Concrete Block Multifamily
For Sale
$600,000
Pending
7180 50TH Ave N, Saint Petersburg, FL 33709
Six-unit concrete block building on a 0.27-acre lot, sold as-is with significant renovation needs and repositioning options.
Property Size3,607 SF
Lot Size0.27 Acres
Days on Market95
Property Features for 7180 50TH Ave N
General Information
Standard status
Pending
Size
3,607 SF
Lot size
0.27 Acres
Property subtype
Investment
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$9,600
Building Details
Building Size
3,607 SF
Year Built
1949
Units
5
Tenancy
Multi
Listing Agency:
Keller Williams St. Pete Realty
Listed By:
Brian Sandstrom · License #3431924
(727) 894-1600
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 5 at 8:03AM
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 Keller Williams St. Pete Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily property is a concrete block apartment building currently configured as six units. The asset is described as having significant renovation needs and should be treated as a complete fixer rather than a cosmetic project. The sale is as-is, and the buyer should plan for substantial rehab and related due diligence.
The property sits on a spacious 0.27-acre lot in unincorporated St. Petersburg within Pinellas County. It is positioned near major roads and is described as being close to shopping, dining, and Gulf Coast destinations, with walk and bike access characterized as moderate while the area is more car-dependent.
For the right investor, contractor, or developer, this layout and construction type can support a range of post-renovation paths, including continued long-term rental use or alternative occupancy strategies. The remarks also note that future expansion, redevelopment, or alternative use may be explored, subject to county approval, zoning, permitting, and due diligence. Buyers are instructed to verify unit count, zoning, permits, code compliance, flood zone, rental use, redevelopment options, and all other measurements and conditions before proceeding.
The property sits on a spacious 0.27-acre lot in unincorporated St. Petersburg within Pinellas County. It is positioned near major roads and is described as being close to shopping, dining, and Gulf Coast destinations, with walk and bike access characterized as moderate while the area is more car-dependent.
For the right investor, contractor, or developer, this layout and construction type can support a range of post-renovation paths, including continued long-term rental use or alternative occupancy strategies. The remarks also note that future expansion, redevelopment, or alternative use may be explored, subject to county approval, zoning, permitting, and due diligence. Buyers are instructed to verify unit count, zoning, permits, code compliance, flood zone, rental use, redevelopment options, and all other measurements and conditions before proceeding.
Key Highlights
- 6‑unit multifamily property in unincorporated St. Petersburg, built in 1949
- Concrete block construction on a 0.27‑acre lot
- Currently configured as 6 units; multiple paths for future rental income after renovation
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
$33,174
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
5.53%
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%
$663,480
$663.5K
Cap Rate 7%
$473,914
$473.9K
Cap Rate 9%
$368,600
$368.6K
Market Conditions
NOI Build-Up for 3,607 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
$64.9K $18.00/SF
− Vacancy
−$4.6K −$1.28/SF
EGI
$60.3K $16.72/SF
− OpEx
−$27.1K −$7.52/SF
NOI
$33.2K $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%
$663,480
Cap Rate 7%
$473,914
Cap Rate 9%
$368,600
Alternative Uses
Best Use
Apartment 5plus
$473.9K
$414.7K – $552.9K
NOI $33,174 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$938.2K
$820.9K – $1.09M
NOI $65,675 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
667
Businesses Nearby
Explore this area
Business Placement
Demographics for 33709, FL
27,026
Population
13,767
Households
2
Avg Household Size
50
Median Age
19%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
5,299
Density / Sq Mi
$52,621
Median Household Income
$35,488
Median Earnings
$1,317
Median Rent
$190,300
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?
Apartment building - Six-unit concrete block building on a 0.27-acre lot, sold as-is with significant renovation needs and repositioning options.
Where is this apartment building located?
The property is located at 7180 50TH Ave N Saint Petersburg, FL.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 6‑unit multifamily property in unincorporated St. Petersburg, built in 1949; Concrete block construction on a 0.27‑acre lot; Currently configured as 6 units; multiple paths for future rental income after renovation
