THE DOWNTOWN POINTE APARTMENTS ARE A 20- UNIT CONCRETE BLOCK APARTMENT COMPLEX LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG. THE BUILDING HAS BEEN RECENTLY RENOVATED AND ALL THE UNITS ARE IN FANTASTIC SHAPE. THE BUILDING IS LOCATED IN, DOWNTOWN ST. PETERSBURG, ONE OF THE HOTTEST RENTAL MARKETS AROUND AND THE DEMAND FOR QUALITY APARTMENTS HAS NEVER BEEN HIGHER. THE PROPERTY CONSISTS OF (20) ONE-BEDROOM/ONE BATHROOM UNITS THAT ARE CURRENTLY 100% OCCUPIED! THE PROPERTY CONSISTS OF BOTH SHORT-TERM AND LONG-TERM TENANTS WITH EXTREMELY LOW RENTS CREATING TREMENDOUS UPSIDE FOR AN INVESTOR. OVER 60% OF THE CURRENT TENANT ARE ON MONTH-TO-MONTH LEASES, GIVING THE BUYER MAXIMUM FLEXIBILITY IN RAISING THE RENTAL RATES IMMEDIATELY UPON PURCHASING OF THIS ASSET. THE RENTAL RATES IN THIS BUILDING ARE APPROXIMATELY $200 PER UNIT LOWER THAN THE AVERAGE RATE IN DOWNTOWN ST. PETERSBURG. WITH THE EXTREMELY UNDER-MARKET RENTAL RATES AND THE HIGH DEMAND THIS BUILDING WILL STAY RENTED ALL YEAR LONG AT MUCH HIGHER RATES THAN THEY ARE CURRENTLY RENTED FOR. THIS IS A ONE OF A KIND VALUE ADD OPPORTUNITY IN THE HEART OF DOWNTOWN ST. PETERSBURG, DOES NOT COME ALONG VERY OFTEN! IT IS EXTREMELY HARD TO FIND A QUALITY INVESTMENT WITH AS MUCH UPSIDE AS THIS BUILDING HAS IN THE CURRENT MARKET. EVEN BETTER, IS THE FACT THAT THE SELLER IS INTERESTED IN DOING SELLER FINANCING ON THIS PROPERTY. CURRENTLY, THE SELLER IS ASKING FOR THE FOLLOWING TERMS: 25-30% DOWN PAYMENT, 5-10-YEAR BALLOON, 5% INTEREST ONLY PAYMENTS, AMORTIZED OVER 30 YEARS. ITS IMPOSSIBLE TO FIND TERMS THIS GOOD ANYWHERE ELSE. WITH THE ABILITY FOR INTEREST ONLY PAYMENTS THE MONTHLY DEBT SERVICE WILL BE UNDER $7,000 A MONTH. GIVING THE BUYER AN AMAZING CASH ON CASH RETURN OF OVER 10% IMMEDIATELY. WHEN THE RENTAL RATES ARE RAISED TO THE MARKET AVERAGE, THE CASH ON CASH RETURN WILL BE WELL OVER 17%, WHICH IS ALMOST IMPOSSIBLE TO FIND IN THIS MARKET. THE PROPERTY HAS RECENTLY GONE THROUGH LOTS OF RENOVATIONS, AS THE OWNER HAS UPDATED THE FLOORING, KITCHENS, BATHROOMS, PLUMBING, PAINTED THE INTERIOR AND UPDATED A/C SYSTEMS IN ALL UNITS. THE PROPERTY IS A 3 STORY BUILDING WITH A CONCRETE BLOCK STRUCTURE ON ALL 3 FLOORS. SINCE THE BUILDING IS IN FANTASTIC SHAPE THE BUYER WILL HAVE LITTLE TO NO CAPEX UPON TAKING OVER THE PROPERTY AND THE DAY TO DAY MAINTENANCE IS EXTREMELY LOW. THE PROPERTY IS CURRENTLY SELF MANAGED BUT WE HAVE ADDED IN A MANAGEMENT FEE INCASE YOU PREFER TO GO THAT ROUTE. LASTLY, THE OWNER HAS HAD SOME SUCCESS RENTING SOME OF THE UNITS AS AIR BNB RENTALS. THE AIR BNB RENTS ARE EXTREMELY HIGH FOR THIS AREA AND THE LOCATION IS PERFECT FOR THOSE COMING TO WORK IN THE DOWNTOWN AREA OR THOSE JUST ON VACATION! THERE IS OPPORTUNITY FOR AN INVESTOR TO RUN ALL OF SOME OF THESE UNITS AS AIR BNB RENTALS TO INCREASE THE OVERALL RETURN ON THE PROPERTY.

Key Points: SELLER FINANCING AVAILABLE! LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG, FLORIDA 20 UNIT CONCRETE BLOCK APARTMENT BUILDING, RECENTLY RENOVATED AND IN EXCELLENT CONDITION. FANTASTIC MIX OF LONG TERM AND SHORT TERM TENANTS, GIVING THE BUYER THE OPPORTUNITY TO RAISE RENTS IMMEDIATELY AND INCREASE THEIR NOI ON DAY 1. EXTREMELY LOW RENTAL RATES IN PLACE! AIR BNB RENTAL OPPORTUNITY!

Built: 1924

Units: 20

Occupancy: 100%


The Property is For Sale

Asking Price: $2,200,000

Building Size: 12,061 SQ FT

Lot Size: 8276

Cost per Square Foot: $182.41

524 Dr Martin Luther King Jr St S
Saint Petersburg, Florida 33701
United States

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Grimaldi Commercial Realty Corp
David Rosenthal
813.882.0884
david@grimaldicommercialrealty.com

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