Four-Unit Quadplex with Private
For Sale
$799,900
Pending
2601 61ST N, Saint Petersburg, FL 33714
Three two-bedroom apartments and one efficiency provide varied layouts with individual washer/dryer hookups.
Property Size3,090 SF
Days on Market8
Property Features for 2601 61ST N
General Information
Standard status
Pending
Size
3,090 SF
Property subtype
Investment
Units
Unit Mix
3 x 2BR/1BA, 1 x efficiency
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,143
Amenities
private washer/dryer hookups
private fenced backyard spaces
Building Details
Building Size
3,090 SF
Year Built
1974
Units
4
Listing Agency:
(727) 686-0101
Listed By:
Joe Cavaleri
(727) 686-0101
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 19 at 1:11PM
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 Joe Cavaleri
Investment Insights
Based on property information with market context.
Built in 1974, this quadplex contains three 2-bedroom, 1-bath residences measuring 800 square feet each, along with an efficiency unit. The units offer private washer/dryer hookups, generous living areas, and dedicated kitchen spaces. Individual fenced backyard areas with gated access extend the usable space for residents.
The property’s roof was replaced in 2018. Two units are leased to the United States Coast Guard, providing an established tenancy component. Located at 2601 61ST N in Lealman, FL 33714, the property has a Walk Score of 69, a Bike Score of 55, and a Transit Score of 39.
The property’s roof was replaced in 2018. Two units are leased to the United States Coast Guard, providing an established tenancy component. Located at 2601 61ST N in Lealman, FL 33714, the property has a Walk Score of 69, a Bike Score of 55, and a Transit Score of 39.
Key Highlights
- Four‑unit complex with three 2‑bedroom, 1‑bath units plus 1 efficiency unit
- Three residential units measure 800 sq. ft. each
- Private washer/dryer hookups in each unit
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
$36,068
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
4.51%
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%
$721,360
$721.4K
Cap Rate 7%
$515,257
$515.3K
Cap Rate 9%
$400,756
$400.8K
Market Conditions
NOI Build-Up for 3,090 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
$55.2K $17.88/SF
− Vacancy
−$3.7K −$1.21/SF
EGI
$51.5K $16.67/SF
− OpEx
−$15.5K −$5.00/SF
NOI
$36.1K $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%
$721,360
Cap Rate 7%
$515,257
Cap Rate 9%
$400,756
Alternative Uses
Best Use
Multifamily LT 5
$515.3K
$450.9K – $601.1K
NOI $36,068 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$406.0K
$355.2K – $473.7K
NOI $28,419 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$803.7K
$703.3K – $937.7K
NOI $56,261 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
702
Businesses Nearby
Explore this area
Business Placement
Demographics for 33714, FL
19,905
Population
9,889
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
5,380
Density / Sq Mi
$47,221
Median Household Income
$36,207
Median Earnings
$1,270
Median Rent
$177,500
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?
Quadplex - Three two-bedroom apartments and one efficiency provide varied layouts with individual washer/dryer hookups.
Where is this quadplex located?
The property is located at 2601 61ST N Saint Petersburg, FL.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four‑unit complex with three 2‑bedroom, 1‑bath units plus 1 efficiency unit; Three residential units measure 800 sq. ft. each; Private washer/dryer hookups in each unit
