The Babb Group of Marcus and Millichap is pleased to present Sunrise Apartments; a 44-unit garden style community located in the heart of Saint Petersburg, FL. The offering allows an investor the rare opportunity to acquire a stabilized, value-add concrete block constructed apartment community in densely populated Pinellas County with significant upside.
Sunrise Apartments consists of seven concrete block constructed buildings built in 1968 situated on 1.27 acres of land with direct frontage on busy 66th Street North (39,000 vehicles daily). The property contains a desirable unit mix of 20 one-bedroom/one-bathroom units each 600 square feet and 24 two-bedroom/one-bathroom units each comprised of 800 square feet. The property features ample off-street parking, washer/dryer hook ups in all units, enclosed patios in select units and multiple courtyard grilling areas. Residents enjoy the easy access to downtown St. Petersburg and the Pinellas County beaches; both are less than a 15-minute drive via US 19 or 38th Avenue North and supply an abundance of demand drivers including jobs, shopping, entertainment options, and other points of interest.
Sunrise Apartments has had the same owner operator for 17 years, a testament to the property’s ability to perform in any economic climate and the superb location. A new owner will have the ability to update the property by renovating interiors, enhancing the curb appeal and amenities allowing to increase rents to market, enabling them to capture the upside which is currently north of $285 per unit per month.
