Renovated Triplex with Detached
For Sale
$789,000
127 17TH S, St Petersburg, FL 33701
Updated three-unit property with private outdoor space, alley access, and flexible owner-occupant or rental configurations.
Property Size2,276 SF
Days on Market14
Property Features for 127 17TH S
General Information
Standard status
Active
Size
2,276 SF
Total Parking Spaces
4
Property subtype
Investment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,896
Amenities
patio
laundry area
Building Details
Building Size
2,276 SF
Year Built
1920
Year Renovated
2023
Buildings
1
Stories
2
Units
4
Listing Agency:
Charles Rutenberg Realty, Inc
(813) 240-6054
Listed By:
Curtis Rudolph · License #261547848
(813) 240-6054
Source:
Elliman
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 9:00PM
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
Investment Insights
Based on property information with market context.
Located at 127 17TH S in St. Petersburg’s Old Southeast, this 1920 triplex combines three updated living spaces with a detached garage. The first-floor residence includes 3BR/2BA, a bonus office, and an enclosed air-conditioned porch. Two upstairs 1BR/1BA apartments each offer living rooms, bedrooms, and private balconies.
Renovations include impact windows and doors installed in 2023, a 2015 roof, luxury vinyl flooring, modernized kitchens and baths, tankless water heaters, and ceiling fans. The detached garage measures 23' x 22' and has alley access; the space may offer the possibility of division into two additional rentable areas. Street and alley parking accommodates 4 vehicles, while a private back patio and accessible laundry area serve the occupants.
The property is near downtown St. Petersburg, Lassing Park, and Tampa Bay, with walk, bike, and transit scores of 97, 94, and 56, respectively. It is not located in a flood zone and is tenant occupied.
Renovations include impact windows and doors installed in 2023, a 2015 roof, luxury vinyl flooring, modernized kitchens and baths, tankless water heaters, and ceiling fans. The detached garage measures 23' x 22' and has alley access; the space may offer the possibility of division into two additional rentable areas. Street and alley parking accommodates 4 vehicles, while a private back patio and accessible laundry area serve the occupants.
The property is near downtown St. Petersburg, Lassing Park, and Tampa Bay, with walk, bike, and transit scores of 97, 94, and 56, respectively. It is not located in a flood zone and is tenant occupied.
Key Highlights
- Three‑unit layout: 3BR/2BA first‑floor residence plus two 1BR/1BA upstairs apartments
- Detached 23' x 22' garage with alley entrance and potential division into two rentable spaces
- Impact windows and doors installed in 2023; roof replaced in 2015
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
$26,566
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
3.37%
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%
$531,320
$531.3K
Cap Rate 7%
$379,514
$379.5K
Cap Rate 9%
$295,178
$295.2K
Market Conditions
NOI Build-Up for 2,276 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
$40.7K $17.88/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$38.0K $16.67/SF
− OpEx
−$11.4K −$5.00/SF
NOI
$26.6K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$531,320
Cap Rate 7%
$379,514
Cap Rate 9%
$295,178
Alternative Uses
Best Use
Multifamily LT 5
$379.5K
$332.1K – $442.8K
NOI $26,566 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$299.0K
$261.7K – $348.9K
NOI $20,933 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$592.0K
$518.0K – $690.7K
NOI $41,440 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,509
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
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Frequently Asked Questions
What type of property is this?
Triplex - Updated three-unit property with private outdoor space, alley access, and flexible owner-occupant or rental configurations.
Where is this triplex located?
The property is located at 127 17TH S St Petersburg, FL.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: Three‑unit layout: 3BR/2BA first‑floor residence plus two 1BR/1BA upstairs apartments; Detached 23' x 22' garage with alley entrance and potential division into two rentable spaces; Impact windows and doors installed in 2023; roof replaced in 2015
