Renovated Block
New
For Sale
$489,000
5647 59TH WAY N, St Petersburg, FL 33709
Two matching residences feature updated interiors, central air conditioning, and separate double carports.
Property Size2,100 SF
Price / SF$232.86
Days on Market5
Property Features for 5647 59TH WAY N
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1985
Year Renovated
2024
Buildings
1
Construction
block
Listing Agency:
LUNA HOMES SALES AND RENTALS
(813) 400-0940
Listed By:
Luiz Porto · License #706047
(813) 835-5727
Source:
Dennisrealty
Added: Sep 28
Changed: Oct 1
Last Checked: Oct 1 at 11:23AM
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 LUNA HOMES SALES AND RENTALS
Investment Insights
Based on property information with market context.
This 2,100-square-foot block duplex contains two matching units. Both were renovated in 2024 and feature vinyl flooring, updated bathrooms, kitchens with quartz counters and stainless-steel appliances, ceiling fans, and central air conditioning installed in 2024. Each side has a double carport.
The property sits on a cul-de-sac and is within walking distance of a bus line and shopping. The building was constructed in 1985.
The property sits on a cul-de-sac and is within walking distance of a bus line and shopping. The building was constructed in 1985.
Key Highlights
- 2,100‑square‑foot duplex with two matching units
- Block construction; built in 1985
- Both units renovated in 2024, including bathrooms and kitchens
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
$24,512
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
5.01%
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%
$490,240
$490.2K
Cap Rate 7%
$350,171
$350.2K
Cap Rate 9%
$272,356
$272.4K
Market Conditions
NOI Build-Up for 2,100 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
$37.5K $17.88/SF
− Vacancy
−$2.5K −$1.21/SF
EGI
$35.0K $16.67/SF
− OpEx
−$10.5K −$5.00/SF
NOI
$24.5K $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%
$490,240
Cap Rate 7%
$350,171
Cap Rate 9%
$272,356
Alternative Uses
Best Use
Multifamily LT 5
$350.2K
$306.4K – $408.5K
NOI $24,512 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$275.9K
$241.4K – $321.9K
NOI $19,314 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$546.2K
$478.0K – $637.3K
NOI $38,236 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
559
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
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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 matching residences feature updated interiors, central air conditioning, and separate double carports.
Where is this duplex located?
The property is located at 5647 59TH WAY N St Petersburg, FL.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 2,100‑square‑foot duplex with two matching units; Block construction; built in 1985; Both units renovated in 2024, including bathrooms and kitchens
