4-Unit Concrete Block Multifamily | Downtown St. Petersburg, FL | $950,000 247 6th Avenue N. presents a rare opportunity to acquire a concrete block fourplex in one of Downtown St. Petersburg's most consistently appreciating and supply-constrained rental corridors. Located in the Historic Old Northeast adjacency — steps from Beach Drive dining, The Pier waterfront district, and downtown employment — this 1954-built asset delivers the physical durability, operational cost efficiency, and income upside profile that private multifamily investors and owner-occupants actively compete for in this submarket. The Investment Case The property generates $4,500 per month in current gross scheduled income across four occupied units — a rent roll sitting materially below the appraiser-concluded market rate of $1,400 per month for each one-bedroom unit and $1,700 per month for the two-bedroom/two-bath unit. That gap between current collections of $54,000 annually and the stabilized gross income potential of $70,800 per year represents over 57% income upside to full market rents — achievable through normal lease turnover with zero renovation required. At a 40% expense ratio, stabilized NOI lands between $40,000 and $45,000 annually, supporting an implied value of $889,000 to $1,125,000 at prevailing 4.0%–4.5% cap rates. The buyer enters at $950,000 — below stabilized value on a cap rate basis. Concrete block construction materially reduces long-term maintenance reserves and insurance cost exposure relative to wood-frame inventory in the same corridor. The property is located in Flood Zone X, eliminating mandatory flood insurance — a meaningful operating cost advantage in today's Florida market. On-site parking for 4 to 6 vehicles is a genuine scarcity in the walkable downtown core and drives measurable competitive advantage for tenant retention and lease-up velocity. The 6,985 SF site accommodates screened porches and a 150 SF storage room, adding livability that comparable units in the corridor cannot match. As a true fourplex, the asset qualifies for both residential owner-occupant financing (FHA/conventional with a low down payment) and commercial investment capital — the broadest possible pool of buyers and exit options in the small multifamily sector. Key Metrics- List Price: $950,000 | Price Per Unit: $237,500 Units: 4 (3 x 1BR/1BA + 1 x 2BR/2BA) | GBA: ~2,750 SF | Site: 6,985 SF Current GSI: $54,000/yr | Stabilized PGI: $70,800/yr | Upside: +57% Est. Stabilized NOI: $40,000–$45,000 | Cap Rate (stabilized): 4.2%–4.7% Construction: Concrete Block (1954) | Flood Zone X | Parking: 4–6 On-Site Spaces All units occupied 6-Unit Historic Multifamily | Downtown St. Petersburg, FL | $1,200,000 255 6th Avenue N. is a six-unit historic apartment building operating as a legally grandfathered high-density asset in one of Downtown St. Petersburg's strongest and most undersupplied rental corridors. Built in 1925 and maintained in average condition with no observed deferred maintenance, the property carries a 2021 roof replacement, individually metered electric across all six units, and a Flood Zone X designation — delivering a value-add income profile that is both immediately executable and structurally protected by zoning constraints that make this asset impossible to replicate through new construction. The Investment Case Current in-place annualized gross income stands at $49,800 — a figure suppressed by two vacancies and below-market rents across four of the six occupied units. The appraiser-concluded stabilized gross potential of $97,200 per year — based on market rents of $1,400 per month for each of the five one-bedroom units and $1,100 per month for the efficiency — represents approximately 95% income upside to stabilization. The first tranche of that recovery, $28,800 in annualized gross revenue, is available immediately upon execution of two leases on the existing vacant units — before a single current tenancy turns over. At a 38–42% expense ratio and 3% stabilized vacancy, projected NOI lands between $52,000 and $58,000 annually, supporting a stabilized value of $1,155,000 to $1,290,000 at a 4.5% capitalization rate. A third-party appraisal from Tod Marr & Associates concluded $1,080,000 via the sales comparison approach as of November 2025 — the CMA-supported current listing range is $1,095,000 to $1,250,000. Structural & Zoning Moat The property operates at 75 units per acre under NT-2 zoning that does not permit new multifamily construction at this density on this or any comparable lot in the immediate submarket. This grandfathered legal nonconforming status is permanent and creates a competitive moat that cannot be underwritten away — no competing supply can be built to the same density profile on the same block. Individually metered electric transfers utility cost to tenants across all six units, improving the net income margin relative to master-metered alternatives. The 2021 roof replacement eliminates the highest-risk near-term capital expenditure from buyer underwriting. The property is in Flood Zone X with no mandatory flood insurance requirement. Note: a business tax receipt on file reflects nine apartment units; buyer to verify with the City of St. Petersburg independently. Key Metrics List Price: $1,200,000 | Price Per Unit: $200,000 Units: 6 (5 x 1BR/1BA + 1 x Efficiency) | GBA: ~3,142 SF | Site: 3,493 SF Current GSI: $49,800/yr | Stabilized PGI: $97,200/yr | Upside: ~95% Est. Stabilized NOI: $52,000–$58,000 | Cap Rate (stabilized): 4.3%–4.8% Construction: Wood Frame (1925) | Flood Zone X | Roof: Replaced 2021 Electric: Individually Metered (All 6 Units) | Zoning: NT-2 Grandfathered Appraisal: $1,080,000 2 vacancies