Triplex With Mixed Unit
For Sale
$775,500
1820 3RD S STREET, St Petersburg, FL 33705
Two two-bedroom homes and one one-bedroom home provide a varied residential configuration near downtown St. Petersburg.
Property Size7,000 SF
Price / SF$110.79
Days on Market594
Property Features for 1820 3RD S STREET
General Information
Standard status
Active
Size
7,000 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,400
Building Details
Year Built
1956
Listing Agency:
BEYCOME OF FLORIDA LLC
(804) 656-5007
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Source:
Exitrealty
Added: Jan 15, 2025
Changed: Aug 31
Last Checked: Aug 31 at 6:15PM
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 BEYCOME OF FLORIDA LLC
Investment Insights
Based on property information with market context.
This triplex contains three separate residential units arranged as two two-bedroom, one-bath homes and one one-bedroom, one-bath home. Built in 1956, the property offers a clearly defined unit mix within a single multifamily asset.
The property is located at 1820 3rd S Street in St. Petersburg, approximately 2.5 miles from downtown. St. Pete Beach is about a 12-minute drive away, placing both downtown amenities and the beach within convenient reach. The combination of multiple residences, varied bedroom configurations, and access to established city and coastal destinations gives the property a straightforward multifamily layout for residential occupancy.
The property is located at 1820 3rd S Street in St. Petersburg, approximately 2.5 miles from downtown. St. Pete Beach is about a 12-minute drive away, placing both downtown amenities and the beach within convenient reach. The combination of multiple residences, varied bedroom configurations, and access to established city and coastal destinations gives the property a straightforward multifamily layout for residential occupancy.
Key Highlights
- Three‑unit triplex with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- Built in 1956
- Approximately 2.5 miles from downtown St. Petersburg
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
$64,380
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
8.30%
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%
$1,287,600
$1.3M
Cap Rate 7%
$919,714
$919.7K
Cap Rate 9%
$715,333
$715.3K
Market Conditions
NOI Build-Up for 7,000 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
$126.0K $18.00/SF
− Vacancy
−$8.9K −$1.28/SF
EGI
$117.1K $16.72/SF
− OpEx
−$52.7K −$7.52/SF
NOI
$64.4K $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%
$1,287,600
Cap Rate 7%
$919,714
Cap Rate 9%
$715,333
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,707 @ 7.0% cap · market cap 10.54%
Second Best
Apartment 5plus
$919.7K
$804.8K – $1.07M
NOI $64,380 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,453 @ 7.0% cap · market cap 16.43%
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
593
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 - Two two-bedroom homes and one one-bedroom home provide a varied residential configuration near downtown St. Petersburg.
Where is this triplex located?
The property is located at 1820 3RD S STREET St Petersburg, FL.
What is the asking price?
The asking price for this property is $775,500.
What are key features of this property?
This property features: Three‑unit triplex with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; Built in 1956; Approximately 2.5 miles from downtown St. Petersburg
