Legal Duplex with Spacious
For Sale
$319,000
2371 7TH STREET S, St Petersburg, FL 33705
Vacant two-unit property with separate electric meters and a partially renovated lower residence.
Property Size1,387 SF
Price / SF$229.99
Days on Market11
Property Features for 2371 7TH STREET S
General Information
Standard status
Active
Size
1,387 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
0.18 acres
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 31-31-17-74304-000-0240, Public Survey Range: 17, Public Survey Section: 31, Annual Amount: $15.33, Tax Block: 2, Tax Book Number: 6-54, Legal Description: RENWICK, ERLE SUB NO. 2 LOT 24, Lot: 24, Year: 2025
Central Air
Central
Inside
Listing ID: MFRTB8535007, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-08-03, 1 day on market, Special Conditions: None
Shutters
3 total bedrooms
Built in 1953, Living area: 1387, Living area units: Square Feet, Construction Materials: Block
Subdivision: RENWICK ERLE SUB 2, MLS Area (Major): 33705 - St Pete, County/Parish: Pinellas
2 total bathrooms
Electricity Connected, Sewer Connected, Water Connected, Water Source: Public
Slab
Close Of Escrow
Road Surface: Paved
Fence, Hurricane Shutters, Private Yard, Sidewalk
Ceiling Fans(s), Thermostat
Other equipment: Private Yard
Building Details
Year Built
1953
Buildings
1
Listing Agency:
EASY HOME SALES
(727) 201-8964
Listed By:
Jimmy Culler Jr. · License #3399275
Source:
Miharaandassociates
Added: Aug 3
Changed: Aug 12
Last Checked: Aug 13 at 5:58AM
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 EASY HOME SALES
Investment Insights
Based on property information with market context.
This legally recognized duplex will convey vacant and includes two separate residences. The upper unit contains 2 bedrooms and 1 bath within approximately 706 square feet, is currently livable in dated condition, and has central air conditioning. The lower unit provides 1 bedroom and 1 bath across approximately 681 square feet; following storm-related flooding during the 2024 hurricanes, it was professionally remediated and gutted for reconstruction. The lower residence needs new drywall, flooring, kitchen, bathroom, paint, texture, and other interior finishes before occupancy or leasing.
An approved City of St. Petersburg Post Disaster Emergency Permit remains open, with required construction, inspections, and final closeout assigned to the buyer. New windows and hurricane shutters were installed in 2025. The property has separate electric meters, one shared water meter, and a spacious backyard with room for off-street parking. It is located minutes from Downtown St. Petersburg and within reach of Gulf beaches, waterfront parks, restaurants, shopping, arts, and entertainment.
An approved City of St. Petersburg Post Disaster Emergency Permit remains open, with required construction, inspections, and final closeout assigned to the buyer. New windows and hurricane shutters were installed in 2025. The property has separate electric meters, one shared water meter, and a spacious backyard with room for off-street parking. It is located minutes from Downtown St. Petersburg and within reach of Gulf beaches, waterfront parks, restaurants, shopping, arts, and entertainment.
Key Highlights
- Two legally recognized residential units totaling 1,387 square feet
- Upper residence: 2 bedrooms, 1 bath, approximately 706 square feet, and central air conditioning
- Lower residence: 1 bedroom, 1 bath, approximately 681 square feet
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
$16,190
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
5.08%
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%
$323,800
$323.8K
Cap Rate 7%
$231,286
$231.3K
Cap Rate 9%
$179,889
$179.9K
Market Conditions
NOI Build-Up for 1,387 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
$24.8K $17.88/SF
− Vacancy
−$1.7K −$1.21/SF
EGI
$23.1K $16.67/SF
− OpEx
−$6.9K −$5.00/SF
NOI
$16.2K $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%
$323,800
Cap Rate 7%
$231,286
Cap Rate 9%
$179,889
Alternative Uses
Best Use
Multifamily LT 5
$231.3K
$202.4K – $269.8K
NOI $16,190 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$182.2K
$159.5K – $212.6K
NOI $12,756 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$360.8K
$315.7K – $420.9K
NOI $25,254 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,341
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 - Vacant two-unit property with separate electric meters and a partially renovated lower residence.
Where is this duplex located?
The property is located at 2371 7TH STREET S St Petersburg, FL.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Two legally recognized residential units totaling 1,387 square feet; Upper residence: 2 bedrooms, 1 bath, approximately 706 square feet, and central air conditioning; Lower residence: 1 bedroom, 1 bath, approximately 681 square feet
