This exceptional multifamily property, known as Olive House, presents a compelling investment opportunity in St. Petersburg's coveted Old Northeast neighborhood. The property comprises two buildings on a 0.17-acre lot, featuring a charming 3-bedroom, 2-bathroom single-family home (approximately 1,800 sq ft) and a fourplex apartment building. The fourplex includes two studio units, one 1-bedroom/1-bathroom unit, and one 2-bedroom/2-bathroom unit. In total, the property offers five rental units, boasting a 100% occupancy rate and a substantial pro-forma NOI of $78,684, resulting in a 7.19% pro-forma cap rate. Built in 1915 and renovated in 2015, the property features a total of 2,938 square feet of net rentable space, priced at $372.70 per square foot and $219,000 per unit for a total asking price of $1,095,000. The property's Class A designation reflects its prime location, just steps from the bay waterfront, parks, restaurants, and the vibrant downtown St. Petersburg scene. This fee-simple ownership offers a blend of classic charm and modern amenities, making it an ideal investment for those seeking strong returns in a highly desirable area. The property's address is 121 & 123 7th Ave N, St. Petersburg, FL 33701, Pinellas County, APN 18-31-17-23850-001 -0100.
Highlights
Class A office space in the desirable Old Northeast neighborhood.
Main house features three bedrooms and two bathrooms.
Preserves classic 1920s architectural details.
Walkable to downtown St. Petersburg and its amenities.
Property Details
for 121 7Th Ave
Property type
Apartment buildings
Square Feet
2,938 SF
Class
A
Year Built/Renovated
1915/2015
Buildings
2
Stories
2
Lot Size (sq. ft)
7,405 SF
Units
5
Location Insight
City
St. Petersburg
County
Pinellas
State
Florida
Latitude
27.779433493487
Longitude
-82.634935623693
121 7Th Ave, St. Petersburg, Florida
Nearby Similar for Sale
For Sale
$1,100,000
Uptown St. Petersburg 5-Plex
Historic 5-unit apartment building, great potential.
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Contacts
Dustin West
James Vestal
Visit Broker Website
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121 7Th Ave, St. Petersburg, Florida, 33701
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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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121 7Th Ave
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