Remodeled Duplex with In-Law
For Sale
Under Contract
$699,900
3600 1ST Avenue S, St Petersburg, FL 33711
Residential Income, ST PETERSBURG, FL
Property Size2,328 SF
Lot Size0.16 Acres
Price / SF$300.64
Days on Market88
Property Features for 3600 1ST Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Patio and Porch features
Patio
Interior features
Open Floorplan, Walk-In Closet(s)
Exterior features
Lighting
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
WEST CENTRAL AVE RESUB
Directions
Head East on 1st Ave S. House is a corner lot on 1st Ave S. and 36th St. S. Parking from 36th St. S. and the alley.
Standard status
Active Under Contract
APN
22-31-16-96228-003-0010
Size
2,328 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST CENTRAL AVE RESUB BLK 3, LOT 2 LESS W 38FT THEREOF & ALL OF LOT 1
Tax Annual Amount
6175
Legal Description
WEST CENTRAL AVE RESUB BLK 3, LOT 2 LESS W 38FT THEREOF & ALL OF LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Flooring type
Vinyl
Building materials
Block
Roof type
Shingle
Listing Agency:
STAR BAY REALTY CORP.
(813) 533-6467
Listed By:
Lukas Vanagaitis · License #3443636
(424) 413-6600
Added: May 29
Changed: Aug 20
Last Checked: Aug 24 at 1:06PM
MLS# TB8513293
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,328-square-foot duplex includes a two-bedroom, one-bath residence downstairs, a separate one-bedroom accessory suite, and a one-bedroom, one-bath unit upstairs. The property was built in 1960 and completely remodeled in 2026, with a new roof, full electrical re-wire, upgraded plumbing, new water heaters, new AC systems, hurricane-impact windows, and refreshed interior finishes. The building also features vinyl flooring, block construction, a patio, and kitchen appliances.
Set on a 0.16-acre corner lot in St. Petersburg, the property has two separate addresses and separate utilities. Public water and public sewer serve the site, which is outside a flood zone and has no HOA. The location provides access to both downtown St. Petersburg and the beaches. Renovations are permitted, and the property includes substantial on-site parking.
Set on a 0.16-acre corner lot in St. Petersburg, the property has two separate addresses and separate utilities. Public water and public sewer serve the site, which is outside a flood zone and has no HOA. The location provides access to both downtown St. Petersburg and the beaches. Renovations are permitted, and the property includes substantial on-site parking.
Key Highlights
- 2,328‑square‑foot duplex with a one‑bedroom accessory suite
- Four‑bedroom, three‑bath layout across two levels
- Completely remodeled in 2026 with new roof and full electrical re‑wire
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
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,754
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?
Duplex - Four-bedroom configuration with separate utilities, public water and sewer, and parking on a corner lot.
Where is this duplex located?
The property is located at 3600 1ST Avenue 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: 2,328‑square‑foot duplex with a one‑bedroom accessory suite; Four‑bedroom, three‑bath layout across two levels; Completely remodeled in 2026 with new roof and full electrical re‑wire
