Two-Unit Duplex Near Crescent Lake
For Sale
Under Contract
$469,000
850 22ND Avenue N, St Petersburg, FL 33704
Residential Income, ST PETERSBURG, FL
Property Size1,216 SF
Lot Size0.12 Acres
Price / SF$385.69
Days on Market50
Property Features for 850 22ND Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1
Window features
Blinds
Patio and Porch features
Porch
Interior features
Ceiling Fans(s), Primary Bedroom Main Floor, Solid Surface Counters
Exterior features
Private Mailbox
Appliances
Dryer, Range, Refrigerator, Washer
Subdivision
SPRING HILL REV
Lot features
City Limits, Near Public Transit, Sidewalk, Paved
Directions
22nd Ave N-S on Crescent Lake Dr to alley between 21st and 22nd Aves. Head West in alley and park in back of property. Units 850 and 852 are the addresses. 852 is on the west side, and 850 on the E side.
Standard status
Active Under Contract
APN
07-31-17-84888-000-2070
Size
1,216 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SPRING HILL REVISED LOT 207 (SEE N18 MAP)
Tax Annual Amount
5090
Legal Description
SPRING HILL REVISED LOT 207 (SEE N18 MAP)
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
covered front porch
shared on-site laundry area
Building Details
Year built
1949
Floors in Building
1
Flooring type
Wood, Tile - Ceramic
Building materials
Block
Roof type
Shingle
Listing Agency:
HECKLER REALTY GROUP LLC
(727) 954-5199
Listed By:
Michelle Schnyders · License #3549184
(727) 253-1251
Added: Jul 20
Changed: Sep 6
Last Checked: Sep 7 at 9:06PM
MLS# TB8530242
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,216-square-foot duplex contains two 1-bedroom, 1-bathroom residences, each with hardwood flooring, updated bathrooms with walk-in showers, spacious bedrooms, and comfortable living areas. A covered front porch, shared laundry area, paver parking for up to four vehicles, and rear-alley access add practical functionality. The 0.12-acre property was built in 1949 and includes separate electric meters with one shared water meter. Additional features include block construction, public water and sewer, shingle roofing, ductless heating, and wall or window cooling units.
The property is located one block from Crescent Lake Park, which offers tennis and pickleball courts, a dog park, playgrounds, walking trails, and open green space. Downtown St. Petersburg, Gulf beaches, I-275, and the Gandy Bridge are within easy reach, connecting the property with dining, museums, waterfront parks, shopping, nightlife, and the broader Tampa Bay area.
The property is located one block from Crescent Lake Park, which offers tennis and pickleball courts, a dog park, playgrounds, walking trails, and open green space. Downtown St. Petersburg, Gulf beaches, I-275, and the Gandy Bridge are within easy reach, connecting the property with dining, museums, waterfront parks, shopping, nightlife, and the broader Tampa Bay area.
Key Highlights
- Two 1‑bedroom, 1‑bathroom units within a 1,216‑square‑foot duplex
- 0.12‑acre property built in 1949
- Separate electric meters and one shared water meter
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
$14,194
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
3.03%
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%
$283,880
$283.9K
Cap Rate 7%
$202,771
$202.8K
Cap Rate 9%
$157,711
$157.7K
Market Conditions
NOI Build-Up for 1,216 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
$21.7K $17.88/SF
− Vacancy
−$1.5K −$1.21/SF
EGI
$20.3K $16.67/SF
− OpEx
−$6.1K −$5.00/SF
NOI
$14.2K $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%
$283,880
Cap Rate 7%
$202,771
Cap Rate 9%
$157,711
Alternative Uses
Best Use
Multifamily LT 5
$202.8K
$177.4K – $236.6K
NOI $14,194 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$159.8K
$139.8K – $186.4K
NOI $11,184 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$316.3K
$276.8K – $369.0K
NOI $22,140 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,339
Businesses Nearby
Explore this area
Business Placement
Demographics for 33704, FL
16,031
Population
9,037
Households
1.8
Avg Household Size
46
Median Age
58%
College-Educated
98%
High-School Grad
3.4 sq mi
ZIP Area
4,715
Density / Sq Mi
$102,647
Median Household Income
$63,803
Median Earnings
$1,398
Median Rent
$657,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate electric meters and shared laundry support straightforward resident operations.
Where is this duplex located?
The property is located at 850 22ND Avenue N St Petersburg, FL.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bathroom units within a 1,216‑square‑foot duplex; 0.12‑acre property built in 1949; Separate electric meters and one shared water meter
