Multifamily Investment & Development
For Sale
$1,125,900
2722 14TH Ave S, St Petersburg, FL 33712
Cash-flowing multifamily property with development potential in St. Petersburg, FL.
Property Size5,143 SF
Lot Size0.44 Acres
Days on Market154
Property Features for 2722 14TH Ave S
General Information
Standard status
Active
Size
5,143 SF
Lot size
0.44 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$16,692
Building Details
Building Size
5,143 SF
Year Built
1926
Units
4
Listing Agency:
Real Broker, LLC.
(727) 270-0912
Listed By:
Betsy Tinervin · License #3356969
(727) 270-0912
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Jul 16 at 4:00AM
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 Real Broker, LLC.
Investment Insights
Based on property information with market context.
This multifamily investment opportunity in St. Petersburg, FL, includes four income-producing units across three structures on approximately 3.5 corner lots, plus a separate development parcel. The existing occupied units include a 3-bedroom, 2-bath single-family home at 2728 14th Ave S, a 2-bedroom, 2-bath single-family home at 2722 14th Ave S, and two remodeled studio apartments (Units A & B) at 2722 14th Ave S. All units were fully renovated in 2022 with new roofs, updated kitchens, flooring, doors, trim, and paint. New landscaping is planned for 2025. The additional parcel at 1416 28th Ave S formerly housed a 5-unit building that has been demolished with permits, including asbestos removal. The entire property has been rezoned and approved for up to 13 total units, creating a value-add and development opportunity. The property is located in a high-demand rental area minutes from Central Avenue, Downtown St. Pete, the Warehouse Arts District, the Tropicana Field Redevelopment Area, I-275, and Gulf Beaches, surrounded by new construction and thriving local businesses.
Key Highlights
- Approved development for up to 13 total units, offering a rare value‑add opportunity.
- Four income‑producing units across three structures providing immediate cash flow.**
- Separate development parcel allows collecting rent while building.
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
$60,031
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
5.33%
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%
$1,200,620
$1.2M
Cap Rate 7%
$857,586
$857.6K
Cap Rate 9%
$667,011
$667.0K
Market Conditions
NOI Build-Up for 5,143 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
$92.0K $17.88/SF
− Vacancy
−$6.2K −$1.21/SF
EGI
$85.8K $16.67/SF
− OpEx
−$25.7K −$5.00/SF
NOI
$60.0K $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%
$1,200,620
Cap Rate 7%
$857,586
Cap Rate 9%
$667,011
Alternative Uses
Best Use
Multifamily LT 5
$857.6K
$750.4K – $1.00M
NOI $60,031 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$675.7K
$591.3K – $788.4K
NOI $47,301 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,641 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Explore this area
Business Placement
Demographics for 33712, FL
26,395
Population
13,055
Households
2
Avg Household Size
41
Median Age
30%
College-Educated
91%
High-School Grad
6.4 sq mi
ZIP Area
4,124
Density / Sq Mi
$57,729
Median Household Income
$39,589
Median Earnings
$1,440
Median Rent
$300,600
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 - Cash-flowing multifamily property with development potential in St. Petersburg, FL.
Where is this quadplex located?
The property is located at 2722 14TH Ave S St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,125,900.
What are key features of this property?
This property features: Approved development for up to 13 total units, offering a rare value‑add opportunity.; Four income‑producing units across three structures providing immediate cash flow.**; Separate development parcel allows collecting rent while building.
