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3103 16th Street N, St Petersburg, FL 33704

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For Sale

$1,199,000

8 beds • 2,680 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • Newly Listed
    Time on Century 21

  • $447.39
    Price per square foot

  • 31-40 Years Old
    Age

Explore this Property

Introducing Blue Pelican, a brand-new commercial-quality quadplex rebuilt from the studs up. Only portions of the exterior framing and slab remain every other major component is new, including the electrical system and panels, plumbing, roof, HVAC, siding, impact-rated windows and doors, driveway, insulation, drywall, upscale kitchens and bathrooms, and all interior finishes. The property also features a commercial fire sprinkler system and a commercial fire alarm system, offering insurance advantages, enhanced safety, and long-term durability rarely found in small multifamily assets. The building lives more like a newly constructed boutique apartment building than a traditional four-unit. Each residence has been fully redesigned with modern layouts and high-end finishes, and one of the units is fully ADA compliant with an exterior wheelchair-accessible ramp. Additional upgrades such as designated bicycle parking and thoughtful site enhancements help ensure low-maintenance ownership for years to come. The owners are currently replicating this project with the mirror-image property next door at 3101 16th St N, which will be completed as Green Pelican and will match Blue Pelican in layout, quality, and commercial-grade upgrades, with the only difference being a Seafoam Green exterior. Once completed, this will enhance the overall appeal and value of Blue Pelican, and a future purchaser will have the opportunity to acquire both properties for a cohesive and highly attractive 8-unit investment. Fully leased the property will deliver a total monthly rental income of $8,825 plus an additional $200/month in reimbursement for water and trash, bringing the annual gross income to approximately $108,300. All units are separately metered for electric, creating an efficient and predictable utility structure. Given the complete redevelopment and commercial-grade systems, future capital expenditure needs are minimal. Based on typical operating metrics for a brand-new, impact-rated multifamily building in Florida, the projected NOI supports a strong cap rate at list price. With rental upside over time, the pro forma performance trends even stronger. Blue Pelican presents a rare opportunity to acquire a true turnkey, fully rebuilt income-producing asset with commercial-level construction quality, modern design, and stabilized rent roll all in a growing, high-demand market near downtown St Pete and right around the corner from Crescent Lake.
MLS# TB8449162

Courtesy Of eXp Realty LLC

(888) 883-8509

Property Features

  • Age
    31-40 Years Old
  • Amenities
    Ceiling Fan
  • Appliances
    Dishwasher, Dryer, Freezer, Microwave, Oven - Convection, Range, Refrigerator, Washer
  • Architecture Style
    Other
  • Floor Covering
    Tile, Vinyl
  • Lot Size
    0.19 Acres

Map and Directions

Directions to 3103 16th Street N, St Petersburg, FL 33704

Home seller CENTURY 21 Jim White & Associates

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Jim White & Associates

(727) 367-3795
Learn More About Us

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Monthly Payment Breakdown

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.