Five-Unit Apartment
For Sale
$895,000
Pending
944 15TH S, St Petersburg, FL 33705
Three-building multifamily property with updated interiors, separate utility metering, and zoning for up to nine units.
Property Size3,872 SF
Days on Market8
Property Features for 944 15TH S
General Information
Standard status
Pending
Size
3,872 SF
Property subtype
Investment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$11,514
Building Details
Building Size
3,872 SF
Year Built
1925
Buildings
3
Units
5
Listing Agency:
Keller Williams South Tampa
(646) 330-8481
Listed By:
Shawna Opdycke · License #3374267
(646) 330-8481
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 19 at 1:16PM
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 apartment property comprises three buildings constructed in 1925. Improvements include roofs replaced in 2022, foundation stabilization backed by a lifetime warranty, waterproof flooring, plumbing and electrical work, interior and exterior painting, cabinetry, and updated air-conditioning units. Additional renovations are underway. Electric and water are separately metered for each unit, and a shared utility room provides space for laundry equipment.
The property is located at 944 15TH S in St. Petersburg, within blocks of Midtown Academy, a local library, and an area community center. It is in X Flood Zone and has walk, bike, and transit scores of 63, 54, and 37, respectively. County and state zoning allow up to nine units. Previous Section 8 inspections passed for all units.
The property is located at 944 15TH S in St. Petersburg, within blocks of Midtown Academy, a local library, and an area community center. It is in X Flood Zone and has walk, bike, and transit scores of 63, 54, and 37, respectively. County and state zoning allow up to nine units. Previous Section 8 inspections passed for all units.
Key Highlights
- Five units across three apartment buildings
- Roofs replaced in 2022
- Foundation stabilization for all three buildings 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
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,293
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 - Three-building multifamily property with updated interiors, separate utility metering, and zoning for up to nine units.
Where is this apartment building located?
The property is located at 944 15TH 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: Five units across three apartment buildings; Roofs replaced in 2022; Foundation stabilization for all three buildings with lifetime warranty
