Historical Multifamily Sale Listing - Clay House on the Bay

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Clay House on the Bay

7305 Bay Street, St. Pete Beach, FL 33706

N/A

16 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
16
Building Size:
10,700 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
No. Stories:
2
Year Built:
1963
Listing ID
14013684
Last Updated
over 1 year ago

Highlights

  • Last condo conversion opportunity on St. Pete Beach
  • Waterfront & Water influence
  • Irreplaceable location
  • Surrounded by new $700K+ condos
  • Appreciation of up to 10% per month
  • Surrounded by Gulf of Mexico and on Boca Ciega Bay

Description

Priced at $179 per sq. ft. for a combination of block-constructed, waterfront & water-influence units, this portfolio of 16 units represents an outstanding opportunity to pick up a sizeable portion of the few apartment properties left in the area that have not already been converted into condos.

Older water-influence condos in the area are selling for $230 per. sq. ft and up, and older bay front condos in the area are selling for $300 per. sq. ft. and up, and older Gulf-front condos in the area are selling for $450 per sq. ft. and up, an investor should be able to realize substantial margins after converting the units and selling them off individually as condos.

With it being virtually impossible to find a condo unit in the St. Pete Beach area priced below $225k, a converter should be able to sell off these units quickly from $200k per unit.

Examples:
-In March 2004, an older 19-unit apartment property, non-waterfront,
sold for $81,631 per unit, then re-sold 4 months later for $115,474
per unit, and was immediately converted into condos that were sold
off for $170,000 each, on average (see ?sales comps?)
-A nearby six-unit property on 73rd Ave. that sold for $66,650 per unit
in March 2003 was re-listed a year later for $125,000 per unit and
went immediately to contract (see ?sales comps?).
-A small, early ?70s built condo unit sold for $84,900 in July 2004 and
was re-listed just days later for $129,000, and immediately went to
contract (see ?sales comps?).
-Part of the subject property faces Kipps Colony waterfront condos on
the opposite side of Boca Ciega Bay which are selling for $300 per
sq. ft. compared to the list price of $179 per sq. ft.

Map of 7305 Bay Street, St. Pete Beach, FL 33706 (Pinellas County)

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Created 9/17/2004