Remodeled Triplex with Separate
For Sale
$699,900
3600 1st Ave S, St Petersburg, FL 33711
Fully updated three-unit layout with separate addresses, utilities, and extensive parking.
Property Size2,328 SF
Price / SF$300.64
Days on Market77
Property Features for 3600 1st Ave S
General Information
Standard status
Active
Size
2,328 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,175
Listing Agency:
STAR BAY REALTY CORP.
(424) 413-6600
Listed By:
Lukas Vanagaitis · License #3443636
(424) 413-6600
Source:
Exprealty
Added: May 29
Changed: Aug 4
Last Checked: Aug 12 at 10:26AM
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 STAR BAY REALTY CORP.
Investment Insights
Based on property information with market context.
This 2,328-square-foot triplex was built in 1960 and remodeled in 2026. The property includes a two-bedroom, one-bath unit and a one-bedroom, one-bath accessory suite on the lower level, plus a one-bedroom, one-bath unit upstairs. Renovations include a new roof, full electrical rewiring, new AC systems, hurricane-impact windows, plumbing improvements, new water heaters, and updated interior finishes. The renovation work is permitted.
Located at 3600 1st Ave S. and 109 36th St. S., the property has two separate addresses and separate utilities. It occupies a corner lot with substantial parking and provides quick access to downtown and the beaches. The property is outside a flood zone, has no HOA, and has no reported hurricane damage.
Located at 3600 1st Ave S. and 109 36th St. S., the property has two separate addresses and separate utilities. It occupies a corner lot with substantial parking and provides quick access to downtown and the beaches. The property is outside a flood zone, has no HOA, and has no reported hurricane damage.
Key Highlights
- Triplex with 2,328 SF of building area
- Remodeled in 2026 with permitted renovations
- Three units: 2‑bedroom, 1‑bath; 1‑bedroom, 1‑bath suite; and 1‑bedroom, 1‑bath
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
$27,173
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
3.88%
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%
$543,460
$543.5K
Cap Rate 7%
$388,186
$388.2K
Cap Rate 9%
$301,922
$301.9K
Market Conditions
NOI Build-Up for 2,328 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
$41.6K $17.88/SF
− Vacancy
−$2.8K −$1.21/SF
EGI
$38.8K $16.67/SF
− OpEx
−$11.6K −$5.00/SF
NOI
$27.2K $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%
$543,460
Cap Rate 7%
$388,186
Cap Rate 9%
$301,922
Alternative Uses
Best Use
Multifamily LT 5
$388.2K
$339.7K – $452.9K
NOI $27,173 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$305.9K
$267.6K – $356.9K
NOI $21,411 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$605.5K
$529.8K – $706.5K
NOI $42,387 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 33711, FL
20,121
Population
9,522
Households
2.1
Avg Household Size
41
Median Age
32%
College-Educated
96%
High-School Grad
4.7 sq mi
ZIP Area
4,281
Density / Sq Mi
$68,295
Median Household Income
$27,156
Median Earnings
$1,819
Median Rent
$253,100
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?
Triplex - Fully updated three-unit layout with separate addresses, utilities, and extensive parking.
Where is this triplex located?
The property is located at 3600 1st Ave S St Petersburg, FL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Triplex with 2,328 SF of building area; Remodeled in 2026 with permitted renovations; Three units: 2‑bedroom, 1‑bath; 1‑bedroom, 1‑bath suite; and 1‑bedroom, 1‑bath
