This property is Off-Market

1824 Shore Drive South
Saint Petersburg, FL 33707 ·

50 Units · Multifamily For Sale

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Shore Drive

Price N/A Cap Rate 5.11%
No. Units 50 Gross Rent Multiplier 7.79
Building Size 46,000 SF No. Stories 2
Property Type Multifamily Year Built 1972
Property Sub-type Garden/Low-Rise Lot Size 1.64 AC
Property Use Type Investment
Listing ID: 17983643 Date Created: 01/16/2013 Last Updated: 07/19/2014

Description

Shore Drive Apartments is a Class B, value-add offering consisting of 50 units on beautiful Boca Ciega Bay in South Pasadena (St. Petersburg), FL. The property has been owned and operated by the same family since it was built in 1972. Units are a mix of 1/1, 2/1 and 3/2 homes of which 12 have panoramic water views of Boca Ciega Bay and the remainder overlooking a lushly landscaped interior courtyard and pool area. Built with 2 and 3 story concrete block construction, the community features an observation dock with the potential to add a 12 slip marina, on-site laundry facilities and a swimming pool.

South Pasadena is a small bedroom community located just 7 miles west of downtown St. Petersburg and 1 mile from the beautiful Gulf Beaches. The property is located along Shore Drive within a neighborhood of garden and mid rise apartment and condominium properties. Pasadena Avenue is the nearby commercial corridor which connects Central Avenue to Gulf Blvd. and is populated with numerous restaurants, offices, hotels, shopping centers and residential buildings. The Palms of Pasadena Hospital is less than 1/4 from the subject property and Stetson Law School only 3 miles northeast in nearby Gulfport.

Highlights

  • Less than one mile from Shore Drive is the Palms of Pasadena Hospital, one of the area' s major employers.
  • Prime waterfront location in close proximity to major area beaches
  • Includes submerged land rights for construction of a 12-slip marina
  • Comparable apartment properties which have been rehabbed are commanding between $300 - 500/month higher rents than the subject

Research

1824 Shore Drive South, Saint Petersburg, FL 33707 (Pinellas County)

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