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 Market556
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) 896-1800
Listed By:
Christopher Hounchell · License #3080652
(727) 642-9107
Source:
Exitrealty
Added: Apr 9, 2025
Changed: Oct 3
Last Checked: Oct 14 at 9:00PM
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 RE/MAX METRO
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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 / Yr
$18,046
Cap Rate
4.25%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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
