10-Unit Apartment
New
For Sale
$1,495,000
500 75TH N, St Petersburg, FL 33702
Single-story multifamily community with concrete block construction, private patios, and shared laundry facilities.
Property Size6,208 SF
Days on Market6
Property Features for 500 75TH N
General Information
Standard status
Active
Size
6,208 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$15,710
Amenities
shared laundry room
private patio
Building Details
Building Size
6,208 SF
Year Built
1973
Buildings
3
Stories
1
Units
10
Construction
concrete block
Listing Agency:
COMPASS FLORIDA LLC
(407) 448-6679
Listed By:
Kim Meredith-Hampton · License #261015298
(407) 448-6679
Source:
Elliman
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 29 at 1:08PM
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 COMPASS FLORIDA LLC
Investment Insights
Based on property information with market context.
The Isle of St. Croix Apartments includes 10 one-bedroom, one-bath residences distributed among three single-story concrete block buildings. Each apartment is approximately 600 SF and features a living area, eat-in kitchen with shaker cabinetry, granite countertops, breakfast bar, oversized bedroom, walk-in closet, and private patio. A shared laundry room serves the community.
The property is in St. Petersburg’s Fossil Park area, with access to Downtown St. Pete, I-275, and the 4th Street corridor within minutes. The location provides proximity to shopping, dining, and employment centers. Tenants pay electric and water/sewer through billing back, while ownership handles trash, lawn care, and pest service. The property was built in 1973 and is fully occupied.
The property is in St. Petersburg’s Fossil Park area, with access to Downtown St. Pete, I-275, and the 4th Street corridor within minutes. The location provides proximity to shopping, dining, and employment centers. Tenants pay electric and water/sewer through billing back, while ownership handles trash, lawn care, and pest service. The property was built in 1973 and is fully occupied.
Key Highlights
- 10 units with 1BR/1BA layouts, approximately 600 SF each
- Three single‑story concrete block buildings
- Private patio space, walk‑in closets, and eat‑in kitchens with granite countertops
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
$57,096
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
3.82%
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%
$1,141,920
$1.1M
Cap Rate 7%
$815,657
$815.7K
Cap Rate 9%
$634,400
$634.4K
Market Conditions
NOI Build-Up for 6,208 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
$111.7K $18.00/SF
− Vacancy
−$7.9K −$1.28/SF
EGI
$103.8K $16.72/SF
− OpEx
−$46.7K −$7.52/SF
NOI
$57.1K $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%
$1,141,920
Cap Rate 7%
$815,657
Cap Rate 9%
$634,400
Alternative Uses
Best Use
Apartment 5plus
$815.7K
$713.7K – $951.6K
NOI $57,096 @ 7.0% cap · market cap 3.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $113,032 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
608
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 - Single-story multifamily community with concrete block construction, private patios, and shared laundry facilities.
Where is this apartment building located?
The property is located at 500 75TH N St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 10 units with 1BR/1BA layouts, approximately 600 SF each; Three single‑story concrete block buildings; Private patio space, walk‑in closets, and eat‑in kitchens with granite countertops
