425 2Nd StSt. Petersburg, FL 33701

Property Details for 425 2Nd St

Year built

1956

Construction

CONCRETE BLOCKS

Lot size

0.22 AC

Property size (Sq ft)

7,440 SF

Property type

Apartment buildings

APN

19-31-17-74466-003-0090

APU

193117744660030090

Description

This exceptional 22-unit apartment building, constructed in 1957, presents a compelling investment opportunity in the heart of St. Petersburg, Florida. Situated on a 0.22-acre lot zoned DC-2, the property boasts a highly stable tenant base with only 3 of the 22 leases expiring in 2024 and 9 extending through 2026, ensuring consistent occupancy and predictable cash flow. Recent renovations minimize future capital expenditures. The property generates attractive supplemental income streams from off-street parking, laundry facilities, storage units, electric vehicle charging stations, and utility/internet reimbursements. Its prime location is within one mile of the transformative $6.5 billion Tropicana Field redevelopment project, promising significant future growth and increased demand. Enjoy the benefits of a spacious courtyard with garden, grill stations, and the property's proximity to popular attractions like The Pier and St. Pete Beach, recently voted the #1 beach in the U.S. This asset is located in Pinellas County's fastest-growing submarket, adjacent to the Sundial redevelopment and a burgeoning corporate relocation hub, further enhanced by Footlocker's recent headquarters move. St. Petersburg's impressive 15% job growth over the past five years underscores its thriving business and leisure environment. This is a rare chance to acquire a stabilized property in a high-growth area with significant upside potential. The address is 425 2nd St N, St. Petersburg, FL 33701.

• CAP approach

  CAP return

  Valuation

  6%

  $3,238,357

  6.5%

  $2,989,252

  7%

  $2,775,734

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,945,827

  Geo Method

  $1,945,827

• Alternative Use

  Use

  Valuation

  Residential

  $2,989,252

  Hospitality

  $2,738,139

  Educational

  $2,278,100

  Medical

  $2,356,447

  Retail

  $3,543,710

Location Insight

City

Saint Petersburg

County

Pinellas

State

Florida

Latitude

27.7769

Longitude

-82.6353

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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