Uptown St. Petersburg Multifamily
For Sale
Contact for pricing
471 9th Ave N, St Petersburg, FL 33701
Five-unit multifamily building in historic Uptown St. Petersburg neighborhood.
Property Size3,015 SF
Lot Size0.13 Acres
Price / SF$290.22
Days on Market932
Property Features for 471 9th Ave N
General Information
Standard status
Active
Size
3,015 SF
Total Parking Spaces
6
Lot size
0.13 Acres
Property subtype
Multifamily
Zoning
C ( Commercial )
Building Details
Year Built
1900
Units
5
Listing Agency:
AXXOS
Listed By:
Jon Reno La Budde · License #FL 3088599
Source:
Crexi
Added: Feb 16, 2024
Changed: Sep 2
Last Checked: Sep 2 at 12:24AM
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 AXXOS
Investment Insights
Based on property information with market context.
Located in the Uptown Cashwell Heights area of St. Petersburg, this multifamily building is a 5-plex in a historical neighborhood known as Uptown. Constructed in 1922, the Craftsman-style building features hardwood floors and neutral interiors. The structure encompasses 3,015 square feet, which includes an enclosed porch, screened porch, and open porch, with 2,426 square feet of heated space. The property sits on a 5,500 square foot lot enclosed by a white fence. The site consists of five units, each with one bedroom and one bathroom, with the potential to convert Unit 4 into a two-bedroom unit. All units have been well maintained, and a new water heater has been installed. Parking is plentiful, with 6+ spaces on the premises, along with ample street parking. The property includes screened and open porches, as well as landscaping and a patio. This investment opportunity offers the potential to update the units and increase rents, which are currently below market value. There is also the possibility of adding coin-operated washing machines and dryers to increase gross revenues and attract tenants. The units are consistently rented, often with a waiting list.
Key Highlights
- Multi‑family 5‑plex in the desirable Uptown St. Petersburg neighborhood.
- Significant value‑add opportunity with under‑market rents and potential for increased margins.
- High occupancy rate with a waiting list for units.
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
$27,729
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
3.17%
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%
$554,580
$554.6K
Cap Rate 7%
$396,129
$396.1K
Cap Rate 9%
$308,100
$308.1K
Market Conditions
NOI Build-Up for 3,015 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
$54.3K $18.00/SF
− Vacancy
−$3.9K −$1.28/SF
EGI
$50.4K $16.72/SF
− OpEx
−$22.7K −$7.52/SF
NOI
$27.7K $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%
$554,580
Cap Rate 7%
$396,129
Cap Rate 9%
$308,100
Alternative Uses
Best Use
Apartment 5plus
$396.1K
$346.6K – $462.2K
NOI $27,729 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.2K
$686.2K – $914.9K
NOI $54,896 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,719
Businesses Nearby
Explore this area
Business Placement
Demographics for 33701, FL
19,137
Population
13,434
Households
1.4
Avg Household Size
48
Median Age
55%
College-Educated
96%
High-School Grad
2.7 sq mi
ZIP Area
7,088
Density / Sq Mi
$69,098
Median Household Income
$48,072
Median Earnings
$1,531
Median Rent
$590,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit multifamily building in historic Uptown St. Petersburg neighborhood.
Where is this apartment building located?
The property is located at 471 9th Ave N St Petersburg, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Multi‑family 5‑plex in the desirable Uptown St. Petersburg neighborhood.; Significant value‑add opportunity with under‑market rents and potential for increased margins.; High occupancy rate with a waiting list for units.
