524 Doctor Martin Luther King Junior Street South

St. Petersburg, FL 33705

Listing ID: 143067
$2,200,000
For Sale
  • Lot Size Acres 0.190
  • Building Sq Ft 12,061
  • Land Sq Ft 8,276
  • Land Price per Sq Ft $265.82
Description
David Rosenthal
Associate
david@grimaldicommercialrealty.com
(C) 813.245.7333
(O) 813.882.0884
(F) 813.960.9830
Highlights

  • SELLER FINANCING AVAILABLE!

  • LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG, FLORIDA

  • 20 UNIT CONCRETE BLOCK APARTMENT BUILDING, RECENTLY RENOVATED AND IN EXCELLENT CONDITION.



  • FANTASTIC MIX OF LONG TERM AND SHORT TERM TENANTS, GIVING THE BUYER THE OPPORTUNITY TO RAISE RENTS IMMEDIATELY AND INCREASE THEIR NOI ON DAY 1.

  • EXTREMELY LOW RENTAL RATES IN PLACE!

  • AIR BNB RENTAL OPPORTUNITY!


Description

THE DOWNTOWN POINTE APARTMENTS ARE A 20- UNIT CONCRETE BLOCK APARTMENT COMPLEX LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG. THE BUILDING HAS BEEN RECENTLY RENOVATED AND ALL THE UNITS ARE IN FANTASTIC SHAPE. THE BUILDING IS LOCATED IN, DOWNTOWN ST. PETERSBURG, ONE OF THE HOTTEST RENTAL MARKETS AROUND AND THE DEMAND FOR QUALITY APARTMENTS HAS NEVER BEEN HIGHER. THE PROPERTY CONSISTS OF (20) ONE-BEDROOM/ONE BATHROOM UNITS THAT ARE CURRENTLY 100% OCCUPIED!


THE PROPERTY CONSISTS OF BOTH SHORT-TERM AND LONG-TERM TENANTS WITH EXTREMELY LOW RENTS CREATING TREMENDOUS UPSIDE FOR AN INVESTOR. OVER 60% OF THE CURRENT TENANT ARE ON MONTH-TO-MONTH LEASES, GIVING THE BUYER MAXIMUM FLEXIBILITY IN RAISING THE RENTAL RATES IMMEDIATELY UPON PURCHASING OF THIS ASSET. THE RENTAL RATES IN THIS BUILDING ARE APPROXIMATELY $200 PER UNIT LOWER THAN THE AVERAGE RATE IN DOWNTOWN ST. PETERSBURG. WITH THE EXTREMELY UNDER-MARKET RENTAL RATES AND THE HIGH DEMAND THIS BUILDING WILL STAY RENTED ALL YEAR LONG AT MUCH HIGHER RATES THAN THEY ARE CURRENTLY RENTED FOR. THIS IS A ONE OF A KIND VALUE ADD OPPORTUNITY IN THE HEART OF DOWNTOWN ST. PETERSBURG, DOES NOT COME ALONG VERY OFTEN! IT IS EXTREMELY HARD TO FIND A QUALITY INVESTMENT WITH AS MUCH UPSIDE AS THIS BUILDING HAS IN THE CURRENT MARKET.


EVEN BETTER, IS THE FACT THAT THE SELLER IS INTERESTED IN DOING SELLER FINANCING ON THIS PROPERTY. CURRENTLY, THE SELLER IS ASKING FOR THE FOLLOWING TERMS: 25-30% DOWN PAYMENT, 5-10-YEAR BALLOON, 5% INTEREST ONLY PAYMENTS, AMORTIZED OVER 30 YEARS. ITS IMPOSSIBLE TO FIND TERMS THIS GOOD ANYWHERE ELSE. WITH THE ABILITY FOR INTEREST ONLY PAYMENTS THE MONTHLY DEBT SERVICE WILL BE UNDER $7,000 A MONTH. GIVING THE BUYER AN AMAZING CASH ON CASH RETURN OF OVER 10% IMMEDIATELY. WHEN THE RENTAL RATES ARE RAISED TO THE MARKET AVERAGE, THE CASH ON CASH RETURN WILL BE WELL OVER 17%, WHICH IS ALMOST IMPOSSIBLE TO FIND IN THIS MARKET.


THE PROPERTY HAS RECENTLY GONE THROUGH LOTS OF RENOVATIONS, AS THE OWNER HAS UPDATED THE FLOORING, KITCHENS, BATHROOMS, PLUMBING, PAINTED THE INTERIOR AND UPDATED A/C SYSTEMS IN ALL UNITS. THE PROPERTY IS A 3 STORY BUILDING WITH A CONCRETE BLOCK STRUCTURE ON ALL 3 FLOORS. SINCE THE BUILDING IS IN FANTASTIC SHAPE THE BUYER WILL HAVE LITTLE TO NO CAPEX UPON TAKING OVER THE PROPERTY AND THE DAY TO DAY MAINTENANCE IS EXTREMELY LOW. THE PROPERTY IS CURRENTLY SELF MANAGED BUT WE HAVE ADDED IN A MANAGEMENT FEE INCASE YOU PREFER TO GO THAT ROUTE.


LASTLY, THE OWNER HAS HAD SOME SUCCESS RENTING SOME OF THE UNITS AS AIR BNB RENTALS. THE AIR BNB RENTS ARE EXTREMELY HIGH FOR THIS AREA AND THE LOCATION IS PERFECT FOR THOSE COMING TO WORK IN THE DOWNTOWN AREA OR THOSE JUST ON VACATION! THERE IS OPPORTUNITY FOR AN INVESTOR TO RUN ALL OF SOME OF THESE UNITS AS AIR BNB RENTALS TO INCREASE THE OVERALL RETURN ON THE PROPERTY.


Location

THE DOWNTOWN POINTE APARTMENTS IS A 20-UNIT APARTMENT BUILDING IS LOCATED IN THE HEART OF DOWNTOWN ST. PETERSBURG. DOWNTOWN ST. PETERSBURG IS ONE OF THE FAST-GROWING MARKETS IN ALL OF FLORIDA. LOCATED JUST STEPS FOR TROPICANA FIELD, THIS PROPERTY IS IN A PRIME LOCATION NEXT TO ALL THE ACTION IN DOWNTOWN ST. PETE. ST. PETERSBURG IS A CITY ON FLORIDA'S GULF APPROXIMATELY 15 MILES FROM SUNNY TAMPA BAY. IT'S KNOWN FOR ITS PLEASANT WEATHER MAKING IT AN IDEAL LOCATION FOR GOLFING, FISHING AND BEACH GOING. ITS WATERFRONT PARKS HOST THE DALI MUSEUM, THE MAHAFFEY THEATER, AND HOME OF THE FLORIDA ORCHESTRA. CURRENTLY ST. PETERSBURG FL BOASTS AN OCCUPANCY RATE OF APPROXIMATELY 95.5%, MAKING IT AN IDEAL LOCATION TO OWN RENTAL PROPERTY!

Location & Directions
Demographics

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile Radius 3-Mile Radius 5-Mile Radius
Total Population13,62892,391225,121
Population Median Age424142
Population by Age0-9 Yrs1264937221997
10-19 Yrs1000937722524
20-29 Yrs27031336230278
30-39 Yrs16811207729219
40-49 Yrs13381173227827
50-59 Yrs20061441335396
60-69 Yrs20131175930478
70+ Yrs16251029827403
Median HH Income$30,743$46,165$50,152
Total Household Income< 24K28951129023134
25-49K1723893822806
50-74K645596016037
75-99K522395910597
100-199K569608815302
200K+26919544234
Highest Education LevelNo Diploma1547801917864
Diploma or GED29071743345752
Some College19131313634830
Assoc. Degree636560615483
Bachelors Degree19981440833548
Higher Degree1162880718781
Total Housing Units9,03749,083113,649
--Owner-Occupied1,78720,17656,631
--Renter-Occupied4,83718,01335,479
Owner-Occupied Values< 100K694479714069
100-199K415619619743
200-299K22631679917
300-399K14318354713
400-499K9613532704
500K+21328285485
Total Working Age Population11,77377,398189,924
In Work Force6,09446,430116,287
Not In Work Force5,67930,96873,636
Workforce Employed5,58043,118109,079
Workforce Unemployed4663,1276,850
Civlian Workforce6,04646,244115,929
Military Workforce48186358
Total Households6,62438,18992,109
Family Households1,92218,92449,126
Non-Family Households4,70219,26542,984
Married Couple1,06611,59631,797
Other Family8557,32817,329
Married w/Child2233,3238,931
Single Male w/Child415791,999
Single Female w/Child3772,8275,996

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Florida15,982,378+1818,801,310+1421,517,610+1324,340,457
Pinellas County921,482-1916,542+7983,883+51,034,290

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

Listing Agent
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