8-Unit Apartment
New
For Sale
$1,490,000
4200 37TH S, St Petersburg, FL 33711
Block construction, a new roof, and newer air-conditioning systems support the eight-apartment layout.
Property Size5,478 SF
Days on Market7
Property Features for 4200 37TH S
General Information
Standard status
Active
Size
5,478 SF
Property subtype
Commercial
Units
Unit Mix
4 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
8
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$16,801
Building Details
Building Size
5,478 SF
Year Built
1974
Buildings
1
Units
8
Construction
block
Listing Agency:
(727) 710-1853
Listed By:
Scott Nealy
(727) 710-1853
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 23 at 9:07AM
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 Scott Nealy
Investment Insights
Based on property information with market context.
The property is a solid block apartment building completed in 1974 with eight apartments. The unit mix includes four two-bedroom, one-bath residences and four one-bedroom, one-bath residences. A new roof has been installed, and most air-conditioning systems are newer. Parking is available for residents and their guests.
Located at 4200 37TH S in St. Petersburg, the building sits on the same street as Maximo Marina, which is less than a half mile away. Restaurants, shopping, grocery stores, public transportation, and boat storage are described as walkable from the property. Downtown St. Petersburg, area airports, and Pinellas County beaches are also identified as convenient destinations. The property carries a Bike Score of 67, Walk Score of 42, and Transit Score of 38. It did not flood during the 2024 hurricanes.
Located at 4200 37TH S in St. Petersburg, the building sits on the same street as Maximo Marina, which is less than a half mile away. Restaurants, shopping, grocery stores, public transportation, and boat storage are described as walkable from the property. Downtown St. Petersburg, area airports, and Pinellas County beaches are also identified as convenient destinations. The property carries a Bike Score of 67, Walk Score of 42, and Transit Score of 38. It did not flood during the 2024 hurricanes.
Key Highlights
- Eight‑apartment building with four two‑bedroom and four one‑bedroom units
- Solid block construction built in 1974
- New roof installed
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
$50,382
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
3.38%
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%
$1,007,640
$1.0M
Cap Rate 7%
$719,743
$719.7K
Cap Rate 9%
$559,800
$559.8K
Market Conditions
NOI Build-Up for 5,478 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
$98.6K $18.00/SF
− Vacancy
−$7.0K −$1.28/SF
EGI
$91.6K $16.72/SF
− OpEx
−$41.2K −$7.52/SF
NOI
$50.4K $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%
$1,007,640
Cap Rate 7%
$719,743
Cap Rate 9%
$559,800
Alternative Uses
Best Use
Apartment 5plus
$719.7K
$629.8K – $839.7K
NOI $50,382 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.25M – $1.66M
NOI $99,741 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
532
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?
Apartment building - Block construction, a new roof, and newer air-conditioning systems support the eight-apartment layout.
Where is this apartment building located?
The property is located at 4200 37TH S St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Eight‑apartment building with four two‑bedroom and four one‑bedroom units; Solid block construction built in 1974; New roof installed
