29-Unit Apartment
For Sale
Contact for pricing
507 10th Avenue West, Palmetto, FL 34221
Residential buildings offer a pool, sundeck, direct-entry units, and on-site laundry.
Property Size21,484 SF
Lot Size0.92 Acres
Price / SF$246.70
Days on Market85
Property Features for 507 10th Avenue West
General Information
Standard status
Active
Size
21,484 SF
Net Rentable
21,484 SF
Lot size
0.92 Acres
Property subtype
Multifamily
Units
Unit Mix
28 x 2BR/1BA, 1 x Studio
Multifamily Units
29
Additional Details
Highway Access
Yes
Amenities
swimming pool
sundeck
on-site laundry facility
Building Details
Year Built
1972
Buildings
3
Stories
2
Units
29
Listing Agency:
Horvath & Tremblay Tampa
Listed By:
Alexander Tripp · License #SL3603373
Source:
Crexi
Added: Jun 8
Changed: Aug 30
Last Checked: Aug 30 at 5:49PM
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 Horvath & Tremblay Tampa
Investment Insights
Based on property information with market context.
Regatta Royale Apartments is a 29-unit multifamily community at 507 10th Avenue West in Palmetto. Built in 1972, the property includes a single-story community building and two two-story residential buildings totaling 21,484 rentable square feet. The unit mix comprises twenty-eight 2-bedroom/1-bathroom apartments and one studio. Direct-entry units, a swimming pool, sundeck, on-site laundry facility, and resident parking are included.
The community occupies a 0.92-acre parcel in Downtown Palmetto’s Historical District, within walking distance of waterfront restaurants and boutiques, public parks, a library, museum, shops, banks, and pharmacies. The property is also positioned near the city’s commercial corridor and waterfront districts, with access to US Highway 41, US Highway 301, and Interstate 75.
The community occupies a 0.92-acre parcel in Downtown Palmetto’s Historical District, within walking distance of waterfront restaurants and boutiques, public parks, a library, museum, shops, banks, and pharmacies. The property is also positioned near the city’s commercial corridor and waterfront districts, with access to US Highway 41, US Highway 301, and Interstate 75.
Key Highlights
- 29‑unit apartment community with 21,484 rentable square feet
- Unit mix includes twenty‑eight 2‑Bedroom/1‑Bathroom units and one Studio unit
- Built in 1972 on a 0.92‑acre parcel
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
$259,952
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
4.90%
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%
$5,199,040
$5.2M
Cap Rate 7%
$3,713,600
$3.7M
Cap Rate 9%
$2,888,356
$2.9M
Market Conditions
NOI Build-Up for 21,484 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
$500.1K $23.28/SF
− Vacancy
−$27.5K −$1.28/SF
EGI
$472.6K $22.00/SF
− OpEx
−$212.7K −$9.90/SF
NOI
$260.0K $12.10/SF
Area
Manatee County, FL
Vacancy
5.50%
Lease Rate
$23.28 /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%
$5,199,040
Cap Rate 7%
$3,713,600
Cap Rate 9%
$2,888,356
Alternative Uses
Best Use
Apartment 5plus
$3.71M
$3.25M – $4.33M
NOI $259,952 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.32M
$5.53M – $7.37M
NOI $442,244 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
958
Businesses Nearby
Explore this area
Business Placement
Demographics for 34221, FL
48,082
Population
24,812
Households
1.9
Avg Household Size
45
Median Age
28%
College-Educated
91%
High-School Grad
53.9 sq mi
ZIP Area
892
Density / Sq Mi
$74,314
Median Household Income
$40,072
Median Earnings
$1,459
Median Rent
$298,200
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 - Residential buildings offer a pool, sundeck, direct-entry units, and on-site laundry.
Where is this apartment building located?
The property is located at 507 10th Avenue West Palmetto, FL.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: 29‑unit apartment community with 21,484 rentable square feet; Unit mix includes twenty‑eight 2‑Bedroom/1‑Bathroom units and one Studio unit; Built in 1972 on a 0.92‑acre parcel
