Maintained Triplex with
New
For Sale
$457,000
5910 31ST St N, Saint Petersburg, FL 33714
Three-unit property with on-site parking, varied lease terms, and an elevated non-flood-zone setting.
Property Size1,666 SF
Lot Size0.25 Acres
Days on Market3
Property Features for 5910 31ST St N
General Information
Standard status
Active
Size
1,666 SF
Lot size
0.25 Acres
Property subtype
Investment
Units
Unit Mix
1 x 2BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,483
Building Details
Building Size
1,666 SF
Year Built
1950
Units
3
Listing Agency:
Richard Peters Realty LLC
(781) 996-9676
Listed By:
Alexander Izikson · License #3590476
(781) 996-9676
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 7:42AM
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 Richard Peters Realty LLC
Investment Insights
Based on property information with market context.
This 1950 triplex contains one 2-bedroom, 2-bath unit and two 1-bedroom, 1-bath units. The units are described as well maintained, with recent cosmetic work completed where needed. Two apartments are leased, while the third is occupied on a month-to-month basis. The property sits on a 0.25-acre elevated lot with space for parking and an open area between the buildings. No HOA or CDD is reported.
The property is located at 5910 31ST St N in Lealman, FL 33714, on a quiet, low-traffic street. Shopping, dining, schools, entertainment, major highways, and commuter routes are nearby, with downtown St. Pete approximately 10 minutes away. Sawgrass Lake Park is located seconds from the property and includes walking trails, elevated boardwalks, and wildlife viewing. Walk Score is 56, Bike Score is 65, and Transit Score is 35.
The property is located at 5910 31ST St N in Lealman, FL 33714, on a quiet, low-traffic street. Shopping, dining, schools, entertainment, major highways, and commuter routes are nearby, with downtown St. Pete approximately 10 minutes away. Sawgrass Lake Park is located seconds from the property and includes walking trails, elevated boardwalks, and wildlife viewing. Walk Score is 56, Bike Score is 65, and Transit Score is 35.
Key Highlights
- Three‑unit configuration: one 2‑bed/2‑bath unit and two 1‑bed/1‑bath units
- 0.25‑acre elevated lot with parking space and open area between buildings
- Two units leased; one unit occupied month to month
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
$19,446
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
4.26%
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%
$388,920
$388.9K
Cap Rate 7%
$277,800
$277.8K
Cap Rate 9%
$216,067
$216.1K
Market Conditions
NOI Build-Up for 1,666 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
$29.8K $17.88/SF
− Vacancy
−$2.0K −$1.21/SF
EGI
$27.8K $16.67/SF
− OpEx
−$8.3K −$5.00/SF
NOI
$19.4K $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%
$388,920
Cap Rate 7%
$277,800
Cap Rate 9%
$216,067
Alternative Uses
Best Use
Multifamily LT 5
$277.8K
$243.1K – $324.1K
NOI $19,446 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$218.9K
$191.5K – $255.4K
NOI $15,322 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$433.3K
$379.2K – $505.6K
NOI $30,334 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
875
Businesses Nearby
Explore this area
Business Placement
Demographics for 33714, FL
19,905
Population
9,889
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
5,380
Density / Sq Mi
$47,221
Median Household Income
$36,207
Median Earnings
$1,270
Median Rent
$177,500
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 - Three-unit property with on-site parking, varied lease terms, and an elevated non-flood-zone setting.
Where is this triplex located?
The property is located at 5910 31ST St N Saint Petersburg, FL.
What is the asking price?
The asking price for this property is $457,000.
What are key features of this property?
This property features: Three‑unit configuration: one 2‑bed/2‑bath unit and two 1‑bed/1‑bath units; 0.25‑acre elevated lot with parking space and open area between buildings; Two units leased; one unit occupied month to month
