Six-Unit Waterfront Apartment
For Sale
$975,000
5050 74TH ST N #1, St Petersburg, FL 33709
Fully occupied multifamily property with month-to-month tenancies and an additional waterfront lot.
Property Size3,409 SF
Days on Market710
Property Features for 5050 74TH ST N #1
General Information
Standard status
Active
Size
3,409 SF
Property subtype
Multi-Family 5+
Taxes and HOA fees
Annual Taxes
$6,836
Building Details
Building Size
3,409 SF
Year Built
1980
Listing Agency:
LPT REALTY
(727) 260-2142
Listed By:
Steven Sallo · License #3550258
Source:
Judibeck
Added: Sep 12, 2024
Changed: Aug 18
Last Checked: Aug 21 at 10:22AM
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 LPT REALTY
Investment Insights
Based on property information with market context.
Built in 1980, this six-unit apartment property includes three two-bedroom, one-bath units, two studios, and one one-bedroom, one-bath unit. The property is currently fully occupied, with all residents on month-to-month agreements. Units were recently remodeled, and completed improvements include foundation repairs, upgraded plumbing from 4 years ago, upgraded electrical from 4 years ago, and central air conditioning that is 4 years old.
The property includes an additional waterfront lot and 135 feet of water frontage. It is located in St. Petersburg, Florida, at 5050 74th St N #1. On-site laundry is not currently available, while the source information identifies space at the rear for a potential future laundry or ADU-type building.
The property includes an additional waterfront lot and 135 feet of water frontage. It is located in St. Petersburg, Florida, at 5050 74th St N #1. On-site laundry is not currently available, while the source information identifies space at the rear for a potential future laundry or ADU-type building.
Key Highlights
- Six‑unit apartment property with 3 two‑bedroom, one‑bath units, 2 studios, and 1 one‑bedroom, one‑bath unit
- Fully occupied with month‑to‑month tenant agreements
- 135Ft of water frontage plus an additional waterfront lot
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
$31,353
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
3.22%
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%
$627,060
$627.1K
Cap Rate 7%
$447,900
$447.9K
Cap Rate 9%
$348,367
$348.4K
Market Conditions
NOI Build-Up for 3,409 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
$61.4K $18.00/SF
− Vacancy
−$4.4K −$1.28/SF
EGI
$57.0K $16.72/SF
− OpEx
−$25.7K −$7.52/SF
NOI
$31.4K $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%
$627,060
Cap Rate 7%
$447,900
Cap Rate 9%
$348,367
Alternative Uses
Best Use
Apartment 5plus
$447.9K
$391.9K – $522.6K
NOI $31,353 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$886.7K
$775.9K – $1.03M
NOI $62,070 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
413
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 - Fully occupied multifamily property with month-to-month tenancies and an additional waterfront lot.
Where is this apartment building located?
The property is located at 5050 74TH ST N #1 St Petersburg, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Six‑unit apartment property with 3 two‑bedroom, one‑bath units, 2 studios, and 1 one‑bedroom, one‑bath unit; Fully occupied with month‑to‑month tenant agreements; 135Ft of water frontage plus an additional waterfront lot
