Multifamily Property with Private
For Sale
Contact for pricing
135 7th Ave NE, St Petersburg, FL 33701
Six-unit residential property with multiple buildings, garage spaces, shared laundry, and a fenced private pool.
Property Size6,400 SF
Price / SF$196.88
Days on Market10
Property Features for 135 7th Ave NE
General Information
Standard status
Active
Size
6,400 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
NT-2
Occupancy
100%
Investment Type
Value Add
Units
Unit Mix
1 x 3/2, 2 x 1/1, 3 x 1/1
Multifamily Units
6
Amenities
shared courtyard
private pool
shared laundry
Building Details
Year Built
1935
Buildings
3
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
Bridgewater Commercial Real Estate
(404) 786-5588
Listed By:
Davis Nunneley · License #FL SL3468881
Source:
Crexi
Added: Aug 4
Changed: Aug 13
Last Checked: Aug 13 at 4:00AM
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 Bridgewater Commercial Real Estate
Investment Insights
Based on property information with market context.
Located at 135 7th Ave NE in St. Petersburg, this multifamily property comprises three buildings arranged around a shared courtyard. The 6,400-square-foot property includes a main house with one three-bedroom, two-bath unit and two one-bedroom, one-bath units. The rear buildings contain three additional one-bedroom, one-bath units, shared laundry, and four garage spaces, including storage use in one space. A private fenced pool serves the property.
Built in 1935 and zoned NT-2, the property has undergone substantial physical updates. Improvements include electrical rewiring, bathroom renovations throughout, new windows in the main house, ongoing appliance replacement, and continued interior and exterior maintenance. The address is within the Old Northeast area of St. Petersburg, Florida.
Built in 1935 and zoned NT-2, the property has undergone substantial physical updates. Improvements include electrical rewiring, bathroom renovations throughout, new windows in the main house, ongoing appliance replacement, and continued interior and exterior maintenance. The address is within the Old Northeast area of St. Petersburg, Florida.
Key Highlights
- Six‑unit configuration: one 3/2 and five 1/1 units across three buildings
- 6,400‑square‑foot multifamily property built in 1935
- Private, fenced‑in pool with shared courtyard
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
$58,861
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
4.67%
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%
$1,177,220
$1.2M
Cap Rate 7%
$840,871
$840.9K
Cap Rate 9%
$654,011
$654.0K
Market Conditions
NOI Build-Up for 6,400 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
$115.2K $18.00/SF
− Vacancy
−$8.2K −$1.28/SF
EGI
$107.0K $16.72/SF
− OpEx
−$48.2K −$7.52/SF
NOI
$58.9K $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%
$1,177,220
Cap Rate 7%
$840,871
Cap Rate 9%
$654,011
Alternative Uses
Best Use
Apartment 5plus
$840.9K
$735.8K – $981.0K
NOI $58,861 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.46M – $1.94M
NOI $116,528 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,991
Businesses Nearby
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
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 - Six-unit residential property with multiple buildings, garage spaces, shared laundry, and a fenced private pool.
Where is this apartment building located?
The property is located at 135 7th Ave NE St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,260,000.
What are key features of this property?
This property features: Six‑unit configuration: one 3/2 and five 1/1 units across three buildings; 6,400‑square‑foot multifamily property built in 1935; Private, fenced‑in pool with shared courtyard
