Updated Duplex with Office
For Sale
$799,000
781 31st Ave N, St Petersburg, FL 33704
Two separately configured residences offer private laundry, renovated kitchens, and substantial primary suites.
Property Size2,631 SF
Price / SF$303.69
Days on Market27
Property Features for 781 31st Ave N
General Information
Standard status
Active
Size
2,631 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA + office
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Year Built
1925
Buildings
1
Listing Agency:
DALTON WADE INC
(740) 632-1814
Listed By:
Kevin Marrow · License #3437158
Source:
Flflourish
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 31 at 7:12PM
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 DALTON WADE INC
Investment Insights
Based on property information with market context.
Built in 1925, this 2,631-square-foot duplex contains two residences, each with two bedrooms, two bathrooms, and an office. The property retains its original-era character while incorporating new plumbing, electrical systems, HVAC, and impact windows. Both units include in-unit laundry and spacious primary suites.
Updated kitchens feature all-wood cabinetry, granite countertops, and stainless steel appliances. The property is located at 781 31st Ave N in St Petersburg, near downtown, dining, shopping, parks, and major corridors. The configuration supports living in one residence while leasing the other or operating both as rental units.
Updated kitchens feature all-wood cabinetry, granite countertops, and stainless steel appliances. The property is located at 781 31st Ave N in St Petersburg, near downtown, dining, shopping, parks, and major corridors. The configuration supports living in one residence while leasing the other or operating both as rental units.
Key Highlights
- Two‑unit duplex with 2 bedrooms, 2 bathrooms, and an office in each residence
- 2,631‑square‑foot property built in 1925
- New plumbing, electrical, HVAC, and impact windows
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
$30,710
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
3.84%
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%
$614,200
$614.2K
Cap Rate 7%
$438,714
$438.7K
Cap Rate 9%
$341,222
$341.2K
Market Conditions
NOI Build-Up for 2,631 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
$47.0K $17.88/SF
− Vacancy
−$3.2K −$1.21/SF
EGI
$43.9K $16.67/SF
− OpEx
−$13.2K −$5.00/SF
NOI
$30.7K $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%
$614,200
Cap Rate 7%
$438,714
Cap Rate 9%
$341,222
Alternative Uses
Best Use
Multifamily LT 5
$438.7K
$383.9K – $511.8K
NOI $30,710 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$345.7K
$302.5K – $403.3K
NOI $24,198 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$684.3K
$598.8K – $798.4K
NOI $47,904 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,295
Businesses Nearby
Explore this area
Business Placement
Demographics for 33704, FL
16,031
Population
9,037
Households
1.8
Avg Household Size
46
Median Age
58%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,715
Density / Sq Mi
$102,647
Median Household Income
$63,803
Median Earnings
$1,398
Median Rent
$657,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately configured residences offer private laundry, renovated kitchens, and substantial primary suites.
Where is this duplex located?
The property is located at 781 31st Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms, 2 bathrooms, and an office in each residence; 2,631‑square‑foot property built in 1925; New plumbing, electrical, HVAC, and impact windows
