Renovated Fourplex Near St.
For Sale
$1,276,000
6990 GREVILLA Ave S, South Pasadena, FL 33707
Fully renovated fourplex with modern finishes and immediate rental potential.
Property Size3,488 SF
Price / SF$365.83
Days on Market112
Property Features for 6990 GREVILLA Ave S
General Information
Standard status
Active
Size
3,488 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$11,258
Building Details
Building Size
3,488 SF
Year Built
1968
Units
4
Listing Agency:
(786) 477-2426
Listed By:
Alexandra Gomez Lattuf LLC
(786) 477-2426
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 12 at 8:08AM
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 Alexandra Gomez Lattuf LLC
Investment Insights
Based on property information with market context.
This fully renovated fourplex in St. Petersburg features interior designs giving each unit a unique look. The property includes 4 units totaling approximately 3,488 heated square feet, with each unit offering approximately 872 square feet. There are two ground units with 2 bedrooms and 2 bathrooms without closets, and two upstairs units with 2 bedrooms and 1 bathroom with closets. Each unit includes in-unit laundry, modern high-end finishes, and updated interiors. The property provides 1 dedicated parking space for each unit, totaling 4 parking spaces, along with 2 additional parking spaces, and a shared rear patio. Major improvements include a new roof (2025), re-piping (2019), updated electrical (2019) with separate electrical panels for each unit, new AC units (2019 and 2023), and impact windows (2019 and 2024). It is conveniently located 0.3 miles from Publix, near shopping, dining, and everyday amenities. The property is approximately 7 minutes from the beach, 15 minutes from downtown St. Pete, and 30 minutes from Tampa International and St. Pete/Clearwater International Airport. Major hospitals are located approximately 0.5 miles away. The property is sold as is, furnished, offering immediate rental or income potential. This is an excellent opportunity for investors seeking a turnkey multifamily property in a high-demand rental area.
Key Highlights
- Fully renovated fourplex with modern, high‑end finishes and updated interiors throughout.
- Each unit features in‑unit laundry and dedicated parking.
- Major recent improvements include a new roof (2025), re‑piping (2019), updated electrical (2019), new AC units (2019 and 2023), and impact windows (2019 and 2024).
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
$40,713
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
3.19%
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%
$814,260
$814.3K
Cap Rate 7%
$581,614
$581.6K
Cap Rate 9%
$452,367
$452.4K
Market Conditions
NOI Build-Up for 3,488 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
$62.4K $17.88/SF
− Vacancy
−$4.2K −$1.21/SF
EGI
$58.2K $16.67/SF
− OpEx
−$17.4K −$5.00/SF
NOI
$40.7K $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%
$814,260
Cap Rate 7%
$581,614
Cap Rate 9%
$452,367
Alternative Uses
Best Use
Multifamily LT 5
$581.6K
$508.9K – $678.6K
NOI $40,713 @ 7.0% cap · market cap 3.19%
Second Best
Apartment 5plus
$458.3K
$401.0K – $534.7K
NOI $32,079 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$907.3K
$793.9K – $1.06M
NOI $63,508 @ 7.0% cap · market cap 4.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,251
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully renovated fourplex with modern finishes and immediate rental potential.
Where is this quadplex located?
The property is located at 6990 GREVILLA Ave S South Pasadena, FL.
What is the asking price?
The asking price for this property is $1,276,000.
What are key features of this property?
This property features: Fully renovated fourplex with modern, high‑end finishes and updated interiors throughout.; Each unit features in‑unit laundry and dedicated parking.; Major recent improvements include a new roof (2025), re‑piping (2019), updated electrical (2019), new AC units (2019 and 2023), and impact windows (2019 and 2024).
