The Multifamily Firm is pleased to present a 33-unit, 3-property multifamily portfolio in St Petersburg, FL, comprised of 2 adjacent parcels and a 3rd located less than a mile away. Offered Individually or as a Portfolio with potential seller financing for a qualified buyer, the assets include a 12-unit, 13-unit, and 8-unit property, all within a half-mile radius in non-flood zone (Zone X) locations.
The offering represents an exceptional value-add play, with substantial rental upside supported by government-subsidized housing programs indicating rents $600–$900 per month higher than current levels.
The 3 parcels together span 1.79 acres. Parcel 1 – The Bungalows on 50th consists of 12-units across 9 buildings, including a 3/2 house, 3 duplexes, and 5 bungalows. Parcel 2 – Crissman Drive Apartments features 8-units across 2 buildings, including a 7-unit apartment building with a new roof and an adjacent 2/1 house. Parcel 3 – Sun Cove Apartments contains 13-units across 3 duplex buildings and 7 mobile homes, located directly next to Parcel 2.
Positioned just 10 minutes from both Downtown St Petersburg and the Gateway employment corridor, home to more than 2,700 businesses and 60,000+ employees, the portfolio combines strong location fundamentals with multiple avenues for value creation.