8-Unit Apartment
For Sale
$1,235,000
1913 3rd Avenue East, Palmetto, FL 34221
Renovated multifamily property with a varied unit mix, full occupancy, updated interiors, and tenant laundry facilities.
Property Size6,600 SF
Days on Market193
Property Features for 1913 3rd Avenue East
General Information
Standard status
Active
Size
6,600 SF
Property subtype
MultiFamily Apartments
Building Details
Building Size
6,600 SF
Listing Agency:
Grimaldi Commmercial Realty Corp, est 1975
(813) 088-0884
Listed By:
David Rosenthal
(813) 088-0884
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 5:12PM
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 Grimaldi Commmercial Realty Corp, est 1975
Investment Insights
Based on property information with market context.
This eight-unit apartment property includes three two-bedroom, two-bath residences and five one-bedroom, one-bath residences, averaging approximately 800 rentable SF. The property is currently 100% occupied and has received improvements to both the units and exterior. Interior updates include kitchens, cabinets, countertops, fans, flooring, and bathrooms, while exterior work includes landscaping and a community grilling area.
A roof replacement was completed in 2020, and HVAC units were replaced in 2019. The property also includes a recently added tenant laundry facility and courtyard improvements completed in 2025. Located at 1913 3rd Avenue East in Palmetto, the complex sits in the downtown corridor and is a short distance from downtown Palmetto and the Palmetto Historic District. One tenant currently assists with property management.
A roof replacement was completed in 2020, and HVAC units were replaced in 2019. The property also includes a recently added tenant laundry facility and courtyard improvements completed in 2025. Located at 1913 3rd Avenue East in Palmetto, the complex sits in the downtown corridor and is a short distance from downtown Palmetto and the Palmetto Historic District. One tenant currently assists with property management.
Key Highlights
- 8‑unit apartment complex with 3 two‑bedroom/two‑bath units and 5 one‑bedroom/one‑bath units
- 100% occupied with long‑term tenants
- Approximately 800 rentable SF average per unit
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
$79,859
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
6.47%
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%
$1,597,180
$1.6M
Cap Rate 7%
$1,140,843
$1.1M
Cap Rate 9%
$887,322
$887.3K
Market Conditions
NOI Build-Up for 6,600 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
$153.6K $23.28/SF
− Vacancy
−$8.5K −$1.28/SF
EGI
$145.2K $22.00/SF
− OpEx
−$65.3K −$9.90/SF
NOI
$79.9K $12.10/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.28 /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%
$1,597,180
Cap Rate 7%
$1,140,843
Cap Rate 9%
$887,322
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$998.2K – $1.33M
NOI $79,859 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,860 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Explore this area
Business Placement
Demographics for 34221, FL
48,082
Population
24,812
Households
1.9
Avg Household Size
45
Median Age
28%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
892
Density / Sq Mi
$74,314
Median Household Income
$40,072
Median Earnings
$1,459
Median Rent
$298,200
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 - Renovated multifamily property with a varied unit mix, full occupancy, updated interiors, and tenant laundry facilities.
Where is this apartment building located?
The property is located at 1913 3rd Avenue East Palmetto, FL.
What is the asking price?
The asking price for this property is $1,235,000.
What are key features of this property?
This property features: 8‑unit apartment complex with 3 two‑bedroom/two‑bath units and 5 one‑bedroom/one‑bath units; 100% occupied with long‑term tenants; Approximately 800 rentable SF average per unit
