Furnished Apartment
For Sale
$995,000
Pending
3365 57TH N AVENUE, St Petersburg, FL 33714
Professionally managed complex offering short-, mid-, and long-term rental accommodations with shared outdoor amenities.
Property Size3,800 SF
Days on Market581
Property Features for 3365 57TH N AVENUE
General Information
Standard status
Pending
Size
3,800 SF
Property subtype
Multi Family
Net Operating Income
$60,884
Additional Details
Cap Rate
6.1%
Public Transit
Yes
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$19,022
Amenities
community garden
dog park
Building Details
Year Built
1925
Buildings
2
Listing Agency:
ENGEL & VOLKERS ST. PETE
(727) 295-0000
Listed By:
Kim Meredith-Hampton · License #601196
(407) 448-6679
Source:
Exitrealty
Added: Jan 29, 2025
Changed: Sep 2
Last Checked: Sep 1 at 4:39PM
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 ENGEL & VOLKERS ST. PETE
Investment Insights
Based on property information with market context.
This apartment property includes two separate buildings with a combination of short-term, mid-term, and long-term rental accommodations. Six units are furnished and convey with the property. On-site management is in place to support operational continuity during a transition.
The complex is located in unincorporated Pinellas County at 3365 57th N Avenue in St. Petersburg. Bus lines, shopping, restaurants, and entertainment are nearby. Shared outdoor features include a community garden and a dedicated dog park. Constructed in 1925, the property is presented with 2024 operating performance reflecting a 6.1% cap rate and 2025 pro forma performance reflecting a 9.6% cap rate.
The complex is located in unincorporated Pinellas County at 3365 57th N Avenue in St. Petersburg. Bus lines, shopping, restaurants, and entertainment are nearby. Shared outdoor features include a community garden and a dedicated dog park. Constructed in 1925, the property is presented with 2024 operating performance reflecting a 6.1% cap rate and 2025 pro forma performance reflecting a 9.6% cap rate.
Key Highlights
- Six fully furnished units convey with the property
- Two‑building apartment complex with short-, mid-, and long‑term rental accommodations
- Professionally managed property with management in place
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
$34,949
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
3.51%
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%
$698,980
$699.0K
Cap Rate 7%
$499,271
$499.3K
Cap Rate 9%
$388,322
$388.3K
Market Conditions
NOI Build-Up for 3,800 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
$68.4K $18.00/SF
− Vacancy
−$4.9K −$1.28/SF
EGI
$63.5K $16.72/SF
− OpEx
−$28.6K −$7.52/SF
NOI
$34.9K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /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%
$698,980
Cap Rate 7%
$499,271
Cap Rate 9%
$388,322
Alternative Uses
Best Use
Apartment 5plus
$499.3K
$436.9K – $582.5K
NOI $34,949 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$988.4K
$864.9K – $1.15M
NOI $69,189 @ 7.0% cap · market cap 6.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 33714, FL
19,905
Population
9,889
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
5,380
Density / Sq Mi
$47,221
Median Household Income
$36,207
Median Earnings
$1,270
Median Rent
$177,500
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?
Apartment building - Professionally managed complex offering short-, mid-, and long-term rental accommodations with shared outdoor amenities.
Where is this apartment building located?
The property is located at 3365 57TH N AVENUE St Petersburg, FL.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Six fully furnished units convey with the property; Two‑building apartment complex with short-, mid-, and long‑term rental accommodations; Professionally managed property with management in place
