121 7Th AveSt. Petersburg, FL 33701

Property Details for 121 7Th Ave

Year built

1948

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.32 AC

Property size (Sq ft)

2,656 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

19-31-17-93333-000-0030

APU

193117933330000030

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,520,811

  6.5%

  $1,403,825

  7%

  $1,303,552

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,222,364

  Geo Method

  $1,222,364

• Alternative Use

  Use

  Valuation

  Residential

  $1,184,179

  Hospitality

  $1,084,702

  Educational

  $902,459

  Medical

  $933,496

  Retail

  $1,403,825

Location Insight

City

Saint Petersburg

County

Pinellas

State

Florida

Latitude

27.7636

Longitude

-82.6345

CBSA code

45300

CBSA name

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

Property Tax & Assessments

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