St. Pete Multifamily Value-Add
5845 FAIRFIELD AVENUE S St Petersburg, FL 33707
For Sale
$1,100,000
Pending
Value-add multifamily property in prime St. Pete location.
Property Size6,384 SF
Lot Size0.32 Acres
Days on Market722
Property Features for 5845 FAIRFIELD AVENUE S
General Information
Standard status
Pending
Size
6,384 SF
Lot size
0.32 Acres
Property subtype
Commercial
Building Details
Year Built
1974
Listing Agency:
BRIDGEWATER COMMERCIAL RE
(813) 541-4254
Listed By:
DAVIS NUNNELEY · License #3468881
Source:
Corcoran
Added: Aug 5, 2024
Changed: Jul 6
Last Checked: Jul 23 at 7:11AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| 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
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
NOI $116,237 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
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.
