819 6Th StSt. Petersburg, FL 33701

Property Details for 819 6Th St

Year built

1925

Property size (Sq ft)

4,800 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

St. Petersburg

County

Pinellas

State

Florida

Latitude

27.7808

Longitude

-82.6416

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