Cromwell Flats is an 11-unit multifamily community located just south of Downtown St. Petersburg, offering a rare investment opportunity in one of Florida’s fastest-growing markets. With a current 6.5% takeover cap rate (adjusted for taxes and new insurance), investors can achieve an 8.5%+ pro forma cap rate by enrolling in the St. Pete Housing Authority’s affordable housing program. The property features a diverse unit mix—ranging from studios to spacious 3-bedrooms—with the larger units offering washer and dryer connections. All residences are equipped with either ducted or mini-split HVAC systems, and a conservative rental upside of $375+ per unit remains achievable even while staying below SPHA’s suggested rent thresholds for the 33705 ZIP code. Strategically located just 2.1 miles from the vibrant downtown core, Cromwell Flats offers proximity to major employment hubs such as Bayfront Health, Johns Hopkins All Children’s Hospital, and the USF–St. Pete campus. Residents enjoy access to a wide range of local amenities including Bartlett Park, Lassing Park, the St. Pete Pier and Waterfront Arts District, and Al Lang Stadium—home of the Tampa Bay Rowdies. This location offers both strong lifestyle appeal and income potential, making Cromwell Flats an ideal value-add or affordable housing investment in a high-demand submarket.