Renovated Duplex with 3-Car
New
For Sale
$825,000
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 Market4
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
Source:
Judibeck
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 18 at 7:42AM
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
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 = 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
$25,773
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
3.12%
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%
$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
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
$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 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%
$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 3.12%
Second Best
Apartment 5plus
$290.1K
$253.8K – $338.5K
NOI $20,307 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$574.3K
$502.5K – $670.0K
NOI $40,202 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,703
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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 $825,000.
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
