309 7th St S
Saint Petersburg, FL 33701
Downtown St Pete FL Apts Redevelopment Site · Multifamily Property For Sale · 8 Units

Ideally located in the heart of St Petersburg, Florida, the 100% Occupancy 309 7th Street South Apartments, situated on a 7,000 square feet parcel, is located strategically in the direct converging transformational paths of revitalization occurring within and between St. Petersburg’s vibrant Downtown, Central Avenue Grand and Edge Districts, and the expansive 333-acre Tropicana Field Opportunity Zone. Current rents for the eight units (four one-bedroom, and four studio) average $500. Estimated pro-forma rents are $775 for studios, and $1,050 for one-bedrooms. The projected expense-to-income ratio is roughly 40%. Tenants pay electric, landlord pays water/sewer. Three studios have been upgraded with tile, and granite counter tops. Roofs were replaced in 2007, and 2016. Each apartment is equipped with a through-wall HVAC unit. As Tropicana’s campus, considered “86 acres of urban gold with boundless potential”, redevelopment plans take shape, the exciting revitalization of Downtown and Central Avenue are a present-day reality with 7th Street and 3rd Avenue providing tenants’ direct convenient access to the City’s most popular venues. This Offering represents a Prime Development Opportunity with Long-term value appreciation prospects complimented with pre-development “Land Bank Current Income”, which has near-term enhancement potential by virtue of increasing rents to market, and tapping unused capacity to produce other income. Seller Financing may be considered. Separately, but NOT associated with this Offering, the adjacent 7,000 Sqft Vacant Lot on the SW corner of 3rd Ave S. & 7th St. S., may also be available for purchase from an unrelated owner.