St. Petersburg Multifamily Investment
For Sale
$895,000
Pending
944 15TH Ave S, St Petersburg, FL 33705
Five-unit property near downtown St. Pete with development potential.
Property Size3,872 SF
Lot Size0.16 Acres
Days on Market171
Property Features for 944 15TH Ave S
General Information
Standard status
Pending
Size
3,872 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,514
Building Details
Building Size
3,872 SF
Year Built
1925
Stories
2
Units
5
Listing Agency:
Keller Williams South Tampa
(646) 330-8481
Listed By:
Shawna Opdycke · License #3374267
(646) 330-8481
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Jul 23 at 3:30AM
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 Keller Williams South Tampa
Investment Insights
Based on property information with market context.
This five-unit multifamily investment property is located minutes from downtown St. Pete and Tropicana Field. Situated in an area undergoing development in St. Petersburg, the property is zoned for up to nine units. Each unit is separately metered for electric and water. The property has undergone numerous recent updates, including waterproof flooring in all units, updates to plumbing and electrical systems, interior and exterior paint, cabinets, and A/C units. Renovations are currently underway. New roofs were installed on all buildings in 2022, and foundation stabilization has been completed for all three buildings with a lifetime warranty. The property is located within blocks of Midtown Academy, the local library, and the area Community Center. A common utility room is available, previously housing an on-site washer and dryer, which could provide additional revenue. Section 8 inspections have previously passed on all units, and Section 8 rates provide a strong CAP Rate for this investment property.
Key Highlights
- Rare 5‑unit multi‑family investment property minutes from Downtown St. Pete and Tropicana Field.
- Zoned for up to 9 units, offering significant future development potential.
- New roofs on all buildings (2022) and foundation stabilization with Lifetime Warranty.
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
$35,611
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
3.98%
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%
$712,220
$712.2K
Cap Rate 7%
$508,729
$508.7K
Cap Rate 9%
$395,678
$395.7K
Market Conditions
NOI Build-Up for 3,872 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
$69.7K $18.00/SF
− Vacancy
−$4.9K −$1.28/SF
EGI
$64.7K $16.72/SF
− OpEx
−$29.1K −$7.52/SF
NOI
$35.6K $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%
$712,220
Cap Rate 7%
$508,729
Cap Rate 9%
$395,678
Alternative Uses
Best Use
Apartment 5plus
$508.7K
$445.1K – $593.5K
NOI $35,611 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$881.3K – $1.18M
NOI $70,500 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,778
Businesses Nearby
Explore this area
Business Placement
Demographics for 33705, FL
27,915
Population
15,171
Households
1.8
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
5.6 sq mi
ZIP Area
4,985
Density / Sq Mi
$70,783
Median Household Income
$40,370
Median Earnings
$1,457
Median Rent
$321,500
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?
Apartment building - Five-unit property near downtown St. Pete with development potential.
Where is this apartment building located?
The property is located at 944 15TH Ave S St Petersburg, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Rare 5‑unit multi‑family investment property minutes from Downtown St. Pete and Tropicana Field.; Zoned for up to 9 units, offering significant future development potential.; New roofs on all buildings (2022) and foundation stabilization with Lifetime Warranty.
