Historic Three-Unit Multifamily
New
For Sale
$899,000
4227 2ND Ave N, St Petersburg, FL 33713
Three rentable units include a historic home, detached garage apartment, and ground-floor efficiency.
Property Size3,532 SF
Days on Market3
Property Features for 4227 2ND Ave N
General Information
Standard status
Active
Size
3,532 SF
Property subtype
Investment
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 2BR/1BA, 1 x efficiency
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$16,761
Building Details
Building Size
3,532 SF
Year Built
1925
Listing Agency:
(727) 902-5063
Listed By:
Von Brock
(727) 902-5063
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 5:17AM
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 Von Brock
Investment Insights
Based on property information with market context.
This multifamily property comprises three rentable units across two lots. The primary residence is a 4-bedroom, 2.5-bath historic home built in 1925, featuring refinished original hardwood floors, original woodwork, soaring ceilings, and a primary suite with double vanities, a walk-in shower, Jacuzzi tub, and dedicated vanity area.
A detached garage supports a 2-bedroom, 1-bath apartment above, while a separate ground-floor efficiency unit is positioned beside the garage. The property is located at 4227 2ND Ave N in St. Petersburg, within Central Oak Park and near downtown, Gulf beaches, restaurants, shopping, parks, and entertainment. WalkScore is 54, BikeScore is 87, and TransitScore is 49.
A detached garage supports a 2-bedroom, 1-bath apartment above, while a separate ground-floor efficiency unit is positioned beside the garage. The property is located at 4227 2ND Ave N in St. Petersburg, within Central Oak Park and near downtown, Gulf beaches, restaurants, shopping, parks, and entertainment. WalkScore is 54, BikeScore is 87, and TransitScore is 49.
Key Highlights
- Three rentable units on two lots
- 4‑bedroom, 2.5‑bath historic home built in 1925
- Refinished original hardwood floors and original woodwork throughout the main home
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
$32,484
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
3.61%
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%
$649,680
$649.7K
Cap Rate 7%
$464,057
$464.1K
Cap Rate 9%
$360,933
$360.9K
Market Conditions
NOI Build-Up for 3,532 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
$63.6K $18.00/SF
− Vacancy
−$4.5K −$1.28/SF
EGI
$59.1K $16.72/SF
− OpEx
−$26.6K −$7.52/SF
NOI
$32.5K $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%
$649,680
Cap Rate 7%
$464,057
Cap Rate 9%
$360,933
Alternative Uses
Best Use
Apartment 5plus
$464.1K
$406.1K – $541.4K
NOI $32,484 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$918.7K
$803.9K – $1.07M
NOI $64,309 @ 7.0% cap · market cap 7.15%
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
2,723
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?
Multifamily property - Three rentable units include a historic home, detached garage apartment, and ground-floor efficiency.
Where is this multifamily property located?
The property is located at 4227 2ND Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three rentable units on two lots; 4‑bedroom, 2.5‑bath historic home built in 1925; Refinished original hardwood floors and original woodwork throughout the main home
