4420 37th St S - Apartments FOR SALE


Saint Petersburg, FL 33711
$2,000,000 USD
727-239-5521
4420 37th St S, Saint Petersburg, FL for Sale
$2,000,000 USD
Apartments - FOR SALE
1/19
null | 7.23% Cap Rate

4420 37th St S
Saint Petersburg, FL 33711


HIGHLIGHTS

  • NO FLOODING OR DAMAGE FROM HELENE OR MILTON
  • NEW ROOF
  • Individually Parceled for Easy Condo Conversion
  • Ample Tenant Parking - 10 Tandem, 3 Guests
  • Prime Location in St Pete's Skyway Marina District
  • Renovated Detached Laundry

OVERVIEW

**NO FLOODING OR DAMAGE FROM HELENE OR MILTON** **NEW ROOF** 10-unit income-producing property located in the heart of the newly invigorated Skyway Marina District. Uniquely subdivided with individually parceled units for easy CONDO CONVERSION, simply update the Condo Docs. This well-maintained concrete block multifamily has huge upside potential with current rents below market. Comprised of (8)1 bedroom/1 bath and (2) 2 bedroom/2 bath units nicely appointed and well maintained. 6 of the 10 units updated within the past 2 years. Each unit has a private covered patio space facing westward, perfect for taking in the coastal breeze while watching the sunset over the Pinellas Trail. Month-to-month leases allow the buyer to add value by stabilizing rents or selling individually. Freshly painted exterior. The newly RENOVATED detached laundry provides an opportunity for an additional income stream. 10 tandem off-street parking spots for tenants and additional spaces for guests. Units are individually metered with each tenant paying for their electricity. Owner currently pays water/sewer/garbage, but verbiage in the lease allows this expense to be passed through to tenants in the future. First-class walkability. The Pinellas Trail runs directly in front of the building. Within blocks of area favorites: Starbucks, Tiki Docks, Maximo Marina, and Publix. The Skyway Marina District has been experiencing rapid expansion and change with more development on the way, including a new Sprouts Farmers Market. Easy access to I-275, US19, Eckerd College, DT St Pete, and area beaches. *OFFERING MEMORANDUM AND FINANCIALS AVAILABLE BY REQUEST*

FOR SALE DETAILS

PRICE

$2,000,000 USD

PRICE/SF

$255 USD /SF

# OF UNITS

10

PRICE/UNIT

$200,000

CAP RATE

7.23%

% LEASED

80%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Caribbean Apartments Condo

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1969

PARKING SPACES

13

LAND DETAILS

LAND ACRES

0.42 AC

LAND SF

18,121 SF

ZONING

NSM-1 or NTM-1

APN/PARCEL ID

03-32-16-13459-000-0020

ASK ABOUT THIS PROPERTY

Ashley FrazierDalton WadeMore Info
727-239-5521

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Ashley FrazierDalton WadeMore Info
727-239-5521

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