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
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For Sale
$1,100,000
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Contacts
David Rosenthal
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115 112Th Ave, St. Petersburg, Florida, 33716
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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115 112Th Ave
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