Furnished Income Triplex
For Sale
$895,000
Pending
2510 16TH Ave N, St Petersburg, FL 33713
Fully furnished, licensed triplex with three electric meters, central HVAC, indoor laundry, and five income streams.
Property Size2,244 SF
Days on Market62
Property Features for 2510 16TH Ave N
General Information
Standard status
Pending
Size
2,244 SF
Total Parking Spaces
5
Property subtype
Investment
Additional Details
Furnished
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,754
Amenities
paver patio courtyard
BBQ
fire pit
indoor laundry
central HVAC
Building Details
Building Size
2,244 SF
Year Built
2023
Units
3
Construction
block
Listed By:
Jeff Copeland
Source:
Elliman
Added: Jul 8
Changed: Aug 8
Last Checked: Jul 23 at 11:29AM
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 Jeff Copeland
Investment Insights
Based on property information with market context.
Offered for sale is a fully legal, licensed triplex presented as a plug-and-play, furnished property with existing tenants. The front home is a custom-built 3/2 block residence completed in 2023 and rented by the room to three separate roommates. The rear building is a 1950s block structure renovated in 2022 with new electrical, plumbing, and central HVAC, and a roof replacement completed in 2020. The rear building operates as a two-story up-and-down duplex with two furnished 1/1 apartments.
The property is described as professionally managed, with three electric meters and five parking spaces. All three units include indoor laundry and central HVAC, and the shared paver patio courtyard features a BBQ and fire pit.
For 2025 actuals, the setup generates five income streams with averaging over $7,250 per month in rental income. The attached documentation includes a survey and items such as a 4-point and wind mitigation, along with a rental license and additional records.
The property is described as professionally managed, with three electric meters and five parking spaces. All three units include indoor laundry and central HVAC, and the shared paver patio courtyard features a BBQ and fire pit.
For 2025 actuals, the setup generates five income streams with averaging over $7,250 per month in rental income. The attached documentation includes a survey and items such as a 4-point and wind mitigation, along with a rental license and additional records.
Key Highlights
- Licensed triplex with 5 income streams and fully furnished, occupied units
- Custom‑built 2023 main home: 3/2, rented by the room to three roommates (T‑12 occupancy 96%)
- Rear building renovated in 2022 with new electrical, plumbing, and central HVAC; roof replaced in 2020
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
$26,193
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
2.93%
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%
$523,860
$523.9K
Cap Rate 7%
$374,186
$374.2K
Cap Rate 9%
$291,033
$291.0K
Market Conditions
NOI Build-Up for 2,244 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
$40.1K $17.88/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$37.4K $16.67/SF
− OpEx
−$11.2K −$5.00/SF
NOI
$26.2K $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%
$523,860
Cap Rate 7%
$374,186
Cap Rate 9%
$291,033
Alternative Uses
Best Use
Multifamily LT 5
$374.2K
$327.4K – $436.6K
NOI $26,193 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$294.8K
$258.0K – $344.0K
NOI $20,638 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$583.7K
$510.7K – $681.0K
NOI $40,858 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Explore this area
Business Placement
Demographics for 33713, FL
31,321
Population
16,192
Households
1.9
Avg Household Size
42
Median Age
35%
College-Educated
91%
High-School Grad
6.5 sq mi
ZIP Area
4,819
Density / Sq Mi
$69,704
Median Household Income
$43,282
Median Earnings
$1,387
Median Rent
$279,000
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 - Fully furnished, licensed triplex with three electric meters, central HVAC, indoor laundry, and five income streams.
Where is this triplex located?
The property is located at 2510 16TH Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Licensed triplex with 5 income streams and fully furnished, occupied units; Custom‑built 2023 main home: 3/2, rented by the room to three roommates (T‑12 occupancy 96%); Rear building renovated in 2022 with new electrical, plumbing, and central HVAC; roof replaced in 2020
