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Crescent Lake Apartments 945 Crescent Lake Dr N 6 Unit Apartment Building $1,250,000 ($208,333/Unit) 6.10% Cap Rate Saint Petersburg, FL 33701
Investment Highlights
- Direct Access To Tampa, Clearwater, and The Gulf Beaches
- Two clearly identified upside levers — activation of vacant on-site storage units ($12,000 of annual income) and mark-to-market on the month-to-month
- Crescent Lake Apartments sit directly across from Crescent Lake Park, a 56-acre lake and public park
- 100% Occupied
- Year 3 stabilized NOI of $83,472, a 6.68% cap rate at the list price
- Downtown Saint Petersburg and the Central Avenue corridor are approximately 1 mile south
Executive Summary
Broker of Record
Kyle Matthews
License # BK3554632, CQ1066435 (FL)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Kyle Matthews
License # BK3554632, CQ1066435 (FL)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $1,250,000 | Building Class | C |
| Price Per Unit | $208,333 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 3,327 SF |
| Cap Rate | 6.10% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Parking Ratio | 1.5/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | NT-2 - NEIGHBORHOOD TRADITIONAL SINGLE-FAMILY | ||
| Price | $1,250,000 |
| Price Per Unit | $208,333 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 3,327 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1920 |
| Parking Ratio | 1.5/1,000 SF |
| Zoning | NT-2 - NEIGHBORHOOD TRADITIONAL SINGLE-FAMILY |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Granite Countertops
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 650 |
| 2+1 | 1 | - | 1,100 - 1,200 |
| Studios | 1 | - | 500 |
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Very walkable
80/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 18-31-17-73440-000-0140 | Improvements Assessment | $341,594 |
| Land Assessment | $358,406 | Total Assessment | $700,000 |
Property Taxes
Parcel Number
18-31-17-73440-000-0140
Land Assessment
$358,406
Improvements Assessment
$341,594
Total Assessment
$700,000
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Crescent Lake Apartments | 945 Crescent Lake Dr N