Concrete-Block Duplex with Two
For Sale
$449,800
245 - 247 38th Ave SE, St Petersburg, FL 33705
Two three-bedroom units feature updated finishes, central air conditioning, and separate water and electric meters.
Property Size2,140 SF
Lot Size0.15 Acres
Price / SF$210.19
Days on Market9
Property Features for 245 - 247 38th Ave SE
General Information
Standard status
Active
Size
2,140 SF
Lot size
0.15 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1959
Construction
concrete block
Listing Agency:
BIANCHI REALTY & PROPERTY MANAGEMENT INC.
(727) 595-7653
Listed By:
Brenda Bianchi · License #574181
Source:
Flflourish
Added: Aug 22
Changed: Aug 27
Last Checked: Aug 29 at 11:44AM
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 BIANCHI REALTY & PROPERTY MANAGEMENT INC.
Investment Insights
Based on property information with market context.
This 1959 concrete-block duplex at 245 - 247 38th Ave SE includes two three-bedroom, two-bathroom residences totaling approximately 2,140 square feet of heated living space. Both units offer practical layouts with updated flooring, refreshed kitchens featuring stone countertops and tile backsplashes, and renovated bathrooms finished with subway tile. Large windows provide natural light, while central air conditioning serves each residence.
The property occupies a 75 x 90 lot in the Lewis Island area of St. Petersburg, near downtown, waterfront parks, shopping, dining, and major commuter routes. Each unit has separate water and electric meters. An Americas Preferred 1 Year Home Warranty is included.
The property occupies a 75 x 90 lot in the Lewis Island area of St. Petersburg, near downtown, waterfront parks, shopping, dining, and major commuter routes. Each unit has separate water and electric meters. An Americas Preferred 1 Year Home Warranty is included.
Key Highlights
- Two 3‑bedroom, 2‑bathroom units
- Approximately 2,140 square feet of heated living space
- Concrete‑block construction built in 1959
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
$24,979
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
5.55%
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%
$499,580
$499.6K
Cap Rate 7%
$356,843
$356.8K
Cap Rate 9%
$277,544
$277.5K
Market Conditions
NOI Build-Up for 2,140 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
$38.3K $17.88/SF
− Vacancy
−$2.6K −$1.21/SF
EGI
$35.7K $16.67/SF
− OpEx
−$10.7K −$5.00/SF
NOI
$25.0K $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%
$499,580
Cap Rate 7%
$356,843
Cap Rate 9%
$277,544
Alternative Uses
Best Use
Multifamily LT 5
$356.8K
$312.2K – $416.3K
NOI $24,979 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$281.2K
$246.0K – $328.0K
NOI $19,682 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$556.6K
$487.1K – $649.4K
NOI $38,964 @ 7.0% cap · market cap 8.66%
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
913
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 three-bedroom units feature updated finishes, central air conditioning, and separate water and electric meters.
Where is this duplex located?
The property is located at 245 - 247 38th Ave SE St Petersburg, FL.
What is the asking price?
The asking price for this property is $449,800.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom units; Approximately 2,140 square feet of heated living space; Concrete‑block construction built in 1959
