Townhouse -Apartment Investment Opportunity

Multi-Family for Sale
Catylist Listing ID: 30663813
Property Subtypes: Duplex/Fourplex
Number of Units: 4 Units
Building Size (RSF): 1,008 SF
Gross Building Area: 4,565 SF
Gross Land Area: 14,859 SF
Sale Price: $599,000
Unit Price: $149,750 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 8.5%
Average Occupancy Rate: 100
Last Updated: 2/3/2021

Overview / Comments

Unique Value Add investment opportunity. 4 Townhouse style apartment units with 2 bedrooms and 2.5 Bath each with screen porch. Roof replaced and parking resurfaced in the past 5 years. One Unit renovated a year ago, the other units are clean and attractive.

Rents are below market and offer an immediate "value add" opportunity by simply raising rates to market. A more ambitious investor can make modest capital improvements to update the three older units and achieve an even higher rate of return through higher rents.

The active single family market may offer additional opportunities for conversion from a rental property to owner occupant units.

Proforma Cap rate at 8.5% . See brochure

Attachments & Media

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Taxing Authority: St. Petersburg
Tax ID/APN: 17 30 19 45612 000 1300
Percent Occupied: 100%
Property Located Between: 9th St and 4th St. just south of Gandy
Highway Access: 9th St.
Airports: Tampa International
Area Description: Established residential area with neighbor hood shopping close by and easy access to down town St. Petersburg.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 2
Year Built: 1984
Year Renovated: 2028
Roof Type: Gable
Construction/Siding: Block
Parking Type: Surface
Total Parking Spaces: 8
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Other
Interior Description: Practical 2 BR 2.5 Bath units with kitchen and dining and screened porch
Zoning Description: residential multi family
Lot Frontage: 127
Lot Depth: 117
Water Service: Municipal
Sewer Type: Municipal
Legal Description: John Alex Kelly Scarbrough Sub W 116.65 if lots 130,131,132

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,446 86,156 214,492
Median Age: 41.83 43.87 41.81
Households: 8,790 40,572 94,473


Photograph of Listing Agent

Anthony P. Marzulli, CCIM, SIOR

Colliers International Tampa Bay Florida CE-FL Member
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