8-Unit Mediterranean Apartment
For Sale
$1,499,990
1233 OAK St NE, St Petersburg, FL 33701
Two-story property with one-bedroom residences, annual leases, separately metered electricity, and on-site coin laundry.
Property Size4,938 SF
Days on Market125
Property Features for 1233 OAK St NE
General Information
Standard status
Active
Size
4,938 SF
Property subtype
Investment
Occupancy
100%
Lease Term
12 months
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$17,418
Amenities
onsite coin laundry
Building Details
Building Size
4,938 SF
Year Built
1925
Stories
2
Units
8
Construction
Mediterranean
Listing Agency:
RE/MAX PREFERRED
(727) 504-9909
Listed By:
Chris Graus · License #614305
(727) 504-9909
Source:
Elliman
Added: Apr 29
Changed: Aug 30
Last Checked: Aug 30 at 9:45PM
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 RE/MAX PREFERRED
Investment Insights
Based on property information with market context.
Built in 1925, this two-story Mediterranean multifamily property contains eight one-bedroom, one-bath apartments, each with a living room and eat-in kitchen. A shared lobby, vintage hardwood flooring, and a detached garage with coin-operated laundry add functional and architectural character. The building also features separately metered electricity, a tankless gas water heater, and a roof installed in 2025.
All apartments are occupied under annual leases with long-term tenants. The property is identified as a high-and-dry location where flood insurance is not required. It sits three blocks from Beach Drive NE and the downtown St. Petersburg urban core, with access to waterfront parks, galleries, restaurants, entertainment, and the North Shore Aquatic Complex. Walk Score is 53, Bike Score is 77, and Transit Score is 32.
All apartments are occupied under annual leases with long-term tenants. The property is identified as a high-and-dry location where flood insurance is not required. It sits three blocks from Beach Drive NE and the downtown St. Petersburg urban core, with access to waterfront parks, galleries, restaurants, entertainment, and the North Shore Aquatic Complex. Walk Score is 53, Bike Score is 77, and Transit Score is 32.
Key Highlights
- Eight one‑bedroom, one‑bath apartments in a two‑story multifamily building
- Roof installed in 2025; tankless gas hot water heater
- Fully occupied with annual leases and long‑term tenants
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
$45,415
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
3.03%
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%
$908,300
$908.3K
Cap Rate 7%
$648,786
$648.8K
Cap Rate 9%
$504,611
$504.6K
Market Conditions
NOI Build-Up for 4,938 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
$88.9K $18.00/SF
− Vacancy
−$6.3K −$1.28/SF
EGI
$82.6K $16.72/SF
− OpEx
−$37.2K −$7.52/SF
NOI
$45.4K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$908,300
Cap Rate 7%
$648,786
Cap Rate 9%
$504,611
Alternative Uses
Best Use
Apartment 5plus
$648.8K
$567.7K – $756.9K
NOI $45,415 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,909 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,133
Businesses Nearby
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story property with one-bedroom residences, annual leases, separately metered electricity, and on-site coin laundry.
Where is this apartment building located?
The property is located at 1233 OAK St NE St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,499,990.
What are key features of this property?
This property features: Eight one‑bedroom, one‑bath apartments in a two‑story multifamily building; Roof installed in 2025; tankless gas hot water heater; Fully occupied with annual leases and long‑term tenants
