Stabilized Renovated SFR Package St Pete 1 Multifamily Properties Offered at $690,000 in Saint Petersburg, FL

This offering presents a rare opportunity to acquire a fully renovated, 100% turnkey 2-property Single-Family Rental (SFR) portfolio in St. Petersburg, Florida. Positioned in highly desirable submarkets near downtown, both properties are fully occupied with SPHA (Section 8) tenants on recently renewed leases where 100% of the rent and utilities are guaranteed by the housing authority. With a blended Cap Rate of 6.08% and a combined NOI of $41,930, this portfolio offers immediate, risk-mitigated cash flow on day one.
Both assets have undergone extensive, high-end renovations and capital improvements. Upgrades include brand new HVAC systems, roof repairs, custom framing, new concrete driveway, new patio with pavers, and premium cosmetic finishes including Quartz/Calacatta granite countertops, custom cabinetry, stainless steel appliances with dishwashers and in-unit washer dryers, premium tile and luxury vinyl plank flooring, and custom tiled bathrooms with frameless glass shower doors.
Property 1: 1121 10th Ave S, St Petersburg FL 33705
Asking Price: $315,000
Cap Rate / NOI: 6.28% / $19,787
Specs: 3 Bed / 1.5 Bath | 1,020 Sq Ft | Zone X (No flood insurance typically required)
Lease Details: $2,715/month. Leased through 3/31/2027.
Renovation Highlights: Comprehensive interior/exterior paint, full kitchen buildout with custom cabinetry and Quartz counters, chandelier, new stainless steel appliances, premium fans with remote control and recessed LED lighting throughout, new 2.5-ton HVAC, whole-house fumigation, roof repair, new concrete driveway/patio, and updated landscaping.
Property 2: 2525 37th St S, St Petersburg FL 33711
Asking Price: $375,000
Cap Rate / NOI: 5.90% / $22,143
Specs: 4 Bed / 1 Bath | 1,345 Sq Ft (additional square footage from the luxury attic conversion)
Lease Details: $3,150/month. Leased through 2/28/2027.
Renovation Highlights:
Extensive luxury renovation including attic conversion creating a large 4th bedroom. New marble-look tile flooring throughout, premium fans with remote control and recessed LED lighting, new 3-ton HVAC, Calacatta granite countertops with waterfall edge and breakfast bar with decorative LED pendant lights, stainless appliances with in unit washer dryer, roof repair, new paver patio. Unsafe garage structure demoed and removed.
DO NOT DISTURB TENANTS: Properties are occupied with active tenants. All viewings and inspections require an appointment scheduled through the listing agent. Do not visit the properties without prior authorization.
Disclosure: Listing agent is a partial owner of the selling entities. Full underwriting package including detailed renovation scope, rent rolls, and recent market comps, is available for Due Diligence. Interior photographs were taken before tenant occupancy.