$2,000,000

309 7th Street S

ST PETERSBURG FL, 33701

Description

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. Petersburgs 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.

Details

MLS#U8060502
Sub-TypeResale
StatusActive
Year1920
Days On Site69

Features

SQ Feet3,710
Units8
Building(s)1

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Area Information

StateFL
CountyPinellas
CityST PETERSBURG
Zip Code33701
Area33701 - St Pete
Listing VS Median (in 33701)
Price:
$2,000,000
low | high
Med:
$469,700
100% of Average
SqFt:
3,710
low | high
Med:
1,677
100% of Average
$ / SqFt:
$539
low | high
Med:
$280
98.044514013119% of Average
On Site:
69
low | high
Med:
419
16.467780429594% of Average
Listing Updated: 12/06/2019
MLS Number: U8060502
Listing Provided By:
Patrick Whitney  of  COLDWELL BANKER RESIDENTIAL

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