.37 ac Infill Site for 30 Units Multifamily S

Vacant Land for Sale
Catylist Listing ID: 30723119
Property Subtypes: Multi-Family
Gross Land Area: 0.37 Acres
Sale Price: $275,000
Unit Price: $743,243 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/16/2021

Overview / Comments

PROPERTY DESCRIPTION - 0.37 acre infill site located in the heart of South St. Petersburg. Townhomes, market rate apartments, or affordable/workforce housing would be ideal for this site. Bus stop located directly in front of the property with close proximity to medical facilities. Nearby amenities include Del Holmes Park, Boyd Hill Nature Preserve, Lake Maggiore Park, and St. Petersburg Tennis Center. Please see below for possible incentives provided by the City of St. Petersburg.

LOCATION DESCRIPTION - Located on the south side of 18th Avenue South in St. Petersburg, Florida. The property is in close proximity to Downtown St. Petersburg, Tropicana Field, and has easy access to the I-175/I-275 interstate system. Johns Hopkins All Children's Hospital, Bayfront Health Hospital, and University of South Florida - St. Petersburg are all within two miles.

CURRENT ZONING - Corridor Residential Traditional (CRT-1) - Allows for up to 30 multifamily units per acre with a maximum building height of 36 feet.

COMMUNITY REDEVELOPMENT AREA - The property falls within the South St. Petersburg Community Redevelopment Area (CRA). The CRA was established to promote reinvestment in housing and neighborhoods, commercial corridors, business development, education and workforce development, and non-profit capacity building within the boundaries of the CRA. Through the CRA's Affordable Multifamily Housing Development Program, developers of affordable housing may qualify for an annual incentive up to $1,000 per unit per year for up to fifteen years.

- For more information on the South St. Petersburg CRA, please visit: http://www.stpete.org/city_departments/southside_cra.php

- For more information on the South St. Petersburg CRA's Affordable Multifamily Housing Development Program, please visit: http://www.stpete.org/city_departments/housing-based_opportunities.php

OPORTUNITY ZONE - The property also falls within a designated Opportunity Zone. An Opportunity Zone is a census tract that has been designated as eligible to receive private investment through Opportunity Funds. An Opportunity Fund is a private investment vehicle, certified by the Treasury, to aggregate and deploy capital in Opportunity zones.

- For more information on Opportunity Zones, please visit: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Tax ID/APN: 16 31 25 29664 005 0100

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,521 112,748 232,985
Median Age: 34.61 40.3 42.86
Households: 6,387 48,784 102,829

Contact

Photograph of Listing Agent

William A. Eshenbaugh

Eshenbaugh Land Company CE-FL Member
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