Concrete Block
For Sale
$395,000
Pending
7771 62ND N WAY, Pinellas Park, FL 33781
Two similar residences offer private entrances, outdoor porches, spacious living areas, and separate kitchens with dining space.
Property Size1,904 SF
Days on Market529
Property Features for 7771 62ND N WAY
General Information
Standard status
Pending
Size
1,904 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,866
Building Details
Year Built
1982
Buildings
1
Construction
concrete block
Listing Agency:
THE GRANNAN GROUP
(727) 209-7487
Listed By:
Angela Grannan · License #3392542
(727) 209-7487
Source:
Exitrealty
Added: Mar 21, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:36PM
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 THE GRANNAN GROUP
Investment Insights
Based on property information with market context.
Built in 1982, this 1,904-square-foot duplex contains two nearly identical residences arranged around oversized living rooms. Each unit includes two bedrooms, a full bathroom with a tub and shower, and a kitchen with room for a dining table. Separate front entrances lead to individual front stoops, while rear porches provide additional outdoor space.
The property is located in Pinellas Park near restaurants and grocery stores, with access between the beach and bay areas. Its concrete block construction and two-unit layout provide a straightforward multifamily configuration for an owner-occupant or rental property owner.
The property is located in Pinellas Park near restaurants and grocery stores, with access between the beach and bay areas. Its concrete block construction and two-unit layout provide a straightforward multifamily configuration for an owner-occupant or rental property owner.
Key Highlights
- 1,904‑square‑foot duplex built in 1982
- Concrete block construction
- Two units with nearly identical layouts and condition
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
$22,224
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
5.63%
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%
$444,480
$444.5K
Cap Rate 7%
$317,486
$317.5K
Cap Rate 9%
$246,933
$246.9K
Market Conditions
NOI Build-Up for 1,904 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
$34.0K $17.88/SF
− Vacancy
−$2.3K −$1.21/SF
EGI
$31.7K $16.67/SF
− OpEx
−$9.5K −$5.00/SF
NOI
$22.2K $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%
$444,480
Cap Rate 7%
$317,486
Cap Rate 9%
$246,933
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,224 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$250.2K
$218.9K – $291.9K
NOI $17,511 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$495.2K
$433.3K – $577.8K
NOI $34,667 @ 7.0% cap · market cap 8.78%
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
1,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 33781, FL
27,349
Population
12,370
Households
2.2
Avg Household Size
42
Median Age
22%
College-Educated
82%
High-School Grad
6.6 sq mi
ZIP Area
4,144
Density / Sq Mi
$55,378
Median Household Income
$37,039
Median Earnings
$1,197
Median Rent
$251,200
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?
Duplex - Two similar residences offer private entrances, outdoor porches, spacious living areas, and separate kitchens with dining space.
Where is this duplex located?
The property is located at 7771 62ND N WAY Pinellas Park, FL.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 1,904‑square‑foot duplex built in 1982; Concrete block construction; Two units with nearly identical layouts and condition
