Remodeled Multifamily Income
For Sale
$425,000
427 40TH AVENUE S, St Petersburg, FL 33705
Completely remodeled income property with multiple separate units and major 2025 system upgrades.
Property Size1,594 SF
Price / SF$266.62
Days on Market63
Property Features for 427 40TH AVENUE S
General Information
Standard status
Active
Size
1,594 SF
Property subtype
Duplex
Additional Details
Multifamily Units
3
Amenities
0.15 acres, Dimensions: 50x127
Shingle
Public Sewer
Additional parcels description:, Parcel Number: 06-32-17-03924-000-0210, Public Survey Range: 17, Public Survey Section: 06, Annual Amount: $3,743.95, Tax Block: 0000, Tax Book Number: 3-3, Legal Description: BAYOU VIEW LOT 21, Lot: 21, Year: 2025
Ceramic Tile
Gross Income: $60,600
Central Air
Central
In Garage
Listing ID: MFRTB8528017, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-07-10, 59 days on market, Special Conditions: None
4 total bedrooms
Built in 1953, Living area: 1594, Living area units: Square Feet, Levels: One, Construction Materials: Block
Subdivision: BAYOU VIEW, MLS Area (Major): 33705 - St Pete, County/Parish: Pinellas
3 total bathrooms
Street Lights
Cable Available, Electricity Available, Water Source: Public
Block
Road Surface: Paved
Sidewalk, Storage
Ceiling Fans(s), Eat-in Kitchen
Dryer, Microwave, Range, Refrigerator, Washer
Building Details
Year Built
1953
Year Renovated
2025
Listing Agency:
MIRANDA LANDA REALTY GROUP LLC
(727) 554-8198
Listed By:
Leidy Gonzalez Reyes · License #3512260
Source:
Miharaandassociates
Added: Jul 10
Changed: Sep 10
Last Checked: Sep 10 at 5:41AM
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 MIRANDA LANDA REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This completely remodeled residential income property is designed for flexible living and rental opportunities. The main residence features 2 bedrooms and 1 bathroom. A private efficiency/studio is also included, with its own bedroom, bathroom, and living area. In addition, there is a detached one-bedroom, one-bath in-law suite, creating another distinct living space on the property.
Major upgrades have been completed for peace of mind, including a new roof, HVAC system, water heater, and plumbing, all completed in 2025. With modern finishes throughout, the home is positioned as move-in ready.
Located in St. Petersburg just minutes from Downtown St. Petersburg, the property offers convenient access to local restaurants, shopping, waterfront parks, hospitals, and the Gulf beaches.
Major upgrades have been completed for peace of mind, including a new roof, HVAC system, water heater, and plumbing, all completed in 2025. With modern finishes throughout, the home is positioned as move-in ready.
Located in St. Petersburg just minutes from Downtown St. Petersburg, the property offers convenient access to local restaurants, shopping, waterfront parks, hospitals, and the Gulf beaches.
Key Highlights
- Completely remodeled 1953 home with multiple separate units, offering flexible living or rental potential
- Main residence includes 2 bedrooms and 1 bathroom
- Private efficiency/studio includes its own bedroom, bathroom, and living area
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
$18,606
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
4.38%
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%
$372,120
$372.1K
Cap Rate 7%
$265,800
$265.8K
Cap Rate 9%
$206,733
$206.7K
Market Conditions
NOI Build-Up for 1,594 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
$28.5K $17.88/SF
− Vacancy
−$1.9K −$1.21/SF
EGI
$26.6K $16.67/SF
− OpEx
−$8.0K −$5.00/SF
NOI
$18.6K $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%
$372,120
Cap Rate 7%
$265,800
Cap Rate 9%
$206,733
Alternative Uses
Best Use
Multifamily LT 5
$265.8K
$232.6K – $310.1K
NOI $18,606 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$209.4K
$183.3K – $244.3K
NOI $14,660 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$414.6K
$362.8K – $483.7K
NOI $29,023 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
269
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Completely remodeled income property with multiple separate units and major 2025 system upgrades.
Where is this duplex located?
The property is located at 427 40TH AVENUE S St Petersburg, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Completely remodeled 1953 home with multiple separate units, offering flexible living or rental potential; Main residence includes 2 bedrooms and 1 bathroom; Private efficiency/studio includes its own bedroom, bathroom, and living area
