4420 37Th St St. Petersburg, FL 33711

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.