Two-Home Multifamily
For Sale
$475,000
3829 2nd Ave N, St Petersburg, FL 33705
Two residences on one parcel offer separate living spaces, shared outdoor area, and flexible income or extended-family use.
Property Size1,614 SF
Price / SF$294.30
Days on Market60
Property Features for 3829 2nd Ave N
General Information
Standard status
Active
Size
1,614 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$6,104
Listing Agency:
BRIGHT VIEW REALTY GROUP
(727) 422-1743
Listed By:
Gabriela Raimander
(727) 422-1743
Source:
Exprealty
Added: Jun 15
Changed: Aug 13
Last Checked: Aug 13 at 3:36AM
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 BRIGHT VIEW REALTY GROUP
Investment Insights
Based on property information with market context.
This multifamily property includes two detached residences on one parcel. The front home is a Craftsman-style bungalow with an enclosed screened porch, original hardwood flooring, fireplace, crown molding, built-ins, formal dining room, three bedrooms, and one bathroom. Its primary bedroom has two closets, while the side porch accommodates laundry. The residence also features updated bathroom flooring, a newer roof, and natural gas service.
The rear home provides a separate living arrangement with a living room, kitchen, two bedrooms, one bathroom, laundry room, individual water heater, and covered patio. A sizable storage area and fenced yard add practical utility. The property is located in Central Oak Park, near Historic Kenwood and the Grand Central District, with restaurants, shops, galleries, breweries, and entertainment nearby. A SunRunner station provides transit access toward downtown St. Petersburg and the Gulf beaches.
The rear home provides a separate living arrangement with a living room, kitchen, two bedrooms, one bathroom, laundry room, individual water heater, and covered patio. A sizable storage area and fenced yard add practical utility. The property is located in Central Oak Park, near Historic Kenwood and the Grand Central District, with restaurants, shops, galleries, breweries, and entertainment nearby. A SunRunner station provides transit access toward downtown St. Petersburg and the Gulf beaches.
Key Highlights
- Two detached residences occupy one parcel
- Front bungalow includes 3 bedrooms, 1 bathroom, enclosed porch, fireplace, and original hardwood floors
- Rear residence offers 2 bedrooms, 1 bathroom, kitchen, laundry room, and covered patio
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
$14,844
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
3.13%
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%
$296,880
$296.9K
Cap Rate 7%
$212,057
$212.1K
Cap Rate 9%
$164,933
$164.9K
Market Conditions
NOI Build-Up for 1,614 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
$29.1K $18.00/SF
− Vacancy
−$2.1K −$1.28/SF
EGI
$27.0K $16.72/SF
− OpEx
−$12.1K −$7.52/SF
NOI
$14.8K $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%
$296,880
Cap Rate 7%
$212,057
Cap Rate 9%
$164,933
Alternative Uses
Best Use
Apartment 5plus
$212.1K
$185.6K – $247.4K
NOI $14,844 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$419.8K
$367.3K – $489.8K
NOI $29,387 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 33705, FL
27,915
Population
15,171
Households
1.8
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
4,985
Density / Sq Mi
$70,783
Median Household Income
$40,370
Median Earnings
$1,457
Median Rent
$321,500
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?
Multifamily property - Two residences on one parcel offer separate living spaces, shared outdoor area, and flexible income or extended-family use.
Where is this multifamily property located?
The property is located at 3829 2nd Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two detached residences occupy one parcel; Front bungalow includes 3 bedrooms, 1 bathroom, enclosed porch, fireplace, and original hardwood floors; Rear residence offers 2 bedrooms, 1 bathroom, kitchen, laundry room, and covered patio
