Remodeled Multifamily Income
427 40TH AVENUE S St Petersburg, FL 33705
For Sale
$450,000
Completely remodeled income property with multiple separate units and major 2025 system upgrades.
Property Size1,594 SF
Price / SF$282.31
Days on Market18
Property Features for 427 40TH AVENUE S
General Information
Standard status
Active
Size
1,594 SF
Property subtype
Duplex
Building Details
Year Built
1953
Listing Agency:
MIRANDA LANDA REALTY GROUP LLC
(727) 554-8198
Listed By:
Leidy Gonzalez Reyes · License #3512260
Source:
Miharaandassociates
Added: Jul 10
Changed: Jul 27
Last Checked: Jul 27 at 3:29PM
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $28.5k | $17.88 |
| − Vacancy | −$1.9k | −$1.21 |
| EGI | $26.6k | $16.67 |
| − OpEx | −$8.0k | −$5.00 |
| NOI | $18.6k | $11.67 |
1,594 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$265.8K
$232.6K – $310.1K
NOI $18,606 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$209.4K
$183.3K – $244.3K
NOI $14,660 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$414.6K
$362.8K – $483.7K
NOI $29,023 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
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 $450,000.
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
