily Value-Add Opportunity

5845 FAIRFIELD AVENUE S, St Petersburg, FL 33707

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For Sale

$1,100,000

Value-add multifamily property in prime St. Pete location.

Type:Commercial

Property size:

6,384 SF

Lot size:

0.32 Acres

Price / SF:

$172/SF

HighLights

Value‑add opportunity with potential to increase rents to market value after renovations.
Prime location in St. Pete with long‑term appreciation potential.
Abuts the Pinellas Trail.
Short walk to Boca Ciega Highschool and Central Ave.
10‑minute drive to both St. Pete Beach and Treasure Island.
8‑unit multifamily property.

We can help!

Listing Contact

DAVIS NUNNELEY

For Sale

$1,100,000

Value-add multifamily property in prime St. Pete location.

Type:Commercial

Property size:

6,384 SF

Lot size:

0.32 Acres

Price / SF:

$172/SF

Added:: Aug 5, 2024
Days on Market:: 677
Last Refresh:: May 10 at 11:38 pm

Property Features for 5845 FAIRFIELD AVENUE S

General Information

Standard status: Active
Size: 6,384 SF
Lot size: 0.32 Acres
Property subtype: Commercial

Building Details

Year Built: 1974

We can help!

Listing Contact

DAVIS NUNNELEY

Listing agent DAVIS NUNNELEY License #3468881

Listing office BRIDGEWATER COMMERCIAL RE

Listing date Aug 5, 2024

Source Corcoran

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 BRIDGEWATER COMMERCIAL RE

HighLights

Value‑add opportunity with potential to increase rents to market value after renovations.
Prime location in St. Pete with long‑term appreciation potential.
Abuts the Pinellas Trail.
Short walk to Boca Ciega Highschool and Central Ave.
10‑minute drive to both St. Pete Beach and Treasure Island.
8‑unit multifamily property.

Overview

This two-story multifamily property features eight units and presents a value-add investment opportunity. Currently, the property receives rents slightly below market value, offering potential for increased rental income through renovations. The property is located in a prime location with long-term appreciation potential. The Pinellas Trail abuts the backyard. The property is a 10-minute drive to both St. Pete Beach and Treasure Island, and a short walk to both Boca Ciega Highschool and Central Ave.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$114.9k	$18.00
− Vacancy	−$8.2k	−$1.28
EGI	$106.8k	$16.72
− OpEx	−$48.0k	−$7.52
NOI	$58.7k	$9.20

6,384 SF · lease $18.00/SF/yr · vacancy 7.10% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$838.8K

$733.9K – $978.6K (±1% cap)

NOI $58,714 @ 7.0% cap · market cap 5.34%

Second Best

—

no second resolved use

Theoretical Best

Office A

$1.66M

$1.45M – $1.94M (±1% cap)

NOI $116,237 @ 7.0% cap · market cap 10.57%

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

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: St Petersburg
County: Pinellas
State: Florida
Longitude: -82.7134
Latitude: 27.7643

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For sale
Apartment buildings
FL
St Petersburg
33707
5845 FAIRFIELD AVENUE S

What type of property is this?

Apartment building - Value-add multifamily property in prime St. Pete location.

Where is this apartment building located?

The property is located at 5845 FAIRFIELD AVENUE S St Petersburg, FL.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: Value‑add opportunity with potential to increase rents to market value after renovations.; Prime location in St. Pete with long‑term appreciation potential.; Abuts the Pinellas Trail.