Uptown St. Petersburg Multifamily
471 9th Ave N St Petersburg, FL 33701
471 9th Ave N, St Petersburg, FL, 33701
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For Sale
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Five-unit multifamily building in historic Uptown St. Petersburg neighborhood.
Property Size3,015 SF
Lot Size0.13 Acres
Price / SF$290.22
Days on Market886
Property Features for 471 9th Ave N
General Information
- Standard status
- Active
- Size
- 3,015 SF
- Lot size
- 0.13 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1900
Listing agency
AXXOS
Listed by
Jon Reno La Budde · License #FL 3088599
Source
Crexi
Added: Feb 16, 2024 Updated: Jul 6 at 7:52AM Checked: Jul 19 at 6:22AM
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
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.
Local Financial Insights For Apartment 5plus
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 | $54.3k | $18.00 |
| − Vacancy | −$3.9k | −$1.28 |
| EGI | $50.4k | $16.72 |
| − OpEx | −$22.7k | −$7.52 |
| NOI | $27.7k | $9.20 |
3,015 SF · lease $18.00/SF/yr · vacancy 7.10% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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.
