St. Pete Multifamily Value-Add
For Sale
$1,100,000
Pending
5845 FAIRFIELD AVENUE S, St Petersburg, FL 33707
Value-add multifamily property in prime St. Pete location.
Property Size6,384 SF
Lot Size0.32 Acres
Days on Market816
Property Features for 5845 FAIRFIELD AVENUE S
General Information
Standard status
Pending
Size
6,384 SF
Lot size
0.32 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$12,427
Amenities
Central air
Pool
Public Pool
Central Air Cooling
Building Details
Year Built
1974
Listing Agency:
BRIDGEWATER COMMERCIAL RE
(813) 541-4254
Listed By:
DAVIS NUNNELEY · License #3468881
(404) 786-5588
Source:
Corcoran
Added: Aug 5, 2024
Changed: Oct 25
Last Checked: Oct 28 at 9:13AM
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 BRIDGEWATER COMMERCIAL RE
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This two-story multifamily property features eight units and presents a value-add investment opportunity. Currently, the property receives rents slightly below market value, offering potential for increased rental income through renovations. The property is located in a prime location with long-term appreciation potential. The Pinellas Trail abuts the backyard. The property is a 10-minute drive to both St. Pete Beach and Treasure Island, and a short walk to both Boca Ciega Highschool and Central Ave.
Key Highlights
- Value‑add opportunity with potential to increase rents to market value after renovations.
- Prime location in St. Pete with long‑term appreciation potential.
- Abuts the Pinellas Trail.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,714
Cap Rate
5.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,174,280
$1.2M
Cap Rate 7%
$838,771
$838.8K
Cap Rate 9%
$652,378
$652.4K
Market Conditions
NOI Build-Up for 6,384 SF
Gross rent
$114.9K $18.00/SF
− Vacancy
−$8.2K −$1.28/SF
EGI
$106.8K $16.72/SF
− OpEx
−$48.0K −$7.52/SF
NOI
$58.7K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,174,280
Cap Rate 7%
$838,771
Cap Rate 9%
$652,378
Alternative Uses
Best Use
Apartment 5plus
$838.8K
$733.9K – $978.6K
NOI $58,714 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,237 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
827
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Value-add multifamily property in prime St. Pete location.
Where is this apartment building located?
The property is located at 5845 FAIRFIELD AVENUE S St Petersburg, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Value‑add opportunity with potential to increase rents to market value after renovations.; Prime location in St. Pete with long‑term appreciation potential.; Abuts the Pinellas Trail.
