DOWNTOWN ST. PETE CASH-FLOWING DEVELOPMENT OPPORTUNITY ( ENTIRE BLOCK IN DOWNTOWN)
1400 7th Avenue North
St. Petersburg, FL 33705
Highlights
- AN ENTIRE BLOCK FOR SALE IN DOWNTOWN ST. PETERSBURG, FL!
- 100% OCCUPIED WITH 18 MULTIFAMILY UNITS AND A 13,000+/SF OFFICE BUILDING. THE SITE WAS RE-ZONED IN 2024, TO ALLOW FOR THE DEVELOPMENT OF AT LEAST 54 NEW MULTIFAMILY UNITS, AND POTENTIALLY UP TO AS MANY AS 106 NEW UNITS!
- SELLER FINANCING AVAILABLE! APPROX TERMS: $4,300,000 DOWN, 5% FIXED IR, INTEREST-ONLY PAYMENTS, 3 TO 5 YEAR BALLOON!
- 7% CAP RATE AND 8% CASH-ON-CASH RETURN IN PLACE!
- 8% CAP RATE AND 9% CASH-ON-CASH RETURN IN 2025!
- RARE OPPORTUNITY TO PURCHASE AN ENTIRE BLOCK IN DOWNTOWN ST. PETE THE PROPERTY IS CURRENTLY CASH-FLOWING AND COMES WITH AN AMAZING AND APPROVED DEVELOPMENT OPPORTUNITY!
Description
THIS AMAZING DEVELOPMENT OPPORTUNITY CONSISTS OF ALL PROPERTY AND BUILDINGS ON 14TH ST. IN DOWNTOWN STAINT PETERSBURG, FL, FROM 5TH AVE N TO 7TH AVE N. THE PROPERTY HAS 18 MULITFAMILY UNITS AND A LARGE 13,000 S/F OFFICE BUILDING! THE SITE IS RIPE FOR REDEVELOPMENT AS NEW ZONING WAS APPROVED IN 2024. THE NEW ZONING WILL ALLOW THE BUYER TO BUILD AT LEAST 54 UNITS AND POTENTIALLY AS MANY AS 106 MULTIFAMILY UNITS IN DOWNTOWN ST. PETERSBURG! (SELLER FINANCING IS AVAILABLE, SEE P. 5 FOR DETAILS)
BOTH THE OFFICE BUILDING AND THE MULTIFAMILY UNITS ARE IN GOOD CONDITION, ALLOWING A BUYER TO COME IN AND NOT SPEND ADDITIONAL MONEY ON THESE UNITS BEOFRE FURUTRE REDEVELOPMENT. ALL UNITS ARE OCCUPIED AND THE PROPERTY PRODUCES FANTASTIC CASH FLOW! THE INCREDIBLE OPPORTUNITY SITS RIGHT IN THE HEART OF DOWNTOWN, DIRECTLY NEXT TO ST. ANTHONYS HOSPITAL, ONE OF THE TOP HOSPITALS IN THE STATE AND CURRENTLY PLANNING A $158 MILLION DOLLAR EXPANSION PLAN!
CURRENTLY, THE PROPERTY IS FULLY OCCUPIED WITH BELOW-MARKET RENTAL RATES GIVING THE BUYER MASSIVE UPSIDE TO RAISE RENTS IN ONE OF THE MOST DESIRABLE AREAS IN FLORIDA! THE OWNERS ARE CURRENTLY IN NEGOTIATIONS ON A LONGTERM LEASE FOR THE OFFICE BUILDING, WHICH WOULD ONLY FURTHER ENHANCE THE CURRENT INCOME AT THE PROPERTY. WITH THE REZONING ALREADY COMPLETED, A BUYER CAN COME IN AND CASH FLOW, THE OFFICE BUILDING, AND THE MULTIFAMILY UNITS, UNTIL THEY ARE READY TO REDEVELOP THE SITE.
THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF 7%, AND WITH A MASSIVE GAP IN THE CURRENT RENTAL RATES COMPARED TO THE MARKET RATES, A BUYER CAN EASILY INCREASE THIS TO ALMOST AN 8% CAP RATE BY 2025. THIS UNIQUE OPPORTUNITY TO PURCHASE AN ENTIRE BLOCK IN DOWNTOWN ST. PETE FOR A FUTURE DEVELOPMENT, WHILE STILL MAKING 7%+ RETURN IN THE SHORT TERM IS IMPOSSIBLE TO FIND ANYWHERE ELSE.
SELLER FINANCING APPROXIMATE TERMS:
DOWN PAYMENT: $4,300,000!
FIXED INTEREST RATE: 5%
INTEREST-ONLY PAYMENTS OR
AN AMORTIZATION OF 30-YEARS
BALLOON LENGTH: 3-5 - YEARS
MONTHLY DEBT SERVICE: $8,333
IN 2024 THE CURRENT SITE WAS RE-ZONED TO ALLOW FOR AT LEAST 54 AND POTENTIALLY AS MANY AS 106 NEW MULTIFAMILY UNITS TO BE BUILT ON THIS ENTIRE BLOCK IN DOWNTOWN ST. PETERSBURG. IF A BUYER WOULD PREFER TO KEEP THE OFFICE BUILDING AND ITS MONTHLY INCOME IN PLACE, THEY COULD POTENTIALLY BUILD 20+ UNITS WHERE THE CURRENT MULTIFAMILY UNITS ARE LOCATED. THE OWNERS ARE CURRENTLY WORKING WITH AN ENGINEERING COMPANY TO PUT A PLAN TOGETHER FOR AN EXPANSION FROM 54 UNITS TO 106 UNITS.
WITH THIS AMAZING LOCATION AND THE DEMAND IN THE AREA, IT IS CLEAR THIS IS AN AMAZING DEVELOPMENT OPPORTUNITY. THE FACT THAT A BUYER WOULD BE PURCHASING THE PROPERTY WITH RENTAL INCOME IN PLACE, (7% CAP RATE), WOULD ALLOW THEM TO POSITIVELY CASH FLOW THE ASSET WHILE THEY DETERMINED THE BEST PLAN MOVING FORWARD. WITH ALL TENANTS ON MONTH-TO-MONTH LEASES, A BUYER CAN EASILY VACATE THE UNITS QUICKLY WHENEVER THEY ARE READY TO TAKE THE NEXT STEPS TOWARDS DEVELOPING THE PROPERTY. IF THE BUYER DECIDED TO NOT DEVELOP THE SITE THEY COULD MAKE IMPROVEMENTS TO THE EXISTING STRUCTURES AND RAISE THE RENTS TO THE MARKET RENTAL RATES, OBTAINING A CAP RATE OF OVER 10%. THE MANY OPTIONS THIS PROPERTY PRESENTS MAKE IT EVEN MORE VALUABLE AS A BUYER CAN FIGURE OUT WHICH WAY IS BEST FOR THEM WHILE COLLECTING AT A MINIMUM OVER $535,000 OF GROSS INCOME A YEAR!
THE CITY OF ST. PETERSBURG, HAS MADE IT CLEAR TO THE SELLERS THAT THEY ARE VERY INTERESTED IN THE IMPROVEMENT/ DEVELOPMENT OF THIS BLOCK IN DOWNTOWN AND WITH ITS CLOSE PROXIMITY TO ST. ANTHONY'S HOSPITAL AND THE NEW TAMPA BAY RAYS BASEBALL STADIUM PROJECT, THE DEMAND FOR NEW UNITS IN THIS AREA WILL BE IMMENSE. NOT ONLY IS IT HARD TO FIND THIS MUCH CONTIGUOUS LAND IN DOWNTOWN ST. PETERSBURG BUT VERY FEW OTHER SITES IN THE AREA HAVE THE ABILITY TO REACH 50-100 NEW MULTIFAMILY UNITS!
THE VARIOUS OPTIONS, AND OPPORTUNITIES THIS PROPERTY PRESENTS, MAKE IT AN EXTREMELY ENTICING OPPORTUNITY. THE ABILITY TO PURCHASE AN ENTIRE BLOCK OF DOWNTOWN ST. PETERSBURG DOES NOT COME AVAILABLE VERY OFTEN, ESPECIALLY A CASH-FLOWING ASSET WITH A DEVELOPMENT OPPORTUNITY IN ONE OF THE FASTEST-GROWING CITIES IN THE COUNTRY!
LOCATED IN THE MIDDLE OF DOWNTOWN ST. PETERSBURG, FL!
