Pinellas Park Multifamily Investment
For Sale
$1,249,000
5881 72ND AVENUE N, Pinellas Park, FL 33781
Six-unit apartment complex in Pinellas Park, Florida. Income producer.
Property Size5,508 SF
Lot Size0.53 Acres
Price / SF$226.76
Days on Market351
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
Changed: Jul 6
Last Checked: Aug 30 at 4:43PM
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.
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
$50,658
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
4.06%
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%
$1,013,160
$1.0M
Cap Rate 7%
$723,686
$723.7K
Cap Rate 9%
$562,867
$562.9K
Market Conditions
NOI Build-Up for 5,508 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
$99.1K $18.00/SF
− Vacancy
−$7.0K −$1.28/SF
EGI
$92.1K $16.72/SF
− OpEx
−$41.4K −$7.52/SF
NOI
$50.7K $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%
$1,013,160
Cap Rate 7%
$723,686
Cap Rate 9%
$562,867
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
Explore this area
Business Placement
Demographics for 33781, FL
27,349
Population
12,370
Households
2.2
Avg Household Size
42
Median Age
22%
College-Educated
82%
High-School Grad
6.6 sq mi
ZIP Area
4,144
Density / Sq Mi
$55,378
Median Household Income
$37,039
Median Earnings
$1,197
Median Rent
$251,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
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.
