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Multifamily Weekly
Pinellas County
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Tuesday, October 27, 2026 |
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A 1935 Six-Unit Sells At $210,000 A Unit
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135 7th Ave NE, six units built in 1935 in St. Petersburg's Old Northeast, sold Sept. 30 for $1.26 million, or $210,000 a unit. A 14-unit building on Blind Pass Road in St. Pete Beach, built in 1972, sold July 31 at $208,929 a unit. |
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| Property |
Units |
Price |
Price / unit |
135 7th Ave NE
St. Petersburg · September 2026 |
6 |
$1.26M |
$210K |
1102 Sunset Point Rd
Clearwater · August 2026 |
6 |
$1.09M |
$182K |
8630 Blind Pass Rd
St. Pete Beach · July 2026 |
14 |
$2.93M |
$209K |
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| 2BR Asking Rents By Submarket |
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| Submarket |
Avg 2BR |
| St. Petersburg |
$2,015 |
| Clearwater |
$1,929 |
| Largo / Seminole |
$1,710 |
| Pinellas Park |
$1,635 |
| Dunedin / Palm Harbor |
$1,916 |
| Gulf Beaches |
$3,342 |
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| $101.1M |
| in federal flood protection money Pinellas outlined at its Oct. 22 work session, with no final list of projects yet (St Pete Catalyst, Oct 23) |
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| 75,000 |
| square feet in a new two-story Lockheed Martin building planned on its 80-acre Oldsmar campus (Tampa Bay Business Journal, Oct 20) |
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| 45% |
| capacity or less at about a third of Pinellas County school campuses (Tampa Bay Times, Oct 22) |
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| In The News: Pinellas County |
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Pinellas eyes $101M in flood protection projects
St Pete Catalyst · Oct 23
County officials outlined $101.1 million in federal money at an Oct. 22 work session: $53.4 million for county recovery projects and $47.7 million for projects serving both the county and St. Petersburg. Projects will be picked by need, not split by city, and none are chosen yet. Drainage decides which blocks stay rentable after the next storm.
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Lockheed Martin plans building addition at Oldsmar campus
Tampa Bay Business Journal · Oct 20
Lockheed Martin filed with the water management district for a 75,000-square-foot, two-story industrial building with 624 parking spaces behind its 241,000 square feet at 3655 Tampa Road. No county building permit yet. 624 spaces is a payroll that rents in Oldsmar, Palm Harbor and Clearwater.
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Pinellas' school closure plan stirred anger. Here's what could come next
Tampa Bay Times · Oct 22
About a third of district campuses sit below 45% capacity after the board agreed to phase out six sites, and more closures are expected. Empty classrooms mean fewer school-age families renting in those neighborhoods.
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My Take On Pinellas
Recent sales in premier neighborhoods show that updated product and top market rents are still commanding strong prices as investors look for value in stabilized assets. Rising interest rates and slow rent growth will continue to be a headwind to value add deals in those same neighborhoods because stabilized assets are selling at higher cap rates, which means the discount pro-forma cap rates have to be even higher to attract capital. My take: spend the capital on stabilizing your asset before sale. It will make the process smoother, attract more buyers and net the seller more money.
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16 Units · $164,062 Per Unit Anchored in the Historic Old Northeast, St. Petersburg, FL
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Your equity has a return. Do you know what it is?
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