St. Petersburg Multifamily Property For
For Sale
Contact for pricing
1503 9th St N, St Petersburg, FL 33704
Renovated multifamily property in desirable St. Petersburg location.
Property Size16,448 SF
Price / SF$265.99
Days on Market1314
Property Features for 1503 9th St N
General Information
Standard status
Active
Size
16,448 SF
Property subtype
Multifamily
Zoning
18-31-17-43182-000-0010
Net Operating Income
$486,960
Building Details
Year Built
1960
Year Renovated
2022
Buildings
2
Stories
2
Units
35
Listing Agency:
JT Multifamilty Team
Listed By:
Joshua Teplitzky · License #SL3254354
(813) 541-2135
Source:
Crexi
Added: Feb 1, 2023
Changed: Aug 14
Last Checked: Sep 7 at 5:40AM
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 JT Multifamilty Team
Investment Insights
Based on property information with market context.
This multifamily property is located in St. Petersburg and features a mix of studio, one-bedroom, and two-bedroom floor plans. The property was renovated in 2022, including new exterior building paint. Constructed of concrete block, the property is located in close proximity to downtown St. Petersburg and the retail and restaurants on 4th Street. It is less than ten minutes from the University of South Florida St. Petersburg campus. The property is suitable for long-term stays and monthly rentals with many apartment-style units. The property size is 16,448 square feet.
Key Highlights
- Premium location in the heart of desirable St. Petersburg.
- All rooms were renovated in 2022.
- Close proximity to downtown St. Petersburg and retail/restaurants on 4th Street.
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
$151,274
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
3.46%
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%
$3,025,480
$3.0M
Cap Rate 7%
$2,161,057
$2.2M
Cap Rate 9%
$1,680,822
$1.7M
Market Conditions
NOI Build-Up for 16,448 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
$296.1K $18.00/SF
− Vacancy
−$21.0K −$1.28/SF
EGI
$275.0K $16.72/SF
− OpEx
−$123.8K −$7.52/SF
NOI
$151.3K $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%
$3,025,480
Cap Rate 7%
$2,161,057
Cap Rate 9%
$1,680,822
Alternative Uses
Best Use
Apartment 5plus
$2.16M
$1.89M – $2.52M
NOI $151,274 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.28M
$3.74M – $4.99M
NOI $299,478 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
893
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
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 - Renovated multifamily property in desirable St. Petersburg location.
Where is this apartment building located?
The property is located at 1503 9th St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $4,375,000.
What are key features of this property?
This property features: Premium location in the heart of desirable St. Petersburg.; All rooms were renovated in 2022.; Close proximity to downtown St. Petersburg and retail/restaurants on 4th Street.
