St. Petersburg Multifamily Investment
For Sale
Contact for pricing
6797 54th Ave N, St Petersburg, FL 33709
Fully leased 14-villa complex with redevelopment potential on 2.8 acres.
Property Size13,108 SF
Lot Size2.80 Acres
Price / SF$217.42
Days on Market159
Property Features for 6797 54th Ave N
General Information
Standard status
Active
Size
13,108 SF
Class
C
Lot size
2.80 Acres
Property subtype
Multifamily
Zoning
R-2
Investment Type
Stabilized
Net Operating Income
$101,924
Building Details
Year Built
1959
Year Renovated
2021
Buildings
14
Stories
1
Units
14
Listing Agency:
Broderick & Associates Inc
(209) 663-3681
Listed By:
Sean Broderick, CCIM · License #FL BK526610
Source:
Crexi
Added: Mar 6
Changed: Aug 8
Last Checked: Jul 16 at 9:32AM
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 Broderick & Associates Inc
Investment Insights
Based on property information with market context.
Located in west St. Petersburg, Long Villas presents a multifamily investment opportunity. The property consists of 14 block-built villas situated on 15 parcels, totaling 2.8 acres. Zoned R-2 and located in Flood Zone X, the complex includes 14 two-bedroom, one-bath villas and one vacant lot, offering expansion possibilities. Four villas on 54th Ave N feature carports and exterior utilities, while ten villas on 55th Ave N include bonus rooms and interior hookups. Each home is equipped with wall-mounted A/C in every bedroom, along with a central living-room wall unit with heat. All villas have roofs that are less than 2 years old. Individual electric meters and public utilities are in place. The expansive, multi-parcel site offers redevelopment potential, with one of the lots currently vacant. The property can be sold as a whole or separately.
Key Highlights
- Fully leased multi‑family investment property featuring 14 villas on 15 parcels totaling 2.8 acres.
- Individually parceled villas offer flexibility for individual sale or continued management as a whole.
- Recent roof replacements (less than 2 years old) on all villas.
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
$120,556
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
4.23%
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%
$2,411,120
$2.4M
Cap Rate 7%
$1,722,229
$1.7M
Cap Rate 9%
$1,339,511
$1.3M
Market Conditions
NOI Build-Up for 13,108 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
$235.9K $18.00/SF
− Vacancy
−$16.8K −$1.28/SF
EGI
$219.2K $16.72/SF
− OpEx
−$98.6K −$7.52/SF
NOI
$120.6K $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%
$2,411,120
Cap Rate 7%
$1,722,229
Cap Rate 9%
$1,339,511
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.51M – $2.01M
NOI $120,556 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.41M
$2.98M – $3.98M
NOI $238,665 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 33709, FL
27,026
Population
13,767
Households
2
Avg Household Size
50
Median Age
19%
College-Educated
86%
High-School Grad
5.1 sq mi
ZIP Area
5,299
Density / Sq Mi
$52,621
Median Household Income
$35,488
Median Earnings
$1,317
Median Rent
$190,300
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 - Fully leased 14-villa complex with redevelopment potential on 2.8 acres.
Where is this apartment building located?
The property is located at 6797 54th Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: Fully leased multi‑family investment property featuring 14 villas on 15 parcels totaling 2.8 acres.; Individually parceled villas offer flexibility for individual sale or continued management as a whole.; Recent roof replacements (less than 2 years old) on all villas.
