Updated Triplex with Separate
For Sale
$850,000
5136 68TH ST N, St Petersburg, FL 33709
Flexible multifamily property with refreshed interiors, varied floor plans, and one leased residence alongside vacant units.
Property Size4,198 SF
Price / SF$202.48
Days on Market11
Property Features for 5136 68TH ST N
General Information
Standard status
Active
Size
4,198 SF
Property subtype
Triplex
Units
Unit Mix
1 x 5BR/2BA, 1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$112
Building Details
Building Size
4,198 SF
Year Built
1975
Listing Agency:
KELLER WILLIAMS ST PETE REALTY
(727) 470-5653
Listed By:
Brian Sandstrom · License #3431924
Source:
Judibeck
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 2:51PM
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 KELLER WILLIAMS ST PETE REALTY
Investment Insights
Based on property information with market context.
This triplex contains 4,198 square feet across three independent residences with a total of 10 bedrooms. The unit mix includes a 5-bedroom/2-bath residence, a 3-bedroom/1-bath residence, and a 2-bedroom/1-bath residence. One unit is leased, while the other two will be vacant at closing. Improvements include impact windows, renovated kitchens and bathrooms, newer flooring and interior finishes, mini-split systems, and newer HVAC and ductwork in Unit C.
The property is in unincorporated Pinellas County near 54th Avenue N and 68th Street N. Shopping, restaurants, public transportation, and major routes are nearby, with access toward St. Petersburg, the Gulf beaches, Tampa, and surrounding areas. The separate-unit layout supports distinct leasing arrangements, including traditional, furnished, and mid-term rental approaches. Any intended short-term rental use should be independently verified.
The property is in unincorporated Pinellas County near 54th Avenue N and 68th Street N. Shopping, restaurants, public transportation, and major routes are nearby, with access toward St. Petersburg, the Gulf beaches, Tampa, and surrounding areas. The separate-unit layout supports distinct leasing arrangements, including traditional, furnished, and mid-term rental approaches. Any intended short-term rental use should be independently verified.
Key Highlights
- 4,198 SF triplex with 10 bedrooms across three separate units
- Unit mix includes 5‑bedroom/2‑bath, 3‑bedroom/1‑bath, and 2‑bedroom/1‑bath residences
- One unit leased; two units delivered vacant at closing
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
$49,001
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
5.76%
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%
$980,020
$980.0K
Cap Rate 7%
$700,014
$700.0K
Cap Rate 9%
$544,456
$544.5K
Market Conditions
NOI Build-Up for 4,198 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
$75.1K $17.88/SF
− Vacancy
−$5.1K −$1.21/SF
EGI
$70.0K $16.67/SF
− OpEx
−$21.0K −$5.00/SF
NOI
$49.0K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
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%
$980,020
Cap Rate 7%
$700,014
Cap Rate 9%
$544,456
Alternative Uses
Best Use
Multifamily LT 5
$700.0K
$612.5K – $816.7K
NOI $49,001 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$551.6K
$482.6K – $643.5K
NOI $38,609 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.09M
$955.4K – $1.27M
NOI $76,435 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
764
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Flexible multifamily property with refreshed interiors, varied floor plans, and one leased residence alongside vacant units.
Where is this triplex located?
The property is located at 5136 68TH ST N St Petersburg, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 4,198 SF triplex with 10 bedrooms across three separate units; Unit mix includes 5‑bedroom/2‑bath, 3‑bedroom/1‑bath, and 2‑bedroom/1‑bath residences; One unit leased; two units delivered vacant at closing
