$999,000 • living size area 3949 sqft

Rare opportunity to own this stable 8-unit multifamily property with over a half-acre of land in desirable historic uptown, ideally situated close to downtown st pete and only 1/4 mile from beautiful crescent lake park! the property consists of three buildings on one parcel (lot 12), as well as three additional parcels: lot 10 is a 4000 sq ft mol paved parking lot with 8 standard lined parking spaces and one large ada accessible space. lots 9 and 12 are currently vacant land, and may present a significant redevelopment opportunity in the future. the existing 8 residential apartment units (with a current rent roll of $7300/mo, and proforma rent roll of $8k/mo) are configured as follows: the yellow two-story building in front (809 10th ave n) consists of 4 identical 442 sq ft 1/1 units with estimated market rent of $950/mo each. these units all feature mini-split hvac systems. the middle two-story building (811 10th st n) consists of a large 684 sq ft 1/1 unit downstairs with estimated market rent of $1000/mo and and a recently renovated 2/1 unit upstairs currently rented for $1195. these units have central hvac (unit 6 hvac is brand new 2020). finally, the one-story rear building consists of two 1/1 units of approximately 450 sq ft each and estimated market rent of $1000 per unit. these units also have central hvac (unit 8 hvac is also brand new 2020). copper wiring with breaker panels, no roof leaks (latest roof permit appears to be 2012), per clean 4-point inspection from jan 2019. no flood insurance required. current and proforma rent rolls, operating statement, and video tours are included in mls attachments or available from listing broker upon request. zoning is nt-2, so development opportunities would be subject to the city's zoning and density requirements, but they aren't making any more land in historic uptown! zoning/density does not appear to allow for development of additional dwelling units on vacant lots as-is, so any redevelopment may have to factor in demolition of existing structures and a new site plan after honoring existing leases. alternatively, income producing garage, storage units, or laundry facility might be permitted. buyer must verify zoning and density requirements or any proposed development with city of st petersburg; seller makes no claims or guaranties regarding redevelopment potential.

Multi Family - KENNEDY'S SUBDIVISION

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