$1,490,000

309 7th Street S

ST PETERSBURG FL, 33701

Description

Strategically located in the heart of St Petersburg, the eight-unit 309 7th Street South Apartments is situated two blocks to Tropicanas sprawling campus, a short distance to Downtowns vibrant Beach Drive, and a brief walk to the Central Avenue Edge District. 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. As Tropicanas campus, considered 86 acres of urban gold with boundless potential, redevelopment plans take shape, the exciting revitalization of Downtown and Central Avenue are a present-day reality with 7th Street and 3rd Avenue providing tenants direct convenient access to the Citys most popular venues. This Offering represents a unique opportunity to acquire a stable, quality, income-producing commercial real estate asset located directly in the converging transformational paths of revitalization, which are occurring within and between St. Petes Downtown, Central Avenue, and Tropicana Districts. Long-term value appreciation prospects are complimented with current income, which has near-term enhancement potential by increasing rents to market, and tapping unused capacity to produce other income. Seller financing may be considered.

Details

MLS#U8060502
Sub-TypeResale
StatusActive
Year1920
Days On Site20

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:
$1,490,000
low | high
Med:
$459,500
100% of Average
SqFt:
3,710
low | high
Med:
1,390
100% of Average
$ / SqFt:
$402
low | high
Med:
$331
67.688909275264% of Average
On Site:
20
low | high
Med:
94
21.276595744681% of Average
Listing Updated: 10/18/2019
MLS Number: U8060502
Listing Provided By:
Patrick Whitney  of  COLDWELL BANKER RESIDENTIAL

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