St. Petersburg Multifamily Property For
For Sale
Contact for pricing
1503 9th St N, St Petersburg, FL 33704
Renovated multifamily property in desirable St. Petersburg location.
Property Size16,448 SF
Price / SF$265.99
Days on Market1360
Property Features for 1503 9th St N
General Information
Standard status
Active
Size
16,448 SF
Property subtype
Multifamily
Zoning
18-31-17-43182-000-0010
Net Operating Income
$486,960
Building Details
Year Built
1960
Year Renovated
2022
Buildings
2
Stories
2
Units
35
Listing Agency:
JT Multifamilty Team
Listed By:
Joshua Teplitzky · License #SL3254354
(813) 541-2135
Source:
Crexi
Added: Feb 1, 2023
Changed: Oct 1
Last Checked: Oct 23 at 6:05AM
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 JT Multifamilty Team
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Investment Insights
Based on property information with market context.
This multifamily property is located in St. Petersburg and features a mix of studio, one-bedroom, and two-bedroom floor plans. The property was renovated in 2022, including new exterior building paint. Constructed of concrete block, the property is located in close proximity to downtown St. Petersburg and the retail and restaurants on 4th Street. It is less than ten minutes from the University of South Florida St. Petersburg campus. The property is suitable for long-term stays and monthly rentals with many apartment-style units. The property size is 16,448 square feet.
Key Highlights
- Premium location in the heart of desirable St. Petersburg.
- All rooms were renovated in 2022.
- Close proximity to downtown St. Petersburg and retail/restaurants on 4th Street.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$151,274
Cap Rate
3.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,025,480
$3.0M
Cap Rate 7%
$2,161,057
$2.2M
Cap Rate 9%
$1,680,822
$1.7M
Market Conditions
NOI Build-Up for 16,448 SF
Gross rent
$296.1K $18.00/SF
− Vacancy
−$21.0K −$1.28/SF
EGI
$275.0K $16.72/SF
− OpEx
−$123.8K −$7.52/SF
NOI
$151.3K $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%
$3,025,480
Cap Rate 7%
$2,161,057
Cap Rate 9%
$1,680,822
Alternative Uses
Best Use
Apartment 5plus
$2.16M
$1.89M – $2.52M
NOI $151,274 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.28M
$3.74M – $4.99M
NOI $299,478 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
893
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property in desirable St. Petersburg location.
Where is this apartment building located?
The property is located at 1503 9th St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $4,375,000.
What are key features of this property?
This property features: Premium location in the heart of desirable St. Petersburg.; All rooms were renovated in 2022.; Close proximity to downtown St. Petersburg and retail/restaurants on 4th Street.
