For Sale
$1,550,000

819 6Th StSt. Petersburg, FL 33701

Historic Uptown, renovated, high NOI

Overview

Added:
Dec 11, 2024
Days on market:
113
This 8-unit apartment building, located in St. Petersburg's Historic Uptown neighborhood, presents a compelling investment opportunity. The property boasts 4,800 square feet of net rentable space, spread across two, two-story buildings, and features eight units: three 2-bedroom/1-bathroom apartments (approx. 700 sq ft each), two 2-bedroom/1-bathroom apartments (approx. 600 sq ft each), two 1-bedroom/1-bathroom apartments, and one studio apartment. A recent 2021 renovation included updated kitchens and bathrooms, refinished hardwood floors, and the installation of tankless water heaters. The property benefits from a 100% occupancy rate, generating a current NOI of $95,928 and a pro-forma NOI of $116,859, representing a 6.19% cap rate and a pro-forma cap rate of 7.54%, respectively. Additional income is generated from an on-site coin-operated laundry facility. The property includes off-street parking and three garages, offering potential for increased revenue. Situated within walking distance of downtown St. Petersburg, the property enjoys proximity to numerous restaurants, bars, museums, and entertainment venues, including Tropicana Field, the Salvador Dali Museum, and Central Avenue. The property's location in a rapidly growing city, coupled with its strong financial performance and recent renovations, makes it an attractive investment. The asking price is $1,550,000, or $193,750 per unit. Built in 1925, the property features a pitched shingle roof estimated to be approximately 10 years old. Landlord pays for gas for tankless water heaters (approx. $100/month), water, sewer, and trash (approx. $500/month), and electricity for two smaller units (approx. $110/month). The property is offered fee simple. The property's address is 819 6th St N, St. Petersburg, FL 33701, APN 18-31-17-77814-003-0080.

Highlights

  • $1,550,000 asking price for an 8-unit apartment building in St. Petersburg, FL.
  • Newly renovated kitchens and bathrooms.
  • Minimal capital expenditures needed.
  • On-site coin-operated laundry generates supplemental income.
  • Tankless water heaters installed in all units.
  • Courtyard and off-street parking.

Property Details for 819 6Th St

Property type
Apartment buildings
Square Feet
4,800 SF
Class
A
Year Built/Renovated
1925/2021
Buildings
2
Stories
2
Units
8

Location Insight

City
St. Petersburg
County
Pinellas
State
Florida
Latitude
27.780786230374
Longitude
-82.641605393957
819 6Th St, St. Petersburg, Florida

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819 6Th St
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