Triplex with Detached Rental
For Sale
$625,000
1134 9TH S AVENUE, St Petersburg, FL 33705
Three-unit property combines a renovated shared-housing residence with two detached garage units.
Property Size2,244 SF
Price / SF$278.52
Days on Market523
Property Features for 1134 9TH S AVENUE
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 5BR/2BA, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,558
Amenities
screened porch
laundry facilities
fenced backyard
Building Details
Year Built
1925
Listing Agency:
BHHS FLORIDA PROPERTIES GROUP
(415) 571-6645
Listed By:
Christian Sidwell · License #3369314
(415) 571-6645
Source:
Exitrealty
Added: Mar 28, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:48PM
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 BHHS FLORIDA PROPERTIES GROUP
Investment Insights
Based on property information with market context.
Built in 1925, this 2,244-square-foot triplex includes a 1,304-square-foot main residence configured for five-bedroom shared housing, with two bathrooms and updated kitchen, bath, and flooring finishes. A screened rear porch provides additional space and includes laundry facilities. The fenced backyard offers privacy.
Two additional residences occupy a detached converted garage with alley access. The 400-square-foot lower unit has one bedroom, one bathroom, recent updates, and a rear parking pad. The 540-square-foot upper unit contains two bedrooms and one bathroom, along with a dedicated parking pad within the gated backyard and a ground-level laundry and storage room. The property is located minutes from downtown St. Petersburg, the Hospital district, and the Gaslamp district.
Two additional residences occupy a detached converted garage with alley access. The 400-square-foot lower unit has one bedroom, one bathroom, recent updates, and a rear parking pad. The 540-square-foot upper unit contains two bedrooms and one bathroom, along with a dedicated parking pad within the gated backyard and a ground-level laundry and storage room. The property is located minutes from downtown St. Petersburg, the Hospital district, and the Gaslamp district.
Key Highlights
- 2,244‑square‑foot triplex built in 1925
- Main residence measures 1304 sq ft and is configured as five‑bedroom shared housing
- Main house includes two bathrooms, renovated kitchen and baths, updated flooring, screened porch, and laundry facilities
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
$26,193
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
4.19%
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%
$523,860
$523.9K
Cap Rate 7%
$374,186
$374.2K
Cap Rate 9%
$291,033
$291.0K
Market Conditions
NOI Build-Up for 2,244 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
$40.1K $17.88/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$37.4K $16.67/SF
− OpEx
−$11.2K −$5.00/SF
NOI
$26.2K $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%
$523,860
Cap Rate 7%
$374,186
Cap Rate 9%
$291,033
Alternative Uses
Best Use
Multifamily LT 5
$374.2K
$327.4K – $436.6K
NOI $26,193 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$294.8K
$258.0K – $344.0K
NOI $20,638 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$583.7K
$510.7K – $681.0K
NOI $40,858 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,320
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?
Triplex - Three-unit property combines a renovated shared-housing residence with two detached garage units.
Where is this triplex located?
The property is located at 1134 9TH S AVENUE St Petersburg, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,244‑square‑foot triplex built in 1925; Main residence measures 1304 sq ft and is configured as five‑bedroom shared housing; Main house includes two bathrooms, renovated kitchen and baths, updated flooring, screened porch, and laundry facilities
