Two-Bedroom Apartment
For Sale
Contact for pricing
3087 Saint Clair Avenue, Oldsmar, FL 34677
Multifamily property with private rear porches and attached garages on select duplexes.
Property Size11,664 SF
Price / SF$179.18
Days on Market64
Property Features for 3087 Saint Clair Avenue
General Information
Standard status
Active
Size
11,664 SF
Property subtype
Multifamily
Investment Type
Value Add
Additional Details
Highway Access
Yes
Amenities
washer and dryer connections
private rear porches
attached garages
individually metered utilities
Building Details
Year Built
1981
Buildings
5
Units
10
Listing Agency:
Franklin Street Tampa
Listed By:
Geno Cronin · License #SL3612814
Source:
Crexi
Added: Jun 29
Changed: Aug 30
Last Checked: Aug 30 at 7:38PM
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 Franklin Street Tampa
Investment Insights
Based on property information with market context.
This multifamily property contains 11,664 square feet and was built in 1981. The community is configured around two-bedroom floorplans averaging approximately 1,005 square feet, with washer and dryer connections in every unit, private rear porches, and attached garages on select duplexes. Utilities are individually metered. Property improvements include new roofs completed in 2024 and white vinyl fencing enclosing private backyard areas.
The property is located near Tampa Road, Curlew Road, U.S. Highway 19, and State Road 580 in Oldsmar. Nearby retail includes Walmart, ALDI, Marshalls, and Ulta Beauty, while Clearwater Beach, Downtown Tampa, and Downtown St. Petersburg are also within the surrounding area.
The property is located near Tampa Road, Curlew Road, U.S. Highway 19, and State Road 580 in Oldsmar. Nearby retail includes Walmart, ALDI, Marshalls, and Ulta Beauty, while Clearwater Beach, Downtown Tampa, and Downtown St. Petersburg are also within the surrounding area.
Key Highlights
- 11,664‑square‑foot multifamily property built in 1981
- Two‑bedroom floorplans average approximately 1,005 square feet
- New roofs completed in 2024
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
$107,275
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
5.13%
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%
$2,145,500
$2.1M
Cap Rate 7%
$1,532,500
$1.5M
Cap Rate 9%
$1,191,944
$1.2M
Market Conditions
NOI Build-Up for 11,664 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
$210.0K $18.00/SF
− Vacancy
−$14.9K −$1.28/SF
EGI
$195.0K $16.72/SF
− OpEx
−$87.8K −$7.52/SF
NOI
$107.3K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,145,500
Cap Rate 7%
$1,532,500
Cap Rate 9%
$1,191,944
Alternative Uses
Best Use
Apartment 5plus
$1.53M
$1.34M – $1.79M
NOI $107,275 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.03M
$2.65M – $3.54M
NOI $212,373 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
Explore this area
Business Placement
Demographics for 34677, FL
22,524
Population
10,056
Households
2.2
Avg Household Size
46
Median Age
41%
College-Educated
95%
High-School Grad
12.7 sq mi
ZIP Area
1,774
Density / Sq Mi
$85,389
Median Household Income
$46,404
Median Earnings
$1,484
Median Rent
$352,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with private rear porches and attached garages on select duplexes.
Where is this apartment building located?
The property is located at 3087 Saint Clair Avenue Oldsmar, FL.
What is the asking price?
The asking price for this property is $2,090,000.
What are key features of this property?
This property features: 11,664‑square‑foot multifamily property built in 1981; Two‑bedroom floorplans average approximately 1,005 square feet; New roofs completed in 2024
