For Sale
$4,000,000

115 112Th AveSt. Petersburg, FL 33716

24 Units, High ROI, Seller Financing

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a portfolio of 24 Class A condominium units located in St. Petersburg, Florida. The property boasts a total of 18,850 square feet, with 15,681 square feet of net rentable space, currently achieving 100% occupancy. Built in 1988 and renovated in 2024, the portfolio generates a strong Net Operating Income (NOI) of $303,308, projecting to $326,037. This translates to a current cap rate of 7.58% and a pro-forma cap rate of 8.15%. Each unit is priced at $166,666.67, resulting in an asking price of $4,000,000. The property features twelve individual buildings, all situated within a homeowner's association responsible for exterior maintenance, including roof repairs and insurance, significantly reducing operational expenses for the owner. All units have undergone recent updates, including new flooring, paint, windows, bathrooms, and kitchen appliances. The HVAC systems have also been recently replaced. The current rental rates are below market average, presenting a significant opportunity to increase NOI through rental adjustments. Attractive seller financing is available with a $1,000,000 down payment and interest-only payments for three years, with interest rates of 6%, 7%, and 8% for years one, two, and three respectively. This portfolio offers a compelling value-add opportunity with substantial upside potential for increased cash flow and return on investment. The property is zoned RES (Residential) and is held in fee simple ownership. The portfolio is located at 115 112th Ave NE, St. Petersburg, FL 33716.

Highlights

  • 24-unit Class A condo portfolio in St. Petersburg, FL, totaling 18,850 square feet with 15,681 square feet of net rentable space, currently 100% occupied.
  • Seller financing available: $1,000,000 down payment, interest-only payments for three years (6%, 7%, and 8% interest rates for years one, two, and three respectively).
  • Currently generating a $303,308 NOI, projecting to $326,037; current cap rate of 7.58%, pro-forma cap rate of 8.15%.
  • All 24 units recently renovated with new flooring, paint, windows, bathrooms, and kitchen appliances; HVAC systems replaced. Units priced at $166,667 each, for a total asking price of $4,000,000.
  • Significant upside potential due to below-market rental rates.
  • Twelve individual buildings within a homeowner's association covering exterior maintenance (roof repairs, insurance, etc.), minimizing operational expenses.

Property Details for 115 112Th Ave

Property type
Apartment buildings
Square Feet
18,850 SF
Class
A
Year Built/Renovated
1988/2024
Buildings
12
Units
24

Location Insight

City
St. Petersburg
County
Pinellas
State
Florida
Latitude
27.8747748
Longitude
-82.6322146
115 112Th Ave, St. Petersburg, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
115 112Th Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message