4523 20th Avenue South

St. Petersburg, FL 33711

Listing ID: 143238
$599,990
For Sale
  • Lot Size Acres 0.740
  • Building Sq Ft 6,878
  • Land Sq Ft 32,234
  • Land Price per Sq Ft $18.61
  • CAP Rate % 10.50
Description
Highlights

  • 6-BEAUTIFUL SINGLE-FAMILY HOMES IN ST. PETERSBURG, FL!

  • 100% OCCUPIED!

  • 17%% CASH-ON-CASH RETURN IN 2019!

  • 10.5% CAP RATE in 2019!

  • EXTREMELY BELOW MARKET RENTAL RATES IN-PLACE, GIVING THE BUYER MASSIVE UPSIDE TO INCREASE THEIR NOI INSTANTLY!



  • LARGE SINGLE-FAMILY HOMES WITH AN AVERAGE OF 2.5 BEDROOMS EACH!

  • HOMES BEING SOLD AT A DISCOUNT AS A PORTFOLIO!

  • EACH HOME HAS BEEN RECENTLY RENOVATED AND IS IN FANTASTIC CONDITION!

  • FANTASTIC TENANTS IN-PLACE MAKING THIS PORTFOLIO VERY EASY TO MANAGE.

  • LOCATED IN BEAUTIFUL ST. PETERSBURG FL, MINUTES FROM WORLD FAMOUS CLEARWATER BEACH!


Description

THIS AMAZING 6-UNIT SINGLE-FAMILY HOME PORTFOLIO IS A ONE OF A KIND INVESTMENT OPPORTUNITY TO ACQUIRE THE PERFECT INCOME-PRODUCING PROPERTY WITH MASSIVE UPSIDE. THIS PORTFOLIO CONSISTS OF 6 LARGE, SINGLE-FAMILY HOMES WITH AN AVERAGE OF 2.5 BEDROOMS PER HOME AND AN AVERAGE OF OVER 945 SQUARE FEET PER HOME! THE LARGE LAYOUTS WITH MULTIPLE BEDROOMS MAKE THESE UNITS EXTREMELY EASY TO RENT AS THERE IS HIGH DEMAND FOR RENTAL UNITS OF THIS SIZE IN ST. PETERSBURG, FL!


EACH HOME IS IN FANTASTIC CONDITION AND THE PORTFOLIO IS CURRENTLY 100% OCCUPIED WITH EXTREMELY BELOW MARKET RENTAL RATES IN-PLACE. WITH THE BUYER'S ABILITY TO INCREASE THE RENTAL RATES UPON TAKING OVER THE PROPERTY, THEY WILL BE ABLE TO OBTAIN A CASH-ON-CASH RETURN OF APPROXIMATELY 17% AND A CAP RATE OF OVER 10.5% IN 2019. IT IS ALMOST IMPOSSIBLE TO FIND THIS KIND OF RETURN IN THE CURRENT MARKET, ESPECIALLY WITH THE QUALITY OF EACH SINGLE-FAMILY HOME! THE LOW RENTAL RATES PROVIDE MASSIVE UPSIDE AS THE BUYER WILL BE ABLE TO INCREASE THE RENTS INSTANTLY AND INCREASE THEIR RETURN. EACH HOME IS CURRENTLY RENTING FOR APPROXIMATELY $150-$300 PER MONTH LESS THAN THE CURRENT MARKET RATE IN THE AREA. WITH THE QUALITY OF THESE UNITS BEING SIMILAR, OR IN SOME CASES, EVEN BETTER THAN THOSE CURRENTLY RENTING FOR THE MARKET RATE IN ST. PETERSBURG, FL, THE BUYER WILL EASILY BE ABLE TO BRING THESE RENTS UP TO MARKET RATE, IF NOT HIGHER!


THE BEST PART IS THE FACT THAT THE BUYER WILL HAVE LITTLE TO NO CAPEX EXPENSES UPON TAKING OVER THE PROPERTY, ALLOWING THEM TO KEEP THEIR EXPENSES DOWN WHILE INCREASING THEIR RETURN! EACH SINGLE-FAMILY HOME HAS BEEN RECENTLY RENOVATED IN THE PAST 3 YEARS. RECENT RENOVATIONS INCLUDE INTERIOR AND EXTERIOR PAINTING, NEW FLOORING, UPDATED KITCHEN APPLIANCES, AND BATHROOM UPDATES. ALL ROOFS, A/C, PLUMBING AND ELECTRICAL SYSTEMS ARE IN GOOD WORKING CONDITION AT PROPERTIES! THIS IS THE PERFECT INVESTMENT FOR SOMEONE LOOKING FOR A MASSIVE 17%+ CASH-ON-CASH RETURN WITH LITTLE TO NO MAINTENANCE REQUIRED.


FURTHERMORE, DUE TO THE QUALITY OF TENANTS, THIS PORTFOLIO MAY NOT EVEN REQUIRE A MANAGEMENT COMPANY. BECAUSE THE TENANTS PAY ON TIME, AND THERE ARE MINIMAL MAINTENANCE ISSUES, IT IS POSSIBLE FOR A BUYER TO SELF MANAGE THIS PROPERTY AND SAVE MONEY ON THIS EXPENSE. HOWEVER, IF THE BUYER WOULD WANT A MANAGEMENT COMPANY TO HELP RUN THE DAY TO DAY OPERATIONS, WE HAVE INCLUDED THIS EXPENSE IN THE PROPERTY FINANCIALS LOCATED ON PAGES 9-11. TENANTS ARE RESPONSIBLE FOR ALL UTILITY EXPENSES INCLUDING WATER AND SEWER AT THE PROPERTY!


THIS SINGLE FAMILY HOME PORTFOLIO IS LOCATED IN MULTIPLE LOCATIONS ACROSS BEAUTIFUL ST. PETERSBURG. THE HOMES ARE LOCATED AT THE FOLLOWING ADDRESSES:


1. 1325 37th Street S


2. 1628 43rd Street S


3. 1725 Prescott St S


4. 2234 5th St S


5. 3611 15th Ave S


6. 4523 20th Ave S


Contact Broker
David Rosenthal
Associate
david@grimaldicommercialrealty.com
(C) 813.245.7333
(O) 813.882.0884
(F) 813.960.9830
Kari L. Grimaldi/ Broker
President/ Broker
FL #BK3076744
kari@grimaldicommercialrealty.com
(C) 813.376.3386
(O) 813.882.0884
(F) 813.960.9830
Attachments & Files
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 Population13,62697,147231,118
Population Median Age404344
Population by Age0-9 Yrs1921967220897
10-19 Yrs1180942521865
20-29 Yrs14831335130200
30-39 Yrs21431187827982
40-49 Yrs14651130427622
50-59 Yrs23821494036960
60-69 Yrs15901266932331
70+ Yrs14611390833260
Median HH Income$35,326$47,395$51,050
Total Household Income< 24K18421069324113
25-49K1422961923399
50-74K867700316933
75-99K445448511683
100-199K433568315922
200K+8313594658
Highest Education LevelNo Diploma1273750217582
Diploma or GED39252099747831
Some College20561540736016
Assoc. Degree631693116518
Bachelors Degree12341354936161
Higher Degree624676319901
Total Housing Units6,70249,549125,488
--Owner-Occupied2,75223,85560,314
--Renter-Occupied2,33914,98736,395
Owner-Occupied Values< 100K1061623612541
100-199K1153879020403
200-299K285419111498
300-399K9021135847
400-499K758923367
500K+8716326658
Total Working Age Population10,98582,083197,433
In Work Force6,09746,710116,993
Not In Work Force4,88835,37380,440
Workforce Employed5,50343,411109,916
Workforce Unemployed5943,2466,771
Civlian Workforce6,09746,657116,688
Military Workforce053306
Total Households5,09138,84296,709
Family Households2,86321,11450,915
Non-Family Households2,22717,72845,794
Married Couple1,43013,14034,392
Other Family1,4347,97316,523
Married w/Child2953,1158,553
Single Male w/Child757981,806
Single Female w/Child4682,7915,608

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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