Duplex with New
For Sale
$567,500
Pending
979 11TH S AVENUE, St Petersburg, FL 33705
Two separate homes share one lot, with independent utilities and off-street parking.
Property Size2,007 SF
Days on Market497
Property Features for 979 11TH S AVENUE
General Information
Standard status
Pending
Size
2,007 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,080
Building Details
Year Built
1925
Listing Agency:
ATLAS REALTY GROUP
(407) 276-2372
Listed By:
David Shaw · License #3265160
(407) 276-2372
Source:
Exitrealty
Added: Apr 23, 2025
Changed: Aug 31
Last Checked: Aug 31 at 5:56PM
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 ATLAS REALTY GROUP
Investment Insights
Based on property information with market context.
This duplex property includes two distinct residences on one lot. The main home offers 3 bedrooms, 1 bathroom, and 1,286 square feet following recent renovations, with stainless steel appliances, a newer AC system installed in 2023, and paid-off solar panels. A separate accessory dwelling unit completed in 2025 provides 2 bedrooms, 2 bathrooms, and 721 square feet, along with off-street parking and independent utility service.
The property is in St. Petersburg near Downtown St. Petersburg, Tropicana Field, the Innovation District, shops, restaurants, museums, nightlife, Mahaffey Theatre, Johns Hopkins Hospital, Bayfront Medical Center, and the USF St. Petersburg campus. Gulf beaches are less than 15 minutes away. The property is outside a flood zone and has no HOA or CDD.
The property is in St. Petersburg near Downtown St. Petersburg, Tropicana Field, the Innovation District, shops, restaurants, museums, nightlife, Mahaffey Theatre, Johns Hopkins Hospital, Bayfront Medical Center, and the USF St. Petersburg campus. Gulf beaches are less than 15 minutes away. The property is outside a flood zone and has no HOA or CDD.
Key Highlights
- Two homes on one lot totaling 2,007 square feet
- Main residence has 3BR, 1BA, and 1,286 square feet
- Accessory dwelling unit built in 2025 with 2BR, 2BA, and 721 square feet
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
$23,427
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
4.13%
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%
$468,540
$468.5K
Cap Rate 7%
$334,671
$334.7K
Cap Rate 9%
$260,300
$260.3K
Market Conditions
NOI Build-Up for 2,007 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
$35.9K $17.88/SF
− Vacancy
−$2.4K −$1.21/SF
EGI
$33.5K $16.67/SF
− OpEx
−$10.0K −$5.00/SF
NOI
$23.4K $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%
$468,540
Cap Rate 7%
$334,671
Cap Rate 9%
$260,300
Alternative Uses
Best Use
Multifamily LT 5
$334.7K
$292.8K – $390.5K
NOI $23,427 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$263.7K
$230.7K – $307.7K
NOI $18,459 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$522.0K
$456.8K – $609.1K
NOI $36,543 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,213
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate homes share one lot, with independent utilities and off-street parking.
Where is this duplex located?
The property is located at 979 11TH S AVENUE St Petersburg, FL.
What is the asking price?
The asking price for this property is $567,500.
What are key features of this property?
This property features: Two homes on one lot totaling 2,007 square feet; Main residence has 3BR, 1BA, and 1,286 square feet; Accessory dwelling unit built in 2025 with 2BR, 2BA, and 721 square feet
