Multi-Family (2-4 Units)
Superbly located 16 unit cash-flow investment opportunity with significant value-add / mark-to-market rent execution with future re-development to for-sale luxury condominiums or for-lease luxury apartments. Property is in the heart of the bustling St. Petersburg Downtown district and near a multitude of award-winning restaurants, national & local retailers, art galleries, and world-class museums. PROPERTY FEATURES Walking distance to downtown district restaurants, museums, shops, waterfront along Tampa Bay and event areas including 4th Street, Beach Drive, Central Avenue, and the St. Petersburg Yacht Club. Employment demand drivers within 1 mile include Johns Hopkins All Children's Hospital, St. Anthony's Hospital, Bayfront Medical Center, and USF St. Pete campus. 1 Bedroom Rents across the street at recently completed Beacon 430 are nearly double current rents at subject property. Proforma Year 1 cap rate of 5.9%, Proforma Year 2 cap rate of 7.7%. Ample street parking for residents and their guests.