4200 1st St N - Apartments FOR SALE


Saint Petersburg, FL 33703- North East Park
$2,893,483 USD
727-643-7713
4200 1st St N, Saint Petersburg, FL for Sale
$2,893,483 USD
Apartments - FOR SALE
1/18
null | 6% Cap Rate

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


HIGHLIGHTS

  • Solid concrete construction in one of hottest neighborhoods in city
  • 100 % updated
  • Zero negative impact from storms

OVERVIEW

10 unit solid concrete block apartment building in Northeast St. Pete. This building did not suffer any flooding, or adverse effects whatsoever from last years storms! Two story building with (3) 2 bedroom, 2 bath units, (7) 1 bedroom, 1 bath units and a dedicated laundry room. Building was built in 1972, and completely top to bottom “to the studs” renovated in 2017. Each unit has the same finishes: solid wood kitchen cabinetry featuring built in wine rack, granite countertops with undermount kitchen sink, four piece stainless steel appliance suite, central AC, 100 percent hurricane impact windows and doors, subway tile shower tile, with cast iron Kohler soaking tubs. Every plumbing unit in the building (toilets, tubs, shower valves, sink faucets) is Kohler, every light fixture LED, all interior doors in the building were replaced, all water heaters were replaced, as was roof. Walkways were redone with long lasting commercial coating. Added bonus: professionally refinished terrazzo flooring throughout the building; no expense ever for flooring between tenants! Historical vacancy since renovation is virtually non existent. Northeast park is one of the most desirable neighborhoods in St. Petersburg, close to dining and restaurants, and this is a completely modernized building. Variations in rent between units of the same size are not due to quality of finishes (since all units were remodeled at the same time); but rather how long a tenant has been in the building. The lower the rent, the long the tenure. Moving forward, the “value add” is simply increasing rents to make them uniform when owner so chooses.

FOR SALE DETAILS

PRICE

$2,893,483 USD

PRICE/SF

$374 USD /SF

# OF UNITS

10

PRICE/UNIT

$289,348

CAP RATE

6%

% 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

16,004 SF

ZONING

NS-2

APN/PARCEL ID

06-31-17-50328-000-0060

ASK ABOUT THIS PROPERTY

Jim BlackmonColdwell Banker Residential BrokerageMore Info
727-643-7713

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Jim BlackmonColdwell Banker Residential BrokerageMore Info
727-643-7713

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