For Sale
$2,000,000

4420 37Th StSt. Petersburg, FL 33711

10-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 10-unit apartment building presents a compelling value-add investment opportunity in St. Petersburg, Florida's thriving Skyway Marina District. Boasting 7,840 square feet across a 18,134 square foot lot, this two-story, concrete block structure was built in 1969 and underwent renovations between 2006 and 2010, including a new roof. The property features a mix of eight one-bedroom/one-bathroom and two two-bedroom/two-bathroom units, each with a private covered patio. Six units are currently on month-to-month leases, offering immediate potential for rent increases. The property benefits from individually metered electricity, with the owner currently covering water, sewer, and garbage—an expense easily passed on to tenants. A renovated detached laundry facility provides an additional income stream. Ten tandem parking spaces are available for tenants, plus additional guest parking. The building enjoys a prime location, with easy access to I-275, US19, Eckerd College, downtown St. Petersburg, and area beaches. Nearby amenities include Starbucks, Tiki Docks, Maximo Marina, and Publix, with a new Sprouts Farmers Market under development. The property is uniquely subdivided, allowing for potential condo conversion. The asking price is $2,000,000, representing a pro-forma cap rate of 7.23% and a pro-forma NOI of $144,510 based on an 80% occupancy rate. The property has not experienced any storm damage from recent hurricanes. This is a rare opportunity to acquire a well-maintained multifamily property with significant upside potential in a rapidly developing area. The Pinellas Trail runs directly in front of the building, offering excellent walkability.

Highlights

  • Flexible month-to-month leases offer immediate value-add potential through rent stabilization or individual unit sales.
  • Freshly painted exterior.
  • Renovated detached laundry building generates supplemental income.
  • Ten tandem parking spaces for tenants plus three guest spaces.
  • Individually metered electricity; tenants pay their own utilities.
  • Water, sewer, and garbage currently paid by owner, but lease allows pass-through to tenants.

Property Details for 4420 37Th St

Property type
Residential income homes, Dormitories
Square Feet
7,840 SF
Class
B
Year Built/Renovated
1969/2006
Buildings
1
Stories
2
Units
10

Location Insight

City
St. Petersburg
County
Pinellas
State
Florida
Latitude
27.72802690698
Longitude
-82.6817145092
4420 37Th St, St. Petersburg, Florida

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4420 37Th St
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