3540 1St AveSt. Petersburg, FL 33711

This exceptional investment opportunity presents a shovel-ready, six-unit multifamily development in St. Petersburg, Florida's thriving Grand Central District. The property, comprised of two, two-story buildings totaling 6,000 square feet on an 8,800 square foot lot, is zoned NTM1 and offers a projected NOI of $169,000 and a pro-forma cap rate of 26%. Currently priced at $650,000 ($108,333 per unit and $108.33 per square foot), this Class A property boasts brand new construction (2024), minimizing initial capital expenditures and insurance costs. The seller offers the unique option of purchasing the property as two separate triplexes. Each of the six units features a thoughtfully designed 3-bedroom, 2-bathroom floor plan, a rare offering in the current market. This development presents a compelling opportunity for investors seeking high returns in a rapidly appreciating market. The property is permitted and approved, allowing for immediate construction commencement. Pre-construction financing is available. This is a 1031 exchange opportunity. The property's address is 3540 1st Ave S, St. Petersburg, FL 33711.