Historic Craftsman
For Sale
$750,000
1846 2nd Ave N, St Petersburg, FL 33713
Four residential units feature central A/C, separate electric and gas metering, and updated exterior improvements.
Property Size2,622 SF
Price / SF$286.04
Days on Market40
Property Features for 1846 2nd Ave N
General Information
Standard status
Active
Size
2,622 SF
Property subtype
Multi-Family
Building Details
Year Built
1921
Listing Agency:
SEXAUER REAL ESTATE INTL.
(727) 637-7292
Listed By:
Steve Sexauer, Jonathan Sexauer · License #3309334
Source:
Fulcrum-residential
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:27PM
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 SEXAUER REAL ESTATE INTL.
Investment Insights
Based on property information with market context.
Built in 1921, this Craftsman quadplex at 1846 2nd Ave N contains 2,622 square feet across four units: three one-bedroom, one-bath residences and one three-bedroom, one-bath residence. The property includes a 2-car garage, new impact windows, new premium vinyl siding, and central A/C serving every unit. Electricity and gas are separately metered by residence, while the landlord pays for water.
The building occupies a 60x80 lot in Historic Kenwood, with Grand Central District, the Edge District, and Downtown St. Petersburg within walking or biking distance. Additional nearby destinations named in the property information include Central Avenue dining, breweries, museums, waterfront parks, and nightlife. The site is in Flood Zone X, identified as a non-evacuation zone, and carries Multi-Family zoning for 10 units or less.
The building occupies a 60x80 lot in Historic Kenwood, with Grand Central District, the Edge District, and Downtown St. Petersburg within walking or biking distance. Additional nearby destinations named in the property information include Central Avenue dining, breweries, museums, waterfront parks, and nightlife. The site is in Flood Zone X, identified as a non-evacuation zone, and carries Multi-Family zoning for 10 units or less.
Key Highlights
- 2,622‑square‑foot quadplex built in 1921
- Unit mix includes 3 one‑bedroom/one‑bath units and 1 three‑bedroom/one‑bath unit
- New impact windows and premium vinyl siding
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
$30,605
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
4.08%
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%
$612,100
$612.1K
Cap Rate 7%
$437,214
$437.2K
Cap Rate 9%
$340,056
$340.1K
Market Conditions
NOI Build-Up for 2,622 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
$46.9K $17.88/SF
− Vacancy
−$3.2K −$1.21/SF
EGI
$43.7K $16.67/SF
− OpEx
−$13.1K −$5.00/SF
NOI
$30.6K $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%
$612,100
Cap Rate 7%
$437,214
Cap Rate 9%
$340,056
Alternative Uses
Best Use
Multifamily LT 5
$437.2K
$382.6K – $510.1K
NOI $30,605 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$344.5K
$301.4K – $401.9K
NOI $24,115 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$682.0K
$596.8K – $795.7K
NOI $47,740 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,723
Businesses Nearby
Explore this area
Business Placement
Demographics for 33713, FL
31,321
Population
16,192
Households
1.9
Avg Household Size
42
Median Age
35%
College-Educated
91%
High-School Grad
6.5 sq mi
ZIP Area
4,819
Density / Sq Mi
$69,704
Median Household Income
$43,282
Median Earnings
$1,387
Median Rent
$279,000
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?
Quadplex - Four residential units feature central A/C, separate electric and gas metering, and updated exterior improvements.
Where is this quadplex located?
The property is located at 1846 2nd Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,622‑square‑foot quadplex built in 1921; Unit mix includes 3 one‑bedroom/one‑bath units and 1 three‑bedroom/one‑bath unit; New impact windows and premium vinyl siding
