Updated Two-Unit
For Sale
$425,000
Pending
185 38TH SE AVENUE, St Petersburg, FL 33705
Block-construction duplex with renovated kitchens, private outdoor space, separate utility meters, and off-street parking.
Property Size1,546 SF
Days on Market527
Property Features for 185 38TH SE AVENUE
General Information
Standard status
Pending
Size
1,546 SF
Total Parking Spaces
2
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$4,773
Amenities
impact-resistant windows
luxury vinyl wood flooring
eat-in kitchens
shaker-style white cabinets
stainless-steel appliances
subway tile backsplash
granite and quartz countertops
privacy-fenced yard
ceiling fans
fresh paint
off-street parking
separate power and water meters
Building Details
Year Built
1959
Buildings
1
Construction
block
Listing Agency:
RE/MAX METRO
(727) 642-9107
Listed By:
Christopher Hounchell · License #3080652
(727) 642-9107
Source:
Exitrealty
Added: Mar 23, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:40PM
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 RE/MAX METRO
Investment Insights
Based on property information with market context.
This 1,546-square-foot duplex was built in 1959 with block construction and includes two separate residences. Each unit offers two bedrooms, one bathroom, an open living arrangement, and a one-car garage. Interior improvements include luxury vinyl wood-look flooring, fresh paint, ceiling fans, and updated eat-in kitchens with shaker-style white cabinetry, stainless-steel appliances, subway tile backsplashes, and granite or quartz countertops.
The property also features a privacy-fenced yard, off-street parking, separate power and water meters for each unit, newer impact-resistant windows in Unit #187, and a roof installed in 2020. Its setting provides access to Downtown, interstate routes, schools, shopping, dining, boat ramps, parks, malls, hospitals, museums, The Pier, beaches, and airports.
The property also features a privacy-fenced yard, off-street parking, separate power and water meters for each unit, newer impact-resistant windows in Unit #187, and a roof installed in 2020. Its setting provides access to Downtown, interstate routes, schools, shopping, dining, boat ramps, parks, malls, hospitals, museums, The Pier, beaches, and airports.
Key Highlights
- Two‑unit duplex with 1,546 SF and 1959 construction
- Each unit includes 2 bedrooms, 1 bathroom, and a 1‑car garage
- Roof replaced in 2020
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
$18,046
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
4.25%
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%
$360,920
$360.9K
Cap Rate 7%
$257,800
$257.8K
Cap Rate 9%
$200,511
$200.5K
Market Conditions
NOI Build-Up for 1,546 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
$27.6K $17.88/SF
− Vacancy
−$1.9K −$1.21/SF
EGI
$25.8K $16.67/SF
− OpEx
−$7.7K −$5.00/SF
NOI
$18.0K $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%
$360,920
Cap Rate 7%
$257,800
Cap Rate 9%
$200,511
Alternative Uses
Best Use
Multifamily LT 5
$257.8K
$225.6K – $300.8K
NOI $18,046 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$203.1K
$177.7K – $237.0K
NOI $14,219 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$402.1K
$351.9K – $469.2K
NOI $28,149 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
267
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 - Block-construction duplex with renovated kitchens, private outdoor space, separate utility meters, and off-street parking.
Where is this duplex located?
The property is located at 185 38TH SE AVENUE St Petersburg, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,546 SF and 1959 construction; Each unit includes 2 bedrooms, 1 bathroom, and a 1‑car garage; Roof replaced in 2020
