Ideally located in the heart of St Petersburg, Florida, the (1) 309 7th Street South Apartments; and (2) Adjacent Vacant Lot at the SW Hard Corner of 3rd Avenue S and 7th Street S (currently under contract with the Seller) – combined, the Properties represent 14,000 square feet of land – are located strategically in the direct converging transformational paths of revitalization occurring within and between St. Petersburg’s vibrant Downtown, Central Avenue Grand and Edge Districts, and the expansive 333-acre Tropicana Field Opportunity Zone. Current rents for the four one-bedroom, and four studio, units average $500. Estimated pro-forma rents are $775 for studios, and $1,050 for one-bedrooms. The projected expense-to-income ratio is 45%. Tenants pay electric, landlord pays water/sewer. Three studios have been upgraded with tile, and granite counter tops. Roofs were replaced in 2007, and 2016. Each apartment is equipped with a through-wall HVAC unit. This Offering represents the very unique opportunity to acquire a stable Multifamily Property, and its Adjacent Vacant Hard-Corner Lot. Long-term value appreciation prospects are complimented with current income, which has near-term enhancement potential by virtue of increasing rents to market, and tapping unused capacity to produce other income. Seller financing will be considered, depending on factors including, but not limited to, price and other agreed-upon terms and conditions.
Listed By: COLDWELL BANKER RESIDENTIAL
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