5th Ave Apartments
Closed6682 5th Ave N, St. Petersburg, FL 33710
Property type
Multifamily
Unit / Space count
9
Price
$795,000
Building size
3,836 sf
Rentable area
3,836 SF
Year built
1953
Year renovated
Occupancy
Zoning code
Lot size
0.15 Acres
Sold/status
Sold · Date unknown
Sale price
$795000
Bedroom count
Property description
5th Ave Apartments is a 9 unit multifamily property located in St. Petersburg, FL in Pinellas County. The 3,836 SF property is comprised of 1, two story building constructed in 1953 and features concrete block construction. Building amenities include a laundry facility on site, a courtyard area, balcony, and off-street parking. The unit mix consists of 5; Studio Units (225 SF), 1; 1 Bed 1 Bath Unit (300 SF), 1; 1 Bed 1 Bath Units (600 SF), 1; 2 Bed 1 Bath Units (800 SF), 1; 2 Bed 1 Bath Unit (850 SF). All 5 studio units feature updated kitchenettes with sinks, stainless steel mini refrigerators and microwaves, as well as white cabinets and modern hardware. Other unit upgrades include tiled showers, tiled floors, white cabinets, white appliances, upgraded bathroom vanities, and Frigidaire AC units. An investor could add value to the property by further upgrading unit interiors. Significant capital improvements have been completed and include a new roof, 8 new AC units, a new water heater, and the addition of a laundry facility. 5th Ave Apartments is located in the Pasadena neighborhood of St. Petersburg and is directly across the street from St. Petersburg State College - Gibbs Campus. The college annually enrolls over 14,000 students and recently developed a $25 million, 48,000 square foot student success center within steps of the property. Other nearby points of interest include: St. Pete Beach (3.0 Mi), voted the #1 beach in America by Trip Advisor in 2021, Tyrone Square Mall (1.1 Mi), Palms of Pasadena Hospital (2.1 Mi), Johns Hopkins All Children’s Hospital (6.5 Mi), Tropicana Field (5.2 Mi), Treasure Island Beaches (3.1 Mi), and Downtown St. Petersburg (6.0 Mi). 5th Ave Apartments offers an investor the opportunity to acquire a well maintained asset with historically strong occupancy in the highly popular area of St. Petersburg. The property has proven value-add potential with the ability to modernize interiors and increase rents to market.
Property highlights
- Well Maintained 9 Unit Multifamily Property Located in the Pasadena Neighborhood of St. Petersburg, FL
- Ability to Implement a Utility Reimbursement Program to Recapture Over $8.5K Per Year
- Significant Capital Improvements Completed Including New Roof, Replacement of 8 A/C Units, New Water Heater For the Building and, the Addition of a Laundry Facility
- PSTA Bus Stop Located at the Front Entrance of the Property; Providing Convenient Access to Tyrone Square Mall, Downtown St. Petersburg and St. Pete Beach
- Located Directly Across From St Petersburg State College - Gibbs Campus, Which Enrolls Over 14,000 Students and Recently Developed a $25M, 48,000 Square foot Student Success Center
- Other Nearby Educational Facilities Include St. Petersburg High School (3.9 Mi and Undergoing $30M+ in Renovations), Stetson University College of Law (2.2 Mi), Eckerd College (8.2 Mi) and the University of South Florida - St. Petersburg Campus (6.4 Mi)
- Within 3 Miles of St. Pete Beach; Voted the #1 Beach in the U.S. (Trip Advisor, 2021)
- Excellent Location with Proximity to Nearby Education and Employment Drivers, Including St. Pete State College (0.1 Mi), Tyrone Square Mall (1.1 Mi), Palms of Pasadena Hospital (2.1 Mi), Johns Hopkins All Children’s Hospital (6.5 Mi), Tropicana Field (5.2 Mi), Treasure Island Beaches (3.1 Mi) and Downtown St. Petersburg (6.0 Mi)