Two-Unit Duplex with Updated
For Sale
$450,000
Pending
5610 - 5612 18TH S AVENUE, Gulfport, FL 33707
Two maintained one-bedroom units offer ensuite baths, distinct flooring finishes, and separate parking areas.
Property Size1,420 SF
Days on Market595
Property Features for 5610 - 5612 18TH S AVENUE
General Information
Standard status
Pending
Size
1,420 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,092
Building Details
Year Built
1956
Buildings
1
Listing Agency:
GULFPORT REALTY
(517) 388-0682
Listed By:
Paula Burnie · License #3483604
(517) 388-0682
Source:
Exitrealty
Added: Jan 14, 2025
Changed: Aug 31
Last Checked: Aug 31 at 3:31PM
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 GULFPORT REALTY
Investment Insights
Based on property information with market context.
This duplex at 5610–5612 18th S Avenue in Gulfport contains two separate residences, each with one bedroom and one bathroom. Both units are vacant and maintained, with ensuite bathrooms and large bedrooms. The front residence features tile flooring throughout, while the rear residence has vinyl flooring throughout.
A new roof was installed in Late August 2023, with hurricane clips and straps added as part of the work. Parking for the front unit is located off 18th Ave S, while the rear unit uses parking accessed from the alley behind the property. Built in 1956, the property presents a two-unit residential income configuration with each side ready for occupancy.
A new roof was installed in Late August 2023, with hurricane clips and straps added as part of the work. Parking for the front unit is located off 18th Ave S, while the rear unit uses parking accessed from the alley behind the property. Built in 1956, the property presents a two-unit residential income configuration with each side ready for occupancy.
Key Highlights
- Duplex with 2 separate 1‑bedroom, 1‑bath units
- New roof installed in Late August 2023
- Roof work included hurricane clips and straps
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
$16,575
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
3.68%
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%
$331,500
$331.5K
Cap Rate 7%
$236,786
$236.8K
Cap Rate 9%
$184,167
$184.2K
Market Conditions
NOI Build-Up for 1,420 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
$25.4K $17.88/SF
− Vacancy
−$1.7K −$1.21/SF
EGI
$23.7K $16.67/SF
− OpEx
−$7.1K −$5.00/SF
NOI
$16.6K $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%
$331,500
Cap Rate 7%
$236,786
Cap Rate 9%
$184,167
Alternative Uses
Best Use
Multifamily LT 5
$236.8K
$207.2K – $276.3K
NOI $16,575 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$186.6K
$163.3K – $217.7K
NOI $13,060 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$369.4K
$323.2K – $430.9K
NOI $25,855 @ 7.0% cap · market cap 5.75%
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
398
Businesses Nearby
Explore this area
Business Placement
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
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?
Duplex - Two maintained one-bedroom units offer ensuite baths, distinct flooring finishes, and separate parking areas.
Where is this duplex located?
The property is located at 5610 - 5612 18TH S AVENUE Gulfport, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Duplex with 2 separate 1‑bedroom, 1‑bath units; New roof installed in Late August 2023; Roof work included hurricane clips and straps
