Updated Duplex with Private
New
For Sale
$595,000
230 48TH AVE N, St Petersburg, FL 33703
Two refreshed residences offer separate utilities, in-unit laundry, dedicated parking, and fenced outdoor areas near Downtown St. Petersburg.
Property Size1,566 SF
Lot Size0.20 Acres
Price / SF$379.95
Days on Market7
Property Features for 230 48TH AVE N
General Information
Standard status
Active
Size
1,566 SF
Total Parking Spaces
4
Lot size
0.20 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$6,285
Amenities
private laundry
screened porch
fenced yard
Building Details
Building Size
1,566 SF
Year Built
1977
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
Listed By:
Becky McConnell · License #3233737
(727) 410-1898
Source:
Judibeck
Added: Sep 12
Changed: Sep 15
Last Checked: Sep 18 at 12:01PM
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 SMITH & ASSOCIATES REAL ESTATE
Investment Insights
Based on property information with market context.
This 1,566-square-foot duplex contains two updated residences, each configured with 2 bedrooms, 1 bathroom, a living area, and an open galley kitchen. Both units include private laundry with washers and dryers. The rear residence connects to a screened porch and fenced backyard, while the front residence has its own enclosed yard. Separate electric meters support independent utility management, and four dedicated parking spaces serve the property.
The property is located in Northeast St. Petersburg at 230 48th Ave N, with Publix, Whole Foods Market, Trader Joe’s, The Fresh Market, Chick-fil-A, shopping, and dining nearby. Downtown St. Petersburg is less than 10 minutes away, including waterfront parks, museums, galleries, the St. Pete Pier, Vinoy Park, Beach Drive, Tropicana Field, and arts and entertainment venues. The parcel measures 67' x 127' and was built in 1977.
The property is located in Northeast St. Petersburg at 230 48th Ave N, with Publix, Whole Foods Market, Trader Joe’s, The Fresh Market, Chick-fil-A, shopping, and dining nearby. Downtown St. Petersburg is less than 10 minutes away, including waterfront parks, museums, galleries, the St. Pete Pier, Vinoy Park, Beach Drive, Tropicana Field, and arts and entertainment venues. The parcel measures 67' x 127' and was built in 1977.
Key Highlights
- Two‑unit duplex with 1,566 total heated square feet
- Each unit includes 2 bedrooms, 1 bath, living space, and an open galley kitchen
- Private laundry with washer and dryer in both units
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
$18,279
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
3.07%
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%
$365,580
$365.6K
Cap Rate 7%
$261,129
$261.1K
Cap Rate 9%
$203,100
$203.1K
Market Conditions
NOI Build-Up for 1,566 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
$28.0K $17.88/SF
− Vacancy
−$1.9K −$1.21/SF
EGI
$26.1K $16.67/SF
− OpEx
−$7.8K −$5.00/SF
NOI
$18.3K $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%
$365,580
Cap Rate 7%
$261,129
Cap Rate 9%
$203,100
Alternative Uses
Best Use
Multifamily LT 5
$261.1K
$228.5K – $304.7K
NOI $18,279 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$205.8K
$180.0K – $240.1K
NOI $14,403 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$407.3K
$356.4K – $475.2K
NOI $28,513 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Explore this area
Business Placement
Demographics for 33703, FL
23,948
Population
12,331
Households
1.9
Avg Household Size
45
Median Age
53%
College-Educated
96%
High-School Grad
5.0 sq mi
ZIP Area
4,790
Density / Sq Mi
$96,795
Median Household Income
$56,760
Median Earnings
$1,569
Median Rent
$395,200
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 refreshed residences offer separate utilities, in-unit laundry, dedicated parking, and fenced outdoor areas near Downtown St. Petersburg.
Where is this duplex located?
The property is located at 230 48TH AVE N St Petersburg, FL.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,566 total heated square feet; Each unit includes 2 bedrooms, 1 bath, living space, and an open galley kitchen; Private laundry with washer and dryer in both units
