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 Market769
Property Features for 5845 FAIRFIELD AVENUE S
General Information
Standard status
Pending
Size
6,384 SF
Lot size
0.32 Acres
Property subtype
Commercial
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: Jul 6
Last Checked: Sep 11 at 7:31AM
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
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 = 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
$58,714
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
5.34%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
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
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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.
