$950,000

309 7th St S

ST PETERSBURG FL, 33701

Description

SELLER FINANCING will be considered; terms may include Year-One 3.85% Interest-Only, 40% Equity, and Two-Year Term, among others. An Excellent 1031 candidate, the Property is ideally located in the heart of St Petersburg. Situated on a 7,000 square feet parcel, and having historically maintained near 100% occupancy, the Property is located strategically in the direct converging transformational paths of revitalization occurring within and between St. Petes vibrant Downtown, Central Avenue Grand and Edge Districts, and the expansive 333-acre Tropicana Field Opportunity Zone. Monthly rents for each of the eight units (four one-bedroom, and four studio) have recently averaged a modest $500. Estimated pro-forma rents are $775 for studios, and $1,050 for one-bedrooms. The projected expense-to-income ratio is roughly 35%. Tenants pay electric, landlord pays water/sewer. Three studios have been upgraded with tile, and granite counter tops. Roofs were replaced in 2007, and 2016. Each apartment is equipped with a through-wall HVAC unit. The Property may be acquired without requiring bank financing, representing a unique value proposition that combines its Prime Long-Term Development Opportunity with immediate Land Bank Current Income.

Details

MLS#U8060502
Listing TypeFor Sale
Sub-TypeResale
StatusPending
Year1920
Days On Site391

Features

Water FrontNo
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Area Information
StateFL
CountyPinellas
CityST PETERSBURG
Zip Code33701
Area33701 - St Pete
Listing VS Median (in 33701)
Price:
$950,000
low | high
Med:
$507,495
96.579473684211% of Average
On Site:
391
low | high
Med:
284.5
100% of Average
Listing Updated: 07/08/2020
Patrick Whitney LogoMLS Number: U8060502
Listing Provided By:
Patrick Whitney  of  COLDWELL BANKER RESIDENTIAL

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