Triplex with New Rear
For Sale
$794,900
4651 22nd Ave N, St Petersburg, FL 33713
Three residential units combine a front home with a recently built rear duplex in a St. Petersburg neighborhood.
Property Size2,598 SF
Price / SF$305.97
Days on Market14
Property Features for 4651 22nd Ave N
General Information
Standard status
Active
Size
2,598 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Building Details
Year Built
1952
Buildings
2
Listing Agency:
DALTON WADE INC
(727) 798-5619
Listed By:
Brianna Alfaro · License #3422409
Source:
Flflourish
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 9:55PM
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 DALTON WADE INC
Investment Insights
Based on property information with market context.
This triplex property includes a 3-bedroom, 2-bathroom front residence and a rear duplex with two separate 2-bedroom, 1-bathroom units. The rear duplex is identified as brand-new construction, while the property’s total size is 2,598 square feet. Interior features include kitchens, living areas, and abundant natural light across the residences. Built in 1952, the property supports a combination of owner occupancy and residential leasing within one compound.
The property is located at 4651 22nd Ave N in St. Petersburg, Florida’s Disston Heights neighborhood. Schools, parks, shopping, and dining are described as nearby, with the beach approximately 12 minutes away and downtown approximately 10 minutes away. The setting provides access to local restaurants, bars, and other city attractions while retaining a residential neighborhood context.
The property is located at 4651 22nd Ave N in St. Petersburg, Florida’s Disston Heights neighborhood. Schools, parks, shopping, and dining are described as nearby, with the beach approximately 12 minutes away and downtown approximately 10 minutes away. The setting provides access to local restaurants, bars, and other city attractions while retaining a residential neighborhood context.
Key Highlights
- Front residence offers 3 bedrooms and 2 bathrooms
- Rear duplex contains two 2‑bedroom, 1‑bathroom units
- Rear duplex is brand‑new construction
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
$30,325
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
3.81%
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%
$606,500
$606.5K
Cap Rate 7%
$433,214
$433.2K
Cap Rate 9%
$336,944
$336.9K
Market Conditions
NOI Build-Up for 2,598 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
$46.5K $17.88/SF
− Vacancy
−$3.1K −$1.21/SF
EGI
$43.3K $16.67/SF
− OpEx
−$13.0K −$5.00/SF
NOI
$30.3K $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%
$606,500
Cap Rate 7%
$433,214
Cap Rate 9%
$336,944
Alternative Uses
Best Use
Multifamily LT 5
$433.2K
$379.1K – $505.4K
NOI $30,325 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$341.3K
$298.7K – $398.2K
NOI $23,894 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$675.8K
$591.3K – $788.4K
NOI $47,303 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 33713, FL
31,321
Population
16,192
Households
1.9
Avg Household Size
42
Median Age
35%
College-Educated
91%
High-School Grad
6.5 sq mi
ZIP Area
4,819
Density / Sq Mi
$69,704
Median Household Income
$43,282
Median Earnings
$1,387
Median Rent
$279,000
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?
Triplex - Three residential units combine a front home with a recently built rear duplex in a St. Petersburg neighborhood.
Where is this triplex located?
The property is located at 4651 22nd Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $794,900.
What are key features of this property?
This property features: Front residence offers 3 bedrooms and 2 bathrooms; Rear duplex contains two 2‑bedroom, 1‑bathroom units; Rear duplex is brand‑new construction
