31-Unit Concrete Block Apartment
For Sale
Contact for pricing
4400 1st Street North, St Petersburg, FL 33702
Fully stabilized 31-unit apartment building with central AC, elevator, laundry rooms, and 46 off-street parking spaces.
Property Size32,434 SF
Price / SF$215.67
Days on Market98
Property Features for 4400 1st Street North
General Information
Standard status
Active
Size
32,434 SF
Property subtype
Multifamily
Zoning
NSM-1
Investment Type
Stabilized
Net Operating Income
$483,531
Building Details
Year Built
1975
Year Renovated
2025
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Coldwell Banker
Listed By:
Jim Blackmon · License #SL496607
Source:
Crexi
Added: Jun 2
Changed: Sep 5
Last Checked: Sep 7 at 2:53AM
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 Coldwell Banker
Investment Insights
Based on property information with market context.
Tulane Apartments is a fully stabilized, four-story, concrete block apartment building constructed in 1975. The property includes a central elevator with a new cab installed within the last 10 years, three laundry rooms, two large house storage units, and a security camera system. Interior, air-conditioned hallways are complemented by wireless intercom-controlled entry and trash chutes on each floor. Each unit is separately metered for electric, with a poured concrete foundation, concrete block partition walls between units, suspended concrete floors, and metal joists and studs.
The unit mix consists of 16 two-bedroom, two-bath homes with private, covered balconies, 12 one-bedroom, one-bath units, and 3 studio units. All units have been renovated within the last few years and feature upgraded appliances, including dishwashers and garbage disposals, along with central AC. Many units also include solid wood slow-close cabinetry and updated Kohler plumbing fixtures installed within the last 10 years.
The building provides 46 total off-street parking spaces. The property did not flood during the storms of 2024. Construction-related durability features include a poured concrete foundation, metal framing components, and separately partitioned unit layouts.
The unit mix consists of 16 two-bedroom, two-bath homes with private, covered balconies, 12 one-bedroom, one-bath units, and 3 studio units. All units have been renovated within the last few years and feature upgraded appliances, including dishwashers and garbage disposals, along with central AC. Many units also include solid wood slow-close cabinetry and updated Kohler plumbing fixtures installed within the last 10 years.
The building provides 46 total off-street parking spaces. The property did not flood during the storms of 2024. Construction-related durability features include a poured concrete foundation, metal framing components, and separately partitioned unit layouts.
Key Highlights
- Fully stabilized 31‑unit concrete block apartment building built in 1975 (Tulane Apartments).
- Unit amenities include central AC, upgraded appliances, and each unit has a garbage disposal and dishwasher.
- Security and building features include wireless intercom entry, security camera system, trash chutes on each floor, and interior air‑conditioned hallways.
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
$298,299
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
4.26%
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%
$5,965,980
$6.0M
Cap Rate 7%
$4,261,414
$4.3M
Cap Rate 9%
$3,314,433
$3.3M
Market Conditions
NOI Build-Up for 32,434 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
$583.8K $18.00/SF
− Vacancy
−$41.5K −$1.28/SF
EGI
$542.4K $16.72/SF
− OpEx
−$244.1K −$7.52/SF
NOI
$298.3K $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%
$5,965,980
Cap Rate 7%
$4,261,414
Cap Rate 9%
$3,314,433
Alternative Uses
Best Use
Apartment 5plus
$4.26M
$3.73M – $4.97M
NOI $298,299 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.44M
$7.38M – $9.84M
NOI $590,544 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
899
Businesses Nearby
Explore this area
Business Placement
Demographics for 33702, FL
29,996
Population
16,240
Households
1.8
Avg Household Size
44
Median Age
38%
College-Educated
91%
High-School Grad
10.4 sq mi
ZIP Area
2,884
Density / Sq Mi
$65,503
Median Household Income
$43,860
Median Earnings
$1,369
Median Rent
$293,700
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 - Fully stabilized 31-unit apartment building with central AC, elevator, laundry rooms, and 46 off-street parking spaces.
Where is this apartment building located?
The property is located at 4400 1st Street North St Petersburg, FL.
What is the asking price?
The asking price for this property is $6,995,000.
What are key features of this property?
This property features: Fully stabilized 31‑unit concrete block apartment building built in 1975 (Tulane Apartments).; Unit amenities include central AC, upgraded appliances, and each unit has a garbage disposal and dishwasher.; Security and building features include wireless intercom entry, security camera system, trash chutes on each floor, and interior air‑conditioned hallways.
