12-Unit Courtyard Apartment
New
For Sale
$2,833,525
7025 Hibiscus Avenue S, South Pasadena, FL 33707
A central courtyard, shared laundry, and a varied apartment mix define this residential income property.
Property Size8,834 SF
Price / SF$320.75
Days on Market7
Property Features for 7025 Hibiscus Avenue S
General Information
Standard status
Active
Size
8,834 SF
Total Parking Spaces
16
Occupancy
100%
Financials
Cap Rate
5.4%
Gross Income
$228,920
Units
Unit Mix
2 x 2BR/2BA, 2 x 2BR/1BA, 8 x 1BR/1BA
Multifamily Units
12
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$22,370
Amenities
private central courtyard
updated laundry facilities
true
2
Public Records
Flood Insurance Required,FloodZone
Public
14815
85 x 176
0.34
false
Asphalt,Paved
Slab
City Street
8834
1
Building Details
Building Size
8,834 SF
Year Built
1974
Buildings
1
Stories
2
Listing Agency:
HOMERUN REALTY
(352) 624-0935
Listed By:
William Worthy · License #3607326
(352) 895-5480
Source:
Homerunrealtyteam
Added: Oct 26
Changed: Oct 31
Last Checked: Oct 31 at 2:40AM
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 HOMERUN REALTY
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Investment Insights
Based on property information with market context.
Built in 1974, this 12-unit apartment property contains 8,834 square feet on a 0.34-acre parcel. The unit mix includes two 2-bedroom/2-bath apartments, two 2-bedroom/1-bath apartments, and eight 1-bedroom/1-bath apartments. A central courtyard features a double-return staircase. Recent property work includes a roof coating in 2023, five replacement air-conditioning units, updated laundry facilities, and improvements to kitchens, bathrooms, flooring, and appliances. The two asphalt parking areas have also been updated and maintained. The building is 100% occupied and has a 5.4% cap rate.
The property is one block from Boca Ciega Bay in South Pasadena. Shopping and restaurants are within walking distance, and St. Pete Beach is a short drive away. The site includes 16 parking spaces, split between a front lot and a rear lot. The property is in a flood zone, and flood insurance is required.
The property is one block from Boca Ciega Bay in South Pasadena. Shopping and restaurants are within walking distance, and St. Pete Beach is a short drive away. The site includes 16 parking spaces, split between a front lot and a rear lot. The property is in a flood zone, and flood insurance is required.
Key Highlights
- 12 apartments: two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, and eight 1‑bedroom/1‑bath
- 8,834 square feet on a 0.34‑acre parcel; built in 1974
- Central courtyard with a double‑return staircase
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,247
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,624,940
$1.6M
Cap Rate 7%
$1,160,671
$1.2M
Cap Rate 9%
$902,744
$902.7K
Market Conditions
NOI Build-Up for 8,834 SF
Gross rent
$159.0K $18.00/SF
− Vacancy
−$11.3K −$1.28/SF
EGI
$147.7K $16.72/SF
− OpEx
−$66.5K −$7.52/SF
NOI
$81.2K $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 Rate 5%
$1,624,940
Cap Rate 7%
$1,160,671
Cap Rate 9%
$902,744
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,247 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,846 @ 7.0% cap · market cap 5.68%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
12
Residential units
100%
Occupancy
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - A central courtyard, shared laundry, and a varied apartment mix define this residential income property.
Where is this apartment building located?
The property is located at 7025 Hibiscus Avenue S South Pasadena, FL.
What is the asking price?
The asking price for this property is $2,833,525.
What are key features of this property?
This property features: 12 apartments: two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, and eight 1‑bedroom/1‑bath; 8,834 square feet on a 0.34‑acre parcel; built in 1974; Central courtyard with a double‑return staircase
