Triplex With Updated
For Sale
$850,000
5136 68TH Street N, St Petersburg, FL 33709
Residential Income, ST PETERSBURG, FL
Property Size4,198 SF
Lot Size0.24 Acres
Price / SF$202.48
Days on Market8
Property Features for 5136 68TH Street N
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RM-7.5
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 9, Bedroom 10, Bedroom 4, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 8, Bedroom 7, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 6, Bathroom 2
Window features
Aluminum Frames, Double Pane Windows
Patio and Porch features
Deck, Porch
Interior features
Ceiling Fans(s), Primary Bedroom Main Floor, PrimaryBedroom Upstairs, Solid Wood Cabinets, Stone Counters
Exterior features
Balcony, Sidewalk
Fireplace
1
Appliances
Cooktop, Dishwasher, Disposal, Electric Water Heater, Gas Water Heater, Microwave, Range, Refrigerator
Subdivision
PINE LAKE PARK
Lot features
In County, Oversized Lot, Sidewalk, Paved, Unincorporated
Directions
66th ST TO 54TH AVE N, WEST TO 68TH ST. SOUTH TO PROPERTY ON WEST SIDE.
Standard status
Active
APN
06-31-16-69516-001-0040
Size
4,198 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PINE LAKE PARK BLK A, LOTS 4,5 AND 6
Tax Annual Amount
112
Legal Description
PINE LAKE PARK BLK A, LOTS 4,5 AND 6
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1975
Floors in Building
2
Number of units
3
Flooring type
Tile - Ceramic, Carpet, Vinyl
Building materials
Block, Stucco, Vinyl Siding, Wood Siding
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS ST PETE REALTY · Keller Williams Realty
(727) 894-1600
Listed By:
Brian Sandstrom · License #3431924
(727) 470-5653
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 3:06PM
MLS# TB8541016
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 4,198-square-foot triplex on a 0.24-acre parcel contains three distinct residences with a combined 10 bedrooms. The unit mix includes a five-bedroom, two-bath residence; a three-bedroom, one-bath residence; and a two-bedroom, one-bath residence. One unit is leased, while the other two are scheduled for delivery vacant at closing. Property improvements include impact windows, renovated kitchens and bathrooms, refreshed 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, major routes, St. Petersburg, the Gulf beaches, Tampa, and surrounding areas are identified nearby or accessible from the property. RM-7.5 zoning, public water, and public sewer are also reported.
The property is in unincorporated Pinellas County near 54th Avenue N and 68th Street N. Shopping, restaurants, public transportation, major routes, St. Petersburg, the Gulf beaches, Tampa, and surrounding areas are identified nearby or accessible from the property. RM-7.5 zoning, public water, and public sewer are also reported.
Key Highlights
- 4,198 square feet across 3 separate units
- 10 bedrooms with a 5‑bedroom/2‑bath, 3‑bedroom/1‑bath, and 2‑bedroom/1‑bath unit mix
- Two units delivered vacant at closing; one unit is currently leased
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three separately configured residences include one occupied unit and two available for a new leasing strategy.
Where is this triplex located?
The property is located at 5136 68TH Street 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 square feet across 3 separate units; 10 bedrooms with a 5‑bedroom/2‑bath, 3‑bedroom/1‑bath, and 2‑bedroom/1‑bath unit mix; Two units delivered vacant at closing; one unit is currently leased
