Eight-Unit Apartment
For Sale
$1,490,000
4200 37TH Street S, St Petersburg, FL 33711
Commercial Sale, ST PETERSBURG, FL
Property Size5,478 SF
Lot Size0.31 Acres
Price / SF$271
Days on Market9
Property Features for 4200 37TH Street S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NSM1
Appliances
Refrigerator
Subdivision
BROADWATER
Lot features
Sidewalk, Street Lights, Paved
Directions
From 275, 54th Ave. S. and Pinellas Bayway. Go North on 34th St. (US 19) to 42nd Ave. S. Turn left (West) follow to first stop sign and the complex is on your left. It's the property on the Southeast corner of 37th St. S. and 42nd Ave. S. 8 unit block building right there.
Standard status
Active
APN
03-32-16-11718-000-0010
Size
5,478 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BROADWATER UNIT 3 LOT 1
Tax Annual Amount
16802
Legal Description
BROADWATER UNIT 3 LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1974
Floors in Building
2
Number of units
8
Building materials
Block
Roof type
Shingle
Listing Agency:
CENTURY 21 COAST TO COAST · Century 21 Real Estate
(727) 398-3030
Listed By:
Scott Nealy
(727) 710-1853
Added: Aug 17
Changed: Aug 24
Last Checked: Aug 25 at 10:06PM
MLS# TB8538746
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 1974 apartment building at 4200 37TH Street S in St. Petersburg contains eight apartments within 5,478 square feet. The unit mix includes four two-bedroom, one-bath apartments and four one-bedroom, one-bath apartments. Block construction, a new shingle roof, central air, electric heat, public water, and public sewer serve the property. Most air-conditioning systems are newer, and tenant parking is available.
The 0.31-acre property is located 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, with access to downtown St. Petersburg, area airports, and Pinellas County beaches. The property is identified as NSM1 zoning and did not flood during the hurricanes of 2024.
The 0.31-acre property is located 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, with access to downtown St. Petersburg, area airports, and Pinellas County beaches. The property is identified as NSM1 zoning and did not flood during the hurricanes of 2024.
Key Highlights
- Eight apartments: four 2‑bedroom/1‑bath units and four 1‑bedroom/1‑bath units
- 5,478 square feet on a 0.31‑acre site
- 1974 block‑construction building with a new shingle roof
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
Multi-tenant
Tenancy
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 multifamily property with updated roofing, newer air-conditioning systems, and a varied one- and two-bedroom unit mix.
Where is this apartment building located?
The property is located at 4200 37TH Street 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 apartments: four 2‑bedroom/1‑bath units and four 1‑bedroom/1‑bath units; 5,478 square feet on a 0.31‑acre site; 1974 block‑construction building with a new shingle roof
