309 7th St S
Closed309 7th St S, St. Petersburg, FL 33701
Property type
Multifamily
Unit / Space count
8
Price
$1,475,000
Building size
4,582 sf
Rentable area
4,582 SF
Year built
1920
Year renovated
Occupancy
100%
APN
19-31-17-62514-000-0020
Zoning code
Lot size
0.16 Acres
Unit mix
4x
1br
4x
-br
Bedroom count
Price per Unit
$184,375
Price per SF
$321.91
Property description
309 7th St S, is an 8-unit apartment community located in the bustling urban core of Downtown St. Petersburg, FL. This nicely renovated property offers a strategic opportunity for multifamily investors, with significant upside potential through both operational and physical enhancements. Current renovations include modern touches such as stainless-steel appliances, durable vinyl plank flooring, white shaker cabinets, contemporary fixtures, and stylish tile backsplashes. With an average monthly rental increase potential of $400+, this property stands out as a lucrative investment in a rapidly appreciating market. Beyond the immediate value, there’s ample room for further premium upgrades, such as installing in-unit laundry machines for select units, mini split HVAC systems, enhanced bathroom vanities, smart door locks, and an inviting outdoor grilling station. Located within walking distance to Central Ave and Beach Drive’s upscale restaurants and retail, and just a 5-minute walk from the $6.5 billion Tropicana Field redevelopment, this property is positioned for growth. Neighboring developments have set a high standard, with 24 newly built Class A multifamily units achieving rents of $2,150/month for one-bedroom units. Additionally, the property is just 1.9 miles from the new $92 million St. Pete Pier and Vinoy Park, enhancing its appeal to future tenants and investors alike. This property promises both immediate value and long-term growth potential, making it a standout opportunity in one of Florida's most dynamic urban locales.
Property highlights
- 8-Unit Multifamily Community Located in the Urban Core of Downtown St. Petersburg, FL
- Successfully Navigated Through Tough Market Conditions as well as Two Hurricanes
- Property Traded at a 4.55% Cap Rate with Adjusted Taxes and New Insurance
- Buyer is a Local Multifamily Operator with Value-Add Plans and Economies of Scale, Ready to Capture $400+ of Rental Upside
- Insurance Placed through Franklin Street Insurance Services
- Property is Walking Distance to High-End Restaurants & Retail Along Central Ave and Beach Drive
- Major Employers in the Immediate Vicinity Include St. Anthony’s Hospital, the University of South Florida – St. Pete Campus, Johns Hopkins All Children’s Hospital, Bayfront Health St. Petersburg, and the Albert Whitted Airport