1335 Dr. Martin Luther King Jr St N - Apartments FOR SALE


Saint Petersburg, FL 33701
$1,335,000 USD
813-362-4586
1335 Dr. Martin Luther King Jr St N, Saint Petersburg, FL for Sale
$1,335,000 USD
Apartments - FOR SALE
1/29
null | 6% Cap Rate

1335 Dr. Martin Luther King Jr St N
Saint Petersburg, FL 33701


HIGHLIGHTS

  • Walking distance to Crescent Lake
  • Downtown views from studio upstairs
  • All units are renovated

OVERVIEW

This exceptional 6-unit mixed-use property in St. Petersburg’s coveted downtown 33701 zip code offers a rare combination of resilience, location, and income potential. With a prime location steps from Crescent Lake Park, just 1 mile from Central Avenue, and walking distance to Tropicana Field, this property is perfectly positioned to capitalize on the city's vibrant growth. Elevated 40+ feet above sea level, it sustained no interior hurricane damage and is zoned CRT-1, allowing flexible residential and commercial use. The owner most recently has operated it as a mid term rental, allowing 1-2 months stays. The property features a separately metered, detached block 2-car garage, providing an opportunity to expand the usable footprint or generate additional income. A studio unit on the third floor that offers breathtaking views of the St. Pete skyline and can be easily converted into a true 1-bedroom, 1-bathroom unit for additional added value. A new roof was installed in 2021, and the building currently utilizes central heating, with the potential to be upgraded to an efficient heat pump system for central air conditioning. Additionally, a property manager living next door is willing to remain on board for smooth operational continuity. Financially, the property is a proven performer, grossing over $125,000 last year, with detailed financial records available upon request. This is a rare opportunity to own a versatile and income-generating property in a highly desirable downtown location.

FOR SALE DETAILS

PRICE

$1,335,000 USD

PRICE/SF

$556 USD /SF

# OF UNITS

6

PRICE/UNIT

$222,500

CAP RATE

6%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1910

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,395 SF

ZONING

CRT-1

APN/PARCEL ID

18-31-17-24174-000-0110

ASK ABOUT THIS PROPERTY

Tyler CarpenterCarpenter Realty GroupMore Info
813-362-4586

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Tyler CarpenterCarpenter Realty GroupMore Info
813-362-4586

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.