St. Petersburg Multifamily Investment
For Sale
$550,000
5901 28TH St N, Saint Petersburg, FL 33714
Multifamily property with 3 fully rented units in St. Petersburg.
Property Size2,135 SF
Days on Market142
Property Features for 5901 28TH St N
General Information
Standard status
Active
Size
2,135 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,930
Building Details
Building Size
2,135 SF
Year Built
1956
Units
3
Listed By:
Yosmary Acosta Alonso
(813) 453-6773
Source:
Elliman
Added: Apr 24
Changed: Sep 10
Last Checked: Sep 11 at 8:30AM
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 Yosmary Acosta Alonso
Investment Insights
Based on property information with market context.
This multifamily property, located in St. Petersburg, Florida, presents an investment opportunity. The property consists of 3 units that are currently fully rented, providing a steady income stream. The location offers a bike score of 38, indicating it is somewhat bikeable, a walk score of 11, indicating car-dependent surroundings, and a transit score of 25, suggesting some transit options are available.
Key Highlights
- Steady income potential from 3 fully rented units.
- Excellent investment opportunity.
- Located in the heart of St. Petersburg.
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
$24,921
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
4.53%
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%
$498,420
$498.4K
Cap Rate 7%
$356,014
$356.0K
Cap Rate 9%
$276,900
$276.9K
Market Conditions
NOI Build-Up for 2,135 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
$38.2K $17.88/SF
− Vacancy
−$2.6K −$1.21/SF
EGI
$35.6K $16.67/SF
− OpEx
−$10.7K −$5.00/SF
NOI
$24.9K $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%
$498,420
Cap Rate 7%
$356,014
Cap Rate 9%
$276,900
Alternative Uses
Best Use
Multifamily LT 5
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$280.5K
$245.5K – $327.3K
NOI $19,636 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$555.3K
$485.9K – $647.9K
NOI $38,873 @ 7.0% cap · market cap 7.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
Explore this area
Business Placement
Demographics for 33714, FL
19,905
Population
9,889
Households
2
Avg Household Size
44
Median Age
20%
College-Educated
86%
High-School Grad
3.7 sq mi
ZIP Area
5,380
Density / Sq Mi
$47,221
Median Household Income
$36,207
Median Earnings
$1,270
Median Rent
$177,500
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Multifamily property with 3 fully rented units in St. Petersburg.
Where is this triplex located?
The property is located at 5901 28TH St N Saint Petersburg, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Steady income potential from 3 fully rented units.; Excellent investment opportunity.; Located in the heart of St. Petersburg.
