Description
One of Downtown St. Petersburg's rarest offerings — a historic 1925 six-unit apartment building situated steps from Historic Old Northeast in Flood Zone X. The two-story wood-frame building features 5 one-bedroom/one-bath units plus an efficiency, individually metered electric, and a 2021 roof replacement already complete. Current rents are significantly below the appraiser's concluded value and represent significant income upside with rent stabilization in gross annual potential. Grandfathered 6-unit use under NT-2 zoning protects the income-producing asset in a neighborhood where comparable new supply simply cannot be built. Value-add investors will appreciate the vacancy/rent-up story, the density efficiency, and a location that commands premium tenants with minimal concessions. A genuine value-add play in a submarket that rarely offers one. Dont miss out on the investment opportunity. Contact the listing agent for a duel portfolio marketing plan for this and 247 6th ave n.
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0BEDS
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0.08ACRES
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0BATHS
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01/2 BATHS
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3,234SQFT
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$371$/SQFT
School Ratings & Info
Description
One of Downtown St. Petersburg's rarest offerings — a historic 1925 six-unit apartment building situated steps from Historic Old Northeast in Flood Zone X. The two-story wood-frame building features 5 one-bedroom/one-bath units plus an efficiency, individually metered electric, and a 2021 roof replacement already complete. Current rents are significantly below the appraiser's concluded value and represent significant income upside with rent stabilization in gross annual potential. Grandfathered 6-unit use under NT-2 zoning protects the income-producing asset in a neighborhood where comparable new supply simply cannot be built. Value-add investors will appreciate the vacancy/rent-up story, the density efficiency, and a location that commands premium tenants with minimal concessions. A genuine value-add play in a submarket that rarely offers one. Dont miss out on the investment opportunity. Contact the listing agent for a duel portfolio marketing plan for this and 247 6th ave n.
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