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    Updated Penthouse with Bayou View Title is generated by Realmo AI

    5400 PARK N STREET 10, St Petersburg, FL 33709

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    For Sale
    $289,900

    Updated penthouse with water views, modern amenities, and convenient location.

    Type:Condo/Townhome
    Property size:
    1,280 SF
    Lot size:
    0.57 Acres
    Price / SF:
    $226/SF
    Added:
    Jan 14, 2025
    Days on Market:
    504
    Last Refresh:
    May 20 at 1:59 am

    Property Features for 5400 PARK N STREET 10

    General Information

    Standard status
    Active
    Size
    1,280 SF
    Lot size
    0.57 Acres
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    1985

    We can help!

    Listing Contact
    Toni Rametta

    Listing agent Toni Rametta License #3052133

    Listing office CHARLES RUTENBERG REALTY INC

    Listing date Jan 14, 2025

    Source Exitrealty

    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 CHARLES RUTENBERG REALTY INC

    HighLights

    • Penthouse unit with outstanding Cross Bayou view, new windows, and hurricane‑rated sliders to a large balcony with power shade.
    • Parking space under the building and adjacent storage closet (rare for the building).
    • Monthly maintenance covers gas, water, sewer, trash, pest control, escrow reserve fund, building maintenance, pool maintenance, and grounds maintenance.
    • New roof in 2024, no age restrictions, and milestone inspection/reserve study already completed.
    • Updated in 2018 with Shaker‑style cabinets, solid surface countertops, and modern flooring.
    • Otter Key community amenities: heated pool, tennis court, pickleball court, clubhouse with exercise room, billiards, ping pong, library, and kitchen; Publix across the street; close to shopping and beaches.

    Overview

    This updated penthouse unit, renovated in 2018, features shaker-style cabinets and solid surface countertops in the kitchen and bathrooms. The residence includes modern, mid-brown tone, solid surface flooring throughout. The 2-bedroom, 2-bath home is located in the Otter Key community, which offers a park-like setting. A new roof was installed in 2024. The unit provides views of Cross Bayou and includes new windows and hurricane-rated sliders from the primary bedroom and main living area onto the large balcony. The balcony is equipped with a power shade. The unit features ample closet space and an in-unit washer and dryer. Community amenities include a heated pool, tennis court, pickleball court, and a clubhouse with an exercise room, billiards, ping pong, library, and kitchen. The building has secure elevator access. This penthouse unit includes a parking space under the building (space 21) and an adjacent storage closet. The building is a gas building, providing gas for hot water and stoves, which is covered in the monthly maintenance, along with water, sewer, trash, pest control, escrow reserve fund, building maintenance, pool maintenance, and grounds maintenance. A Publix is located across the street, and shopping and beaches are nearby. A milestone inspection and reserve study have already been completed. The property size is 1280 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Otter Key Condominiums Condominium Complex South Florida Duct ... HVAC Service On The Mark Contracting, LLC Industrial Consultant Barbrara Wolter Advertising Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare 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
    -82.7551864
    Latitude
    27.8214898

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    FAQs

    What type of property is this?
    Residential income property - Updated penthouse with water views, modern amenities, and convenient location.
    Where is this residential income property located?
    The property is located at 5400 PARK N STREET 10 St Petersburg, FL.
    What is the asking price?
    The asking price for this property is $289,900.
    What are key features of this property?
    This property features: Penthouse unit with **outstanding Cross Bayou view**, new windows, and hurricane‑rated sliders to a **large balcony with power shade**.; Parking space under the building and adjacent storage closet (rare for the building).; Monthly maintenance covers gas, water, sewer, trash, pest control, escrow reserve fund, building maintenance, pool maintenance, and grounds maintenance.
    (727) 543-1378
    We can help!
    Listing Contact
    Toni Rametta
    Real Estate License ID: 3052133
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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.

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