4200 1st St N - Apartments FOR SALE


Saint Petersburg, FL 33703- North East Park
$2,495,000 USD
727-335-6717
4200 1st St N, Saint Petersburg, FL for Sale
$2,495,000 USD
Apartments - FOR SALE
1/18
null | 6.99% Cap Rate

4200 1st St N
Saint Petersburg, FL 33703
North East Park


HIGHLIGHTS

  • Fully renovated concrete block building with zero storm impact
  • Consistent high-end finishes across all 10 units
  • Hurricane impact windows and doors throughout
  • Long-term tenants with below-market rents
  • Professionally refinished terrazzo flooring—no turnover costs
  • Located in Northeast Park, one of St. Pete’s top neighborhoods

OVERVIEW

Located in the highly desirable Northeast Park neighborhood of St. Petersburg, this fully renovated 10-unit apartment building offers a rare combination of structural integrity, modern finishes, and long-term tenancy stability. Built in 1972 and completely renovated down to the studs in 2017, the property features solid concrete block construction and has proven its resilience—suffering zero impact from last year’s storms. The unit mix includes three spacious 2-bedroom, 2-bath units and seven 1-bedroom, 1-bath units, all finished with consistent high-end materials. Each apartment showcases solid wood cabinetry with built-in wine racks, granite countertops, undermount sinks, and a four-piece stainless steel appliance suite. Bathrooms feature subway tile showers and cast iron Kohler soaking tubs, with all plumbing fixtures sourced from Kohler. Central AC, hurricane impact windows and doors, LED lighting throughout, and professionally refinished terrazzo flooring ensure durability and tenant satisfaction. The building also includes a dedicated laundry room, replaced roof and water heaters, and walkways finished with long-lasting commercial coatings. With virtually no vacancy since its renovation, the property benefits from strong in-place cash flow and a clear path to increased revenue through rent normalization. Tenants pay below-market rents based solely on tenure, not unit quality—offering a straightforward value-add opportunity. This is a turnkey multifamily investment in one of St. Pete’s most sought-after neighborhoods, just minutes from dining, retail, and waterfront amenities. Its storm-resilient construction, modernized interiors, and stable tenancy make it an ideal asset for investors seeking long-term performance and upside potential.

FOR SALE DETAILS

PRICE

$2,495,000 USD

PRICE/SF

$312 USD /SF

# OF UNITS

10

PRICE/UNIT

$249,500

CAP RATE

6.99%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

10 Unit Apartment Complex In NE St. Pete

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

16,117 SF

ZONING

NS-2

APN/PARCEL ID

06-31-17-50328-000-0060

ASK ABOUT THIS PROPERTY

Jim BlackmonColdwell Banker Residential BrokerageMore Info
727-335-6717

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Jim BlackmonColdwell Banker Residential BrokerageMore Info
727-335-6717

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.