For Sale
$3,275,000

5900 22Nd AveSt. Petersburg, FL 33710

16-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional Class A, 16-unit apartment building presents a compelling investment opportunity in St. Petersburg, Florida. Boasting 16,240 square feet on a 22,598 square foot lot, the property features a mix of unit sizes: six three-bedroom, nine two-bedroom, and one one-bedroom apartment. Built in 1969 and extensively renovated in 2022, this two-story building offers modern amenities and ample living space within each unit, contributing to high tenant satisfaction and retention. The property's strong financial performance is reflected in its current NOI of $214,411 and a pro-forma NOI of $264,411, translating to a 6.55% cap rate and a pro-forma cap rate of 8.07%. The asking price is $3,275,000, representing a price per square foot of $201.66 and a price per unit of $204,687.50. Conveniently located in a desirable neighborhood near shopping, dining, and schools, this stabilized investment property offers a blend of immediate income and significant future growth potential. The property includes convenient parking for residents and guests. This is an ideal acquisition for investors seeking a stable, high-return investment in a thriving Florida market.

Highlights

  • Class A, 16-unit apartment building in St. Petersburg, FL.
  • 16,240 square feet on a 22,598 square foot lot; unit mix: six 3-bedroom, nine 2-bedroom, and one 1-bedroom.
  • Extensive renovations completed in 2022.
  • Current NOI: $214,411; Pro-forma NOI: $264,411; Cap rate: 6.55%; Pro-forma cap rate: 8.07%.
  • Asking price: $3,275,000 ($201.66/SF, $204,687.50/unit).
  • Desirable location near shopping, dining, and schools; ample resident and guest parking.

Property Details for 5900 22Nd Ave

Property type
Apartment buildings
Square Feet
16,240 SF
Class
A
Year Built/Renovated
1969/2022
Buildings
1
Stories
2
Units
16

Location Insight

City
St. Petersburg
County
Pinellas
State
Florida
Latitude
27.7913558
Longitude
-82.7133428
5900 22Nd Ave, St. Petersburg, Florida

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5900 22Nd Ave
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