Pinellas Park Multifamily Investment
5881 72ND AVENUE N Pinellas Park, FL 33781
5881 72ND AVENUE N, Pinellas Park, FL, 33781
$1,249,000
For Sale
$1,249,000
Six-unit apartment complex in Pinellas Park, Florida. Income producer.
Property Size5,508 SF
Lot Size0.53 Acres
Price / SF$226.76
Days on Market311
Property Features for 5881 72ND AVENUE N
General Information
- Standard status
- Active
- Size
- 5,508 SF
- Lot size
- 0.53 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1984
Listing agency
SANDCASTLE REALTY INC
(727) 367-1223
Listed by
MATTHEW WORKMAN · License #610589
Source
Corcoran
Added: Sep 15, 2025 Updated: Jul 6 at 10:30AM Checked: Jul 21 at 6:00AM
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 SANDCASTLE REALTY INC
Investment Insights
Based on property information with market context.
This six-unit apartment complex is located in Pinellas Park, Florida. Each unit features a three-bedroom, one-bath layout. The property is situated in the heart of Pinellas County, offering proximity to major employment hubs, retail areas, schools, and beaches, contributing to strong rental demand. The property features new roofs and block construction. Each unit is equipped with central heating and air conditioning, washer and dryer hookups, and separate water meters. A large parking lot provides 16 spaces. Additionally, there are large storage shed units that could potentially generate additional rental income. Currently, five of the six units are rented.
Key Highlights
- Solid income‑producing 6‑unit apartment complex in a desirable Pinellas Park, FL location.
- Spacious 3‑bedroom/1‑bath units attract families and long‑term tenants.
- New roofs and block construction ensure low maintenance and higher returns.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.1k | $18.00 |
| − Vacancy | −$7.0k | −$1.28 |
| EGI | $92.1k | $16.72 |
| − OpEx | −$41.4k | −$7.52 |
| NOI | $50.7k | $9.20 |
5,508 SF · lease $18.00/SF/yr · vacancy 7.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$723.7K
$633.2K – $844.3K
NOI $50,658 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,287 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Six-unit apartment complex in Pinellas Park, Florida. Income producer.
Where is this apartment building located?
The property is located at 5881 72ND AVENUE N Pinellas Park, FL.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Solid income‑producing 6‑unit apartment complex in a desirable Pinellas Park, FL location.; Spacious 3‑bedroom/1‑bath units attract families and long‑term tenants.; New roofs and block construction ensure low maintenance and higher returns.
