4201 49th St N
Saint Petersburg, FL 33709
Armature Square · Multifamily Property For Sale · 90 Units

Marcus & Millichap, acting as exclusive agent, is pleased to present Serenity Creek; a 90-unit, Class B, garden apartment community located in the heart of St. Petersburg (Pinellas County), FL and just 5 miles northeast of downtown.  Built in the 1980’s, Serenity Creek received a major rehab in 2007 and, over the past 18-months, the current ownership has invested another $2 Million into the asset enhancing units, property exteriors and common area amenities.   The property consists of 3.19 acres featuring a mix of mature and new landscaping and resident amenities including a sparkling swimming pool with sundeck, multiple outdoor lounge areas with fire pits and BBQ grilling areas, a central clubhouse, mail kiosk and leasing center and a large on-site laundry center.  Units are a mix of 1/1, 2/1 and 2/2 and are housed in seven 2-story, concrete block buildings with exterior breezeways and pitched shingle roofs.  Roughly 1/3 of the Units (33 of 90) were recently rehabbed to ‘condo’ grade with all new vinyl plank flooring, raised panel interior doors, kitchens, baths and light/fan/window blind fixtures.  Kitchens feature new custom white shaker style cabinets, countertops, appliances, dishwashers and/or in unit clothes washer/dryers and bathrooms feature the same cabinet/countertops and new tile tub surrounds.  Another 54 Units, have been renovated with similar finishes throughout but with older style cabinets.  A light rehab on those units rents will increase and be on par with the condo grade units thereby increasing the annual rent roll by $100,000.