6-Unit Waterfront Apartment
For Sale
$975,000
5050 74TH Street N, St Petersburg, FL 33709
Residential Income, ST PETERSBURG, FL
Property Size3,409 SF
Lot Size0.36 Acres
Price / SF$286.01
Days on Market753
Property Features for 5050 74TH Street N
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 7, Bedroom 9, Bedroom 5, Bedroom 6, Bedroom 8, Bathroom 1, Bathroom 4, Bathroom 5, Bedroom 3, Bathroom 2, Bedroom 4
Interior features
Ceiling Fans(s)
Exterior features
Lighting, Sidewalk
Subdivision
ST. PETE
Directions
I-275 EXIT AT 54TH AVE. N. HEAD WEST TO 71ST. N. TURN LEFT, GO TO 50TH AVE. TURN RIGHT, AT END OF STREET TURN RIGHT ONTO 74TH ST. TO ADDRESS.
Standard status
Active
APN
06-31-16-00000-220-1700
Size
3,409 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
PART OF NW 1/4 OF NW 1/4 OF SEC 6-31-16 DESC FROM SE COR OF NW 1/4 OF NW 1/4 OF SEC TH N00D47'45"E 160.08FT FOR POB TH N89D45'10"W 142.63FT TO E'LY R/W OF JOE'S CREEK TH CUR RT RAD 1198.57FT ARC 101.4FT CB N14D33'35"W 101.37FT TH S89D45'10"E 169.48FT TH S00D47'45"W 98FT TO POB
Tax Annual Amount
6836
Legal Description
PART OF NW 1/4 OF NW 1/4 OF SEC 6-31-16 DESC FROM SE COR OF NW 1/4 OF NW 1/4 OF SEC TH N00D47'45"E 160.08FT FOR POB TH N89D45'10"W 142.63FT TO E'LY R/W OF JOE'S CREEK TH CUR RT RAD 1198.57FT ARC 101.4FT CB N14D33'35"W 101.37FT TH S89D45'10"E 169.48FT TH S00D47'45"W 98FT TO POB
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Water front
1
Building Details
Year built
1980
Number of units
6
Building materials
Stucco
Roof type
Shingle
Listing Agency:
LPT REALTY
(877) 366-2213
Listed By:
Steven Sallo · License #3550258
(727) 260-2142
Added: Sep 11, 2024
Changed: Oct 3
Last Checked: Oct 3 at 5:06PM
MLS# TB8303107
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 3,409 square feet on a 0.36-acre site. The unit mix comprises three two-bedroom apartments, two studios, and one one-bedroom apartment. Built in 1980, the building has central air conditioning, with plumbing and electrical systems updated four years ago. The property is zoned R-4 and includes a waterfront lot with 135 feet of waterfront frontage.
All six apartments are currently occupied, and tenant agreements are month to month. The property is served by public water and sewer.
All six apartments are currently occupied, and tenant agreements are month to month. The property is served by public water and sewer.
Key Highlights
- Six apartments: three two‑bedroom units, two studios, and one one‑bedroom unit
- 3,409 square feet on a 0.36‑acre parcel
- 135Ft of waterfront frontage, with an additional waterfront lot included
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
$31,353
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
3.22%
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%
$627,060
$627.1K
Cap Rate 7%
$447,900
$447.9K
Cap Rate 9%
$348,367
$348.4K
Market Conditions
NOI Build-Up for 3,409 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
$61.4K $18.00/SF
− Vacancy
−$4.4K −$1.28/SF
EGI
$57.0K $16.72/SF
− OpEx
−$25.7K −$7.52/SF
NOI
$31.4K $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%
$627,060
Cap Rate 7%
$447,900
Cap Rate 9%
$348,367
Alternative Uses
Best Use
Apartment 5plus
$447.9K
$391.9K – $522.6K
NOI $31,353 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$886.7K
$775.9K – $1.03M
NOI $62,070 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
Explore this area
Business Placement
Demographics for 33709, FL
27,026
Population
13,767
Households
2
Avg Household Size
50
Median Age
19%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
5,299
Density / Sq Mi
$52,621
Median Household Income
$35,488
Median Earnings
$1,317
Median Rent
$190,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - All six residences are occupied under month-to-month agreements.
Where is this apartment building located?
The property is located at 5050 74TH Street N St Petersburg, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Six apartments: three two‑bedroom units, two studios, and one one‑bedroom unit; 3,409 square feet on a 0.36‑acre parcel; 135Ft of waterfront frontage, with an additional waterfront lot included
