THIS AMAZING DEVELOPMENT OPPORTUNITY CONSISTS OF ALL PROPERTY AND BUILDINGS ON 14TH ST. IN DOWNTOWN STAINT PETERSBURG, FL, FROM 5TH AVE N TO 7TH AVE N. THE PROPERTY HAS 18 MULITFAMILY UNITS AND A LARGE 13,000 S/F OFFICE BUILDING! THE SITE IS RIPE FOR REDEVELOPMENT AS NEW ZONING WAS APPROVED IN 2024. THE NEW ZONING WILL ALLOW THE BUYER TO BUILD AT LEAST 54 UNITS AND POTENTIALLY AS MANY AS 106 MULTIFAMILY UNITS IN DOWNTOWN ST. PETERSBURG! (SELLER FINANCING IS AVAILABLE, SEE P. 5 FOR DETAILS) BOTH THE OFFICE BUILDING AND THE MULTIFAMILY UNITS ARE IN GOOD CONDITION, ALLOWING A BUYER TO COME IN AND NOT SPEND ADDITIONAL MONEY ON THESE UNITS BEOFRE FURUTRE REDEVELOPMENT. ALL UNITS ARE OCCUPIED AND THE PROPERTY PRODUCES FANTASTIC CASH FLOW! THE INCREDIBLE OPPORTUNITY SITS RIGHT IN THE HEART OF DOWNTOWN, DIRECTLY NEXT TO ST. ANTHONYS HOSPITAL, ONE OF THE TOP HOSPITALS IN THE STATE AND CURRENTLY PLANNING A $158 MILLION DOLLAR EXPANSION PLAN! CURRENTLY, THE PROPERTY IS FULLY OCCUPIED WITH BELOW-MARKET RENTAL RATES GIVING THE BUYER MASSIVE UPSIDE TO RAISE RENTS IN ONE OF THE MOST DESIRABLE AREAS IN FLORIDA! THE OWNERS ARE CURRENTLY IN NEGOTIATIONS ON A LONGTERM LEASE FOR THE OFFICE BUILDING, WHICH WOULD ONLY FURTHER ENHANCE THE CURRENT INCOME AT THE PROPERTY. WITH THE REZONING ALREADY COMPLETED, A BUYER CAN COME IN AND CASH FLOW, THE OFFICE BUILDING, AND THE MULTIFAMILY UNITS, UNTIL THEY ARE READY TO REDEVELOP THE SITE. THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF 7%, AND WITH A MASSIVE GAP IN THE CURRENT RENTAL RATES COMPARED TO THE MARKET RATES, A BUYER CAN EASILY INCREASE THIS TO ALMOST AN 8% CAP RATE BY 2025. THIS UNIQUE OPPORTUNITY TO PURCHASE AN ENTIRE BLOCK IN DOWNTOWN ST. PETE FOR A FUTURE DEVELOPMENT, WHILE STILL MAKING 7%+ RETURN IN THE SHORT TERM IS IMPOSSIBLE TO FIND ANYWHERE ELSE. SELLER FINANCING APPROXIMATE TERMS: DOWN PAYMENT: $4,300,000! FIXED INTEREST RATE: 5% INTEREST-ONLY PAYMENTS OR AN AMORTIZATION OF 30-YEARS BALLOON LENGTH: 3-5 - YEARS MONTHLY DEBT SERVICE: $8,333 DEVELOPMENT INFORMATION IN 2024 THE CURRENT SITE WAS RE-ZONED TO ALLOW FOR AT LEAST 54 AND POTENTIALLY AS MANY AS 106 NEW MULTIFAMILY UNITS TO BE BUILT ON THIS ENTIRE BLOCK IN DOWNTOWN ST. PETERSBURG. IF A BUYER WOULD PREFER TO KEEP THE OFFICE BUILDING AND ITS MONTHLY INCOME IN PLACE, THEY COULD POTENTIALLY BUILD 20+ UNITS WHERE THE CURRENT MULTIFAMILY UNITS ARE LOCATED. THE OWNERS ARE CURRENTLY WORKING WITH AN ENGINEERING COMPANY TO PUT A PLAN TOGETHER FOR AN EXPANSION FROM 54 UNITS TO 106 UNITS. WITH THIS AMAZING LOCATION AND THE DEMAND IN THE AREA, IT IS CLEAR THIS IS AN AMAZING DEVELOPMENT OPPORTUNITY. THE FACT THAT A BUYER WOULD BE PURCHASING THE PROPERTY WITH RENTAL INCOME IN PLACE, (7% CAP RATE), WOULD ALLOW THEM TO POSITIVELY CASH FLOW THE ASSET WHILE THEY DETERMINED THE BEST PLAN MOVING FORWARD. WITH ALL TENANTS ON MONTH-TO-MONTH LEASES, A BUYER CAN EASILY VACATE THE UNITS QUICKLY WHENEVER THEY ARE READY TO TAKE THE NEXT STEPS TOWARDS DEVELOPING THE PROPERTY. IF THE BUYER DECIDED NOT TO DEVELOP THE SITE THEY COULD MAKE IMPROVEMENTS TO THE EXISTING STRUCTURES AND RAISE THE RENTS TO THE MARKET RENTAL RATES, OBTAINING A CAP RATE OF OVER 10%. THE MANY OPTIONS THIS PROPERTY PRESENTS MAKE IT EVEN MORE VALUABLE AS A BUYER CAN FIGURE OUT WHICH WAY IS BEST FOR THEM WHILE COLLECTING AT A MINIMUM OVER $535,000 OF GROSS INCOME A YEAR!