Duplex with Garage
New
For Sale
$450,000
5401 21st Ave S, Gulfport, FL 33707
Two separately metered residences support flexible occupancy and utility management.
Property Size1,528 SF
Lot Size0.25 Acres
Price / SF$294.50
Days on Market6
Property Features for 5401 21st Ave S
General Information
Standard status
Active
Size
1,528 SF
Total Parking Spaces
2
Lot size
0.25 Acres
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updates
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
covered patio
putting green
fenced backyard
Building Details
Year Built
1945
Buildings
2
Listing Agency:
RE/MAX Palm Realty Of Venice
(941) 451-2025
Listed By:
Client Concierge
(941) 822-0708
Source:
Dwellingwell
Added: Sep 12
Changed: Sep 17
Last Checked: Sep 16 at 6:31PM
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 RE/MAX Palm Realty Of Venice
Investment Insights
Based on property information with market context.
This 1,528-square-foot duplex pairs a 3-bedroom, 1-bath cottage with a separate 2-bedroom, 1-bath apartment positioned above a 2-car garage. The residences have independent water and electric meters, creating a practical arrangement for separate occupancy. Built in 1945, the property has a 2018 roof and AC units installed in 2021 and 2025.
The property occupies nearly 1/4 acre at 5401 21st Ave S in Gulfport, Florida. A fully fenced backyard includes a covered patio and private putting green, providing substantial outdoor space alongside the two-residence layout. Downtown Gulfport, including restaurants, shops, galleries, entertainment, the waterfront district, and community events, is just minutes away.
The property occupies nearly 1/4 acre at 5401 21st Ave S in Gulfport, Florida. A fully fenced backyard includes a covered patio and private putting green, providing substantial outdoor space alongside the two-residence layout. Downtown Gulfport, including restaurants, shops, galleries, entertainment, the waterfront district, and community events, is just minutes away.
Key Highlights
- 3‑bedroom, 1‑bath main cottage plus 2‑bedroom, 1‑bath apartment
- Separate 2‑bedroom apartment located above a spacious 2‑car garage
- Residences separately metered for both water and electric
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
$17,835
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
3.96%
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%
$356,700
$356.7K
Cap Rate 7%
$254,786
$254.8K
Cap Rate 9%
$198,167
$198.2K
Market Conditions
NOI Build-Up for 1,528 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
$27.3K $17.88/SF
− Vacancy
−$1.8K −$1.21/SF
EGI
$25.5K $16.67/SF
− OpEx
−$7.6K −$5.00/SF
NOI
$17.8K $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%
$356,700
Cap Rate 7%
$254,786
Cap Rate 9%
$198,167
Alternative Uses
Best Use
Multifamily LT 5
$254.8K
$222.9K – $297.3K
NOI $17,835 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$200.8K
$175.7K – $234.2K
NOI $14,053 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$397.4K
$347.8K – $463.7K
NOI $27,821 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
855
Businesses Nearby
Explore this area
Business Placement
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences support flexible occupancy and utility management.
Where is this duplex located?
The property is located at 5401 21st Ave S Gulfport, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 3‑bedroom, 1‑bath main cottage plus 2‑bedroom, 1‑bath apartment; Separate 2‑bedroom apartment located above a spacious 2‑car garage; Residences separately metered for both water and electric
