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    7786 62Nd St St. Petersburg, FL 33781
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    7786 62Nd St St. Petersburg, FL 33781

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    • Apartment buildings
    • 11,704 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 7786 62Nd St

    Year built
    1985
    Property size
    11,704 SF
    Property type
    Apartment buildings

    Description

    This 12-unit apartment building, located at 7786 62nd St N in Pinellas Park, Florida (zip code 33781), presents a compelling investment opportunity. Built in 1985, this two-story, Class B property encompasses 11,704 square feet on a single building and sits on a lot with APN 29-30-16-79488-00-0130. The property is zoned R-4 and offers a mix of one- and two-bedroom units, each with one bathroom. Currently, the property generates a pro-forma NOI of $181,920, resulting in a pro-forma cap rate of 7.58%. The asking price is $2,900,000, representing a current cap rate of 7.90%. While some unit updates are needed to achieve market rent, this is reflected in the attractive purchase price. The property's strong location offers convenient access to shopping, dining, and entertainment, within a thriving community. This value-add opportunity allows for significant income potential through renovations and increased rental rates. The property features on-site laundry. This is a rare opportunity to acquire a multifamily property in a desirable location with substantial upside potential. Detailed financial information and property specifics are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    St. Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7203
    Latitude
    27.8423

    Comparable in this City

    • Value Estimation
      $775,000
      3,575 SF

      3800 62nd N Ave

      APARTMENT HOUSE (5+ UNITS) • 3,575 SF
      3800 62nd N Ave, Pinellas Park, FL 33781-6005
      View Details
    • Value Estimation
      $810,000
      3,750 SF

      4200 62nd N Ave

      APARTMENT HOUSE (5+ UNITS) • 3,750 SF
      4200 62nd N Ave, Pinellas Park, FL 33781-6058
      View Details
    • Value Estimation
      $9,800,000
      82,052 SF

      7700 66th N St

      APARTMENT HOUSE (5+ UNITS) • 82,052 SF
      7700 66th N St, Pinellas Park, FL 33781-3167
      View Details
    • Value Estimation
      $620,000
      2,856 SF

      4570 70th N Ave

      APARTMENT HOUSE (5+ UNITS) • 2,856 SF
      4570 70th N Ave, Pinellas Park, FL 33781-4547
      View Details
    • Value Estimation by Request
      2,263 SF

      5501 70th N Ave

      APARTMENT HOUSE (5+ UNITS) • 2,263 SF
      5501 70th N Ave, Pinellas Park, FL 33781-4260
      View Details
    • Value Estimation by Request
      2,150 SF

      7133 72nd N Ave

      APARTMENT HOUSE (5+ UNITS) • 2,150 SF
      7133 72nd N Ave, Pinellas Park, FL 33781-3819
      View Details

    Similar Nearby for Sale

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      5,508 SF

      Pinellas Park Multifamily Investment Opportunity

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      1,558 SF

      Prime Vacant Land Opportunity

      One acre of vacant land with premium zoning.
      6200 Park Blvd, Pinellas Park, FL 33781
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    Similar Nearby for Lease

    • Contact for pricing

      Pinellas Park Two-Story Office Building

      55,000 SF office building near Gandy Blvd and US-19.
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      Industrial Space For Lease

      Industrial property available for lease in Pinellas Park, Florida.
      3201 Gateway Centre Pkwy, Pinellas Park, FL 33781
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      Mixed-Use Center with Flexible Suites

      Mixed-use center with suites suitable for office or retail.
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      1,136 SF

      Pinellas Park Office and Commercial

      Office and commercial space in the Pinellas Park/US-19 Corridor.
      7101 Us Highway 19 N, Pinellas Park, FL 33781
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    • $66,000

      M1 Light Industrial Warehouse

      Well-maintained warehouse with gated lot, convenient location, and flexible space.
      3540 64Th Ave N, Pinellas Park, FL 33781
      View Details
    • Contact for pricing

      Renovated Office Building in Pinellas

      Newly renovated office spaces in central Pinellas County for rent.
      6698 68Th Ave N, Pinellas Park, FL 33781
      View Details
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    7786 62Nd St
    St. Petersburg, FL 33781
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    7786 62Nd St, St. Petersburg, FL, 33781
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