$999,000

809 10th Avenue N

ST PETERSBURG FL, 33701

Description

Rare opportunity to own this stable 8-unit multifamily property with over a half-acre of land in desirable Historic Uptown, ideally situated close to downtown St Pete and only 1/4 mile from beautiful Crescent Lake park! The property consists of three buildings on one parcel (lot 12), as well as three additional parcels: Lot 10 is a 4000 sq ft MOL paved parking lot with 8 standard lined parking spaces and one large ADA accessible space. Lots 9 and 12 are currently vacant land, and may present a significant redevelopment opportunity in the future. The existing 8 residential apartment units (with a current rent roll of $7300/mo, and proforma rent roll of $8k/mo) are configured as follows: The yellow two-story building in front (809 10th Ave N) consists of 4 identical 442 sq ft 1/1 units with estimated market rent of $950/mo each. These units all feature mini-split HVAC systems. The middle two-story building (811 10th St N) consists of a large 684 sq ft 1/1 unit downstairs with estimated market rent of $1000/mo and and a recently renovated 2/1 unit upstairs currently rented for $1195. These units have central HVAC (Unit 6 HVAC is brand new 2020). Finally, the one-story rear building consists of two 1/1 units of approximately 450 sq ft each and estimated market rent of $1000 per unit. These units also have central HVAC (Unit 8 HVAC is also brand new 2020). Copper wiring with breaker panels, no roof leaks (latest roof permit appears to be 2012), per clean 4-point inspection from Jan 2019. No flood insurance required. Current and proforma rent rolls, operating statement, and video tours are included in MLS attachments or available from listing broker upon request. Zoning is NT-2, so development opportunities would be subject to the City's zoning and density requirements, but they aren't making any more land in Historic Uptown! Zoning/density does not appear to allow for development of additional dwelling units on vacant lots as-is, so any redevelopment may have to factor in demolition of existing structures and a new site plan after honoring existing leases. Alternatively, income producing garage, storage units, or laundry facility might be permitted. Buyer must verify zoning and density requirements or any proposed development with City of St Petersburg; Seller makes no claims or guaranties regarding redevelopment potential.

Details

MLS#U8095709
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1920
Days On Site90

Features

SQ Feet3,949
Property ViewCity, Garden
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Area Information
StateFL
CountyPinellas
CityST PETERSBURG
Zip Code33701
Area33701 - St Pete
Listing VS Median (in 33701)
Price:
$999,000
low | high
Med:
$532,000
96.746746746747% of Average
SqFt:
3,949
low | high
Med:
1,791
100% of Average
$ / SqFt:
$253
low | high
Med:
$314
26.007017265739% of Average
On Site:
90
low | high
Med:
118.5
75.949367088608% of Average
Nearby Listings (Within 1/2 mile)
Price: $0 - $0
SqFt: 2,500 - 4,500
Nearby Listings Property ImageNearby Listings Details
700 7TH AVENUE N Property Photo - ST PETERSBURG, FL real estate listing
$0
700 7th Avenue N
St Petersburg, FL 33701
Listing Updated: November 23, 2020 2:59:19 AM PST
Jeff Copeland LogoMLS Number: U8095709
Listing Provided By:
Jeff Copeland  of  COPELAND MORGAN LLC

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