Renovated Duplex with 3-Car
For Sale
$800,000
1423 DR MARTIN LUTHER KING JR ST N, St Petersburg, FL 33704
Two updated residences offer front porches, shared laundry, and flexible occupancy options.
Property Size2,208 SF
Days on Market49
Property Features for 1423 DR MARTIN LUTHER KING JR ST N
General Information
Standard status
Active
Size
2,208 SF
Total Parking Spaces
3
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$63,600
Taxes and HOA fees
Annual Taxes
$14,342
Amenities
large front porches
shared laundry area
covered outdoor space
Building Details
Building Size
2,208 SF
Year Built
1928
Year Renovated
2022
Buildings
2
Tenancy
Multi
Listing Agency:
COMPASS FLORIDA LLC
Listed By:
Cash Ealey · License #3357166
(813) 230-2447
Source:
Judibeck
Added: Sep 16
Changed: Nov 1
Last Checked: Nov 1 at 12:35PM
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 COMPASS FLORIDA LLC
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Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bath residences within 2,208 square feet, plus a detached 3-car garage. The property was renovated in 2022 with a new roof, HVAC systems, gas water heaters, and electrical and plumbing improvements. Each unit has an updated kitchen, refreshed bathroom finishes, abundant windows, and a large front porch. The bathrooms retain historic character alongside their modern updates.
Shared exterior amenities include a laundry area, covered space connected to the garage, and a backyard suitable for outdoor use. Both tenants are scheduled to vacate in October 2026, creating flexibility for a future owner to occupy one unit, re-lease the residences, or pursue another supported use. Built in 1928, the property is near Crescent Lake, downtown St. Petersburg, dining, shopping, and entertainment.
Shared exterior amenities include a laundry area, covered space connected to the garage, and a backyard suitable for outdoor use. Both tenants are scheduled to vacate in October 2026, creating flexibility for a future owner to occupy one unit, re-lease the residences, or pursue another supported use. Built in 1928, the property is near Crescent Lake, downtown St. Petersburg, dining, shopping, and entertainment.
Key Highlights
- Two 2‑bedroom, 1‑bath units totaling 2,208 SF
- Detached 3‑car garage with attached covered outdoor space
- Extensive renovation completed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,773
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$515,460
$515.5K
Cap Rate 7%
$368,186
$368.2K
Cap Rate 9%
$286,367
$286.4K
Market Conditions
NOI Build-Up for 2,208 SF
Gross rent
$39.5K $17.88/SF
− Vacancy
−$2.7K −$1.21/SF
EGI
$36.8K $16.67/SF
− OpEx
−$11.0K −$5.00/SF
NOI
$25.8K $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%
$515,460
Cap Rate 7%
$368,186
Cap Rate 9%
$286,367
Alternative Uses
Best Use
Multifamily LT 5
$368.2K
$322.2K – $429.6K
NOI $25,773 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$290.1K
$253.8K – $338.5K
NOI $20,307 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$574.3K
$502.5K – $670.0K
NOI $40,202 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,703
Businesses Nearby
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Business Placement
Demographics for 33704, FL
16,031
Population
9,037
Households
1.8
Avg Household Size
46
Median Age
58%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,715
Density / Sq Mi
$102,647
Median Household Income
$63,803
Median Earnings
$1,398
Median Rent
$657,400
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 - Two updated residences offer front porches, shared laundry, and flexible occupancy options.
Where is this duplex located?
The property is located at 1423 DR MARTIN LUTHER KING JR ST N St Petersburg, FL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units totaling 2,208 SF; Detached 3‑car garage with attached covered outdoor space; Extensive renovation completed in 2022
