838 North Apartments 838 6th St N 5 Unit Apartment Building $1,195,000 ($239,000/Unit) 6.31% Cap Rate Saint Petersburg, FL 33701

*View Offering Memorandum for Financial Details at MultifamilyFirm.com
The Multifamily Firm is pleased to present the 838 North Apartments, a vintage 5-unit apartment building featuring a detached four-car garage and carport, ideally positioned in one of S. Petersburg’s most desirable residential corridors. The property offers a highly attractive unit mix consisting of Two 2-bedroom / 2-bath units, Two 2-bedroom / 1.5-bath units, and One 1-bedroom / 1-bath unit, with spacious floor plans and in-unit washer/dryers that support strong tenant demand and long-term retention. A tenant-paid utility structure with monthly reimbursements and electric paid directly to the utility provider helps minimize operating expenses, while the opportunity to implement modern interior upgrades presents meaningful rental upside. The building includes a large walkable attic area suitable for conversion to dedicated tenant storage, creating an additional income stream.
Located just minutes from Downtown St Petersburg and the waterfront bayfront, the asset benefits from a prime urban setting between the Old Northeast and Historic Uptown neighborhoods, two of the city’s most established and sought-after districts. Positioned in a non-flood zone, the property offers reduced insurance exposure and enhanced long-term ownership stability, making it a compelling opportunity for investors seeking durable cash flow in a high-demand Florida market.
View the property “Offering Memorandum” document for financial details!