4-Unit Multifamily
New
For Sale
$749,000
1901 3RD S, St Petersburg, FL 33705
Two buildings, a courtyard trailer, solar panels, and updated air conditioning serve a fully occupied rental property.
Property Size3,312 SF
Days on Market5
Property Features for 1901 3RD S
General Information
Standard status
Active
Size
3,312 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Gross Income
$89,400
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,865
Building Details
Building Size
3,312 SF
Year Built
1945
Buildings
2
Listing Agency:
DHM REAL ESTATE GROUP LLC
Listed By:
Nancy Burris
(727) 793-7242
Source:
Elliman
Added: Sep 29
Last Checked: Oct 2 at 11:42PM
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 DHM REAL ESTATE GROUP LLC
Investment Insights
Based on property information with market context.
This multifamily property comprises two buildings with four rental units, plus a trailer in the courtyard that may serve as owner space or additional income. Built in 1945, the main home has solar panels, and three recently installed air-conditioning units are permitted and elevated to meet flood-insurance elevation standards. The property is fully occupied.
In St. Petersburg’s Old Southeast neighborhood, the property is a few blocks from Lassing Park and within walking distance of USF St. Petersburg and downtown destinations, including the Pier, Beach Drive, the Dalí, and Saturday Morning Market. The Chattaway and Old Southeast Market are also nearby. Reported walk, bike, and transit scores are 63, 54, and 37, respectively.
In St. Petersburg’s Old Southeast neighborhood, the property is a few blocks from Lassing Park and within walking distance of USF St. Petersburg and downtown destinations, including the Pier, Beach Drive, the Dalí, and Saturday Morning Market. The Chattaway and Old Southeast Market are also nearby. Reported walk, bike, and transit scores are 63, 54, and 37, respectively.
Key Highlights
- Four rental units across two buildings, plus a courtyard trailer
- Fully occupied
- Solar panels on the main home
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
$30,461
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
4.07%
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%
$609,220
$609.2K
Cap Rate 7%
$435,157
$435.2K
Cap Rate 9%
$338,456
$338.5K
Market Conditions
NOI Build-Up for 3,312 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
$59.6K $18.00/SF
− Vacancy
−$4.2K −$1.28/SF
EGI
$55.4K $16.72/SF
− OpEx
−$24.9K −$7.52/SF
NOI
$30.5K $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%
$609,220
Cap Rate 7%
$435,157
Cap Rate 9%
$338,456
Alternative Uses
Best Use
Apartment 5plus
$435.2K
$380.8K – $507.7K
NOI $30,461 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$861.5K
$753.8K – $1.01M
NOI $60,303 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
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
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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?
Multifamily property - Two buildings, a courtyard trailer, solar panels, and updated air conditioning serve a fully occupied rental property.
Where is this multifamily property located?
The property is located at 1901 3RD S St Petersburg, FL.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Four rental units across two buildings, plus a courtyard trailer; Fully occupied; Solar panels on the main home
