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309 7TH ST S, ST PETERSBURG, 33701

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property details

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list price :
$1,490,000
style :
MultiFamily
beds:
baths:
Full
year built:
1920
total sqft:
No Information
sqft heated:
3,710
lp / sqft:
$401.62
pool:
No Information
total acreage:
Up to 10889 SQFT
garage / carport:
N/A
subdivision:
OAK HEIGHTS
location:
county:

Strategically located in the heart of St Petersburg, the eight-unit 309 7th Street South Apartments is situated two blocks to Tropicana’s sprawling campus, a short distance to Downtown’s 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 Tropicana’s 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 City’s 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. Pete’s 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.

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