Uptown St. Petersburg Multifamily
For Sale
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471 9th Ave N, St Petersburg, FL 33701
Five-unit multifamily building in historic Uptown St. Petersburg neighborhood.
Property Size3,015 SF
Lot Size0.13 Acres
Price / SF$290.22
Days on Market977
Property Features for 471 9th Ave N
General Information
Standard status
Active
Size
3,015 SF
Total Parking Spaces
6
Lot size
0.13 Acres
Property subtype
Multifamily
Zoning
C ( Commercial )
Building Details
Year Built
1900
Units
5
Listing Agency:
AXXOS
Listed By:
Jon Reno La Budde · License #FL 3088599
Source:
Crexi
Added: Feb 16, 2024
Changed: Oct 20
Last Checked: Oct 20 at 7:23PM
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 AXXOS
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Investment Insights
Based on property information with market context.
Located in the Uptown Cashwell Heights area of St. Petersburg, this multifamily building is a 5-plex in a historical neighborhood known as Uptown. Constructed in 1922, the Craftsman-style building features hardwood floors and neutral interiors. The structure encompasses 3,015 square feet, which includes an enclosed porch, screened porch, and open porch, with 2,426 square feet of heated space. The property sits on a 5,500 square foot lot enclosed by a white fence. The site consists of five units, each with one bedroom and one bathroom, with the potential to convert Unit 4 into a two-bedroom unit. All units have been well maintained, and a new water heater has been installed. Parking is plentiful, with 6+ spaces on the premises, along with ample street parking. The property includes screened and open porches, as well as landscaping and a patio. This investment opportunity offers the potential to update the units and increase rents, which are currently below market value. There is also the possibility of adding coin-operated washing machines and dryers to increase gross revenues and attract tenants. The units are consistently rented, often with a waiting list.
Key Highlights
- Multi‑family 5‑plex in the desirable Uptown St. Petersburg neighborhood.
- Significant value‑add opportunity with under‑market rents and potential for increased margins.
- High occupancy rate with a waiting list for units.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,729
Cap Rate
3.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$554,580
$554.6K
Cap Rate 7%
$396,129
$396.1K
Cap Rate 9%
$308,100
$308.1K
Market Conditions
NOI Build-Up for 3,015 SF
Gross rent
$54.3K $18.00/SF
− Vacancy
−$3.9K −$1.28/SF
EGI
$50.4K $16.72/SF
− OpEx
−$22.7K −$7.52/SF
NOI
$27.7K $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 Rate 5%
$554,580
Cap Rate 7%
$396,129
Cap Rate 9%
$308,100
Alternative Uses
Best Use
Apartment 5plus
$396.1K
$346.6K – $462.2K
NOI $27,729 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.2K
$686.2K – $914.9K
NOI $54,896 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
2,719
Businesses Nearby
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Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
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
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit multifamily building in historic Uptown St. Petersburg neighborhood.
Where is this apartment building located?
The property is located at 471 9th Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Multi‑family 5‑plex in the desirable Uptown St. Petersburg neighborhood.; Significant value‑add opportunity with under‑market rents and potential for increased margins.; High occupancy rate with a waiting list for units.
