Updated Tenant-Occupied
For Sale
$535,000
2343 8TH STREET S, St Petersburg, FL 33705
Two separately occupied units are leased to year-long tenants.
Property Size1,740 SF
Price / SF$307.47
Days on Market11
Property Features for 2343 8TH STREET S
General Information
Standard status
Active
Size
1,740 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1959
Buildings
1
Tenancy
Multi
Listing Agency:
COLDWELL BANKER REALTY
(813) 685-7755
Listed By:
Catherine France · License #3524445
Source:
Endlesssummerrealty
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 23 at 7:02AM
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 COLDWELL BANKER REALTY
Investment Insights
Based on property information with market context.
This 1,740-square-foot duplex, built in 1959, includes two separately occupied residences with a 3-bedroom, 1-bath unit and a 2-bedroom, 1-bath unit. The interiors have been remodeled, and the property sits on a corner lot. A roof replacement completed in 2020 adds a recent capital improvement to the building.
Located at 2343 8th St S in St. Petersburg, the property offers access to Downtown St. Pete, I-275, Tropicana Field, the surrounding redevelopment area, local restaurants and entertainment, the waterfront, area employers, and Gulf beaches. Both units have year-long tenants in place, providing an occupied duplex configuration for an owner seeking residential rental income.
Located at 2343 8th St S in St. Petersburg, the property offers access to Downtown St. Pete, I-275, Tropicana Field, the surrounding redevelopment area, local restaurants and entertainment, the waterfront, area employers, and Gulf beaches. Both units have year-long tenants in place, providing an occupied duplex configuration for an owner seeking residential rental income.
Key Highlights
- Two‑unit duplex with 1,740 SF of building area
- Unit mix includes one 3‑bedroom, 1‑bath residence and one 2‑bedroom, 1‑bath residence
- Both units have year‑long tenants in place
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
$20,310
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
3.80%
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%
$406,200
$406.2K
Cap Rate 7%
$290,143
$290.1K
Cap Rate 9%
$225,667
$225.7K
Market Conditions
NOI Build-Up for 1,740 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
$31.1K $17.88/SF
− Vacancy
−$2.1K −$1.21/SF
EGI
$29.0K $16.67/SF
− OpEx
−$8.7K −$5.00/SF
NOI
$20.3K $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%
$406,200
Cap Rate 7%
$290,143
Cap Rate 9%
$225,667
Alternative Uses
Best Use
Multifamily LT 5
$290.1K
$253.9K – $338.5K
NOI $20,310 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$228.6K
$200.0K – $266.7K
NOI $16,003 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$452.6K
$396.0K – $528.0K
NOI $31,681 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
490
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?
Duplex - Two separately occupied units are leased to year-long tenants.
Where is this duplex located?
The property is located at 2343 8TH STREET S St Petersburg, FL.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,740 SF of building area; Unit mix includes one 3‑bedroom, 1‑bath residence and one 2‑bedroom, 1‑bath residence; Both units have year‑long tenants in place
