Two-Unit Multifamily
New
For Sale
$275,000
3939 45th Ave N, St Petersburg, FL 33714
Two houses share one lot, including a remodeled one-bedroom home and a second residence ready for renovation.
Property Size1,248 SF
Lot Size0.16 Acres
Price / SF$220.35
Days on Market7
Property Features for 3939 45th Ave N
General Information
Standard status
Active
Size
1,248 SF
Lot size
0.16 Acres
Property subtype
Multi-Family
Zoning
R-4
Property Condition
Severity
Repairs Needed
Evidence
fix up the back
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1925
Buildings
2
Listing Agency:
Align Right Realty LLC
(727) 264-6800
Listed By:
Client Concierge
(941) 822-0708
Source:
Dwellingwell
Added: Sep 19
Changed: Sep 24
Last Checked: Sep 24 at 9:49AM
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 Align Right Realty LLC
Investment Insights
Based on property information with market context.
This 1925 multifamily property includes two houses on a level 0.16-acre lot with a combined 1,248 square feet. The front residence has 1 bedroom and 1 bathroom, with an updated kitchen, refreshed living area, and renovated bathroom. The rear house provides 3 bedrooms and 1 bathroom and is positioned for renovation. The configuration supports occupying or leasing the completed home while improving the second residence, subject to applicable requirements.
A paved 42-foot side parking pad accommodates an RV or boat and includes 220-volt and 110-volt electrical service, water, and a black-water cleanout. The property has public water and sewer, lies in flood zone X, and has no HOA. R-4 zoning applies. Downtown St. Petersburg and I-275 are minutes away.
A paved 42-foot side parking pad accommodates an RV or boat and includes 220-volt and 110-volt electrical service, water, and a black-water cleanout. The property has public water and sewer, lies in flood zone X, and has no HOA. R-4 zoning applies. Downtown St. Petersburg and I-275 are minutes away.
Key Highlights
- Two houses on a level 0.16‑acre lot
- Front home remodeled with 1 bedroom and 1 bathroom
- Rear residence includes 3 bedrooms and 1 bathroom
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
$11,478
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
4.17%
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%
$229,560
$229.6K
Cap Rate 7%
$163,971
$164.0K
Cap Rate 9%
$127,533
$127.5K
Market Conditions
NOI Build-Up for 1,248 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
$22.5K $18.00/SF
− Vacancy
−$1.6K −$1.28/SF
EGI
$20.9K $16.72/SF
− OpEx
−$9.4K −$7.52/SF
NOI
$11.5K $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%
$229,560
Cap Rate 7%
$163,971
Cap Rate 9%
$127,533
Alternative Uses
Best Use
Apartment 5plus
$164.0K
$143.5K – $191.3K
NOI $11,478 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$324.6K
$284.0K – $378.7K
NOI $22,723 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Explore this area
Business Placement
Demographics for 33714, FL
19,905
Population
9,889
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
5,380
Density / Sq Mi
$47,221
Median Household Income
$36,207
Median Earnings
$1,270
Median Rent
$177,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two houses share one lot, including a remodeled one-bedroom home and a second residence ready for renovation.
Where is this multifamily property located?
The property is located at 3939 45th Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two houses on a level 0.16‑acre lot; Front home remodeled with 1 bedroom and 1 bathroom; Rear residence includes 3 bedrooms and 1 bathroom
