Duplex with Quadplex
For Sale
$399,000
Pending
2329 7TH ST S St, St Petersburg, FL 33705
Updated two-unit property with a detached residence, unfinished expansion area, and on-site parking.
Property Size1,821 SF
Days on Market779
Property Features for 2329 7TH ST S St
General Information
Standard status
Pending
Size
1,821 SF
Property subtype
Multi Family
Units
Unit Mix
1181 sq ft 3BR/2BA, 700 sq ft 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,241
Building Details
Year Built
1923
Buildings
2
Listing Agency:
Hutson Realty Partners
(281) 881-8959
Listed By:
Ashley Gibson · License #0728676
(281) 881-8959
Source:
Exitrealty
Added: Jul 15, 2024
Changed: Aug 31
Last Checked: Aug 31 at 5:00PM
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 Hutson Realty Partners
Investment Insights
Based on property information with market context.
This 1,821-square-foot duplex, built in 1923, combines a 1,181-square-foot three-bedroom, two-bath main residence with a detached unit of nearly 700 square feet. The secondary residence includes one bedroom, one bathroom, a sunroom, living area, and walk-in closet, while an additional 700 square feet remains unfinished. The property is already zoned for a quadplex, supporting consideration of additional unit configuration subject to applicable requirements.
Interior improvements include updated bathrooms, newer appliances, fresh paint, luxury vinyl plank flooring, tile work, and updated fixtures. The main residence features a front porch, brick fireplace, formal living room, open kitchen and dining area, shaker cabinetry, granite counters, and a butler’s pantry. Large windows serve both units. The property sits on a large lot with on-site parking and a high privacy fence.
Located at 2329 7TH ST S in St. Petersburg, the duplex is approximately 2 miles from downtown and the stadium, with parks, restaurants, local shopping, and nearby new construction in the surrounding area.
Interior improvements include updated bathrooms, newer appliances, fresh paint, luxury vinyl plank flooring, tile work, and updated fixtures. The main residence features a front porch, brick fireplace, formal living room, open kitchen and dining area, shaker cabinetry, granite counters, and a butler’s pantry. Large windows serve both units. The property sits on a large lot with on-site parking and a high privacy fence.
Located at 2329 7TH ST S in St. Petersburg, the duplex is approximately 2 miles from downtown and the stadium, with parks, restaurants, local shopping, and nearby new construction in the surrounding area.
Key Highlights
- 1,821 SF duplex built in 1923
- Main residence measures 1,181 square feet with 3 bedrooms and 2 bathrooms
- Detached nearly 700 square foot 1/1 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
$21,255
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
5.33%
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%
$425,100
$425.1K
Cap Rate 7%
$303,643
$303.6K
Cap Rate 9%
$236,167
$236.2K
Market Conditions
NOI Build-Up for 1,821 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
$32.6K $17.88/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$30.4K $16.67/SF
− OpEx
−$9.1K −$5.00/SF
NOI
$21.3K $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%
$425,100
Cap Rate 7%
$303,643
Cap Rate 9%
$236,167
Alternative Uses
Best Use
Multifamily LT 5
$303.6K
$265.7K – $354.3K
NOI $21,255 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$239.3K
$209.4K – $279.1K
NOI $16,748 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$473.7K
$414.5K – $552.6K
NOI $33,156 @ 7.0% cap · market cap 8.31%
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
490
Businesses Nearby
Explore this area
Business Placement
Demographics for 33705, FL
27,915
Population
15,171
Households
1.8
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
4,985
Density / Sq Mi
$70,783
Median Household Income
$40,370
Median Earnings
$1,457
Median Rent
$321,500
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 - Updated two-unit property with a detached residence, unfinished expansion area, and on-site parking.
Where is this duplex located?
The property is located at 2329 7TH ST S St St Petersburg, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,821 SF duplex built in 1923; Main residence measures 1,181 square feet with 3 bedrooms and 2 bathrooms; Detached nearly 700 square foot 1/1 unit
