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Property Overview

Price/Rent PSF $ 795,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 3444.00
Date Available 03/01/2021
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Floors 1
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Description

Location
Location Description: The Site is located in the very desirable city of St Petersburg, Florida. The property is just off the famed commercial corridor of 4th Street on the 1500 block, the actual address is 421 15th Avenue South.



The Property sits on the north side of 15th Avenu South at the intersection of 5th Street South, a few blocks north of the major lighted intersection of 22nd Ave South. 4th Street is one of St Pete's most prosperous North/South corridors.



Downtown, Hospitals, USF, Waterfront, and the Interstate are less than 3 minutes away. Key Neighborhoods like - Old SouthEast * Driftwood * Roser Park * Ling-A-Mor * Tropical Shores * Big Bayou * are very short jaunts away.



Jon Reno La Budde is the Leading Agent for this Listing Please contact at 727-510-1921 or [email protected]

Sale
Colorful Multi-Family Opportunity * Twelve Vintage 1920's Bungalows * Value Add * C Property


Off-Market Florida * Melrose Place



Our Offering is for 12 Residential Units in 11 buildings on 11,000 sf of land. The structures are vintage cool 1925 Bungalows built for the St Petersburg Boom in the 1920's. All the buildings have brand-new roofs.



The layout consists of 4 buildings on the south border and 5 buildings on the north border, one building on the west and one on the east forming a courtyard in the middle. There are 10 studio apartments, one - 1 bedroom, and one unit used for storage that needs to be re-converted into a living unit.



The Rents are significantly below market and have not been raised in years. Currently, nine units rented at $500.00 per month, one at $550.00 and one at $650.00. Total gross rents are $5,700.00 per month, $68,400.00 yearly. Pro-forma market gross rents could be $108,000.00 or more per year.



The current Tax Bill is $3,725.00.



Location Description: The Site is located in the very desirable city of St Petersburg, Florida. The property is just off the famed commercial corridor of 4th Street on the 1500 block on the hard corner, the actual address is 421 15th Avenue South.



The Property sits on the north side of 15th Avenu South at the intersection of 5th Street South, a few blocks north of the major lighted intersection of 22nd Ave South. 4th Street is one of St Pete's most prosperous North/South corridors.



Downtown, Hospitals, USF, Waterfront, and the Interstate are less than 3 minutes away. Key Neighborhoods like - Old SouthEast * Driftwood * Roser Park * Ling-A-Mor * Tropical Shores * Big Bayou * are very short jaunts away.



Jon Reno La Budde is the Leading Agent for this Listing Please contact at 727-510-1921 or [email protected]

Location

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