The Central Apartments

Overview

Highlights

• Prime 4-Unit Multifamily Property in the Urban Core of Downtown St. Petersburg
• Average Monthly Rental Upside of $275 Per Unit (or ~$13k/year) Based on Comparable Properties in the Market
• Interior and Exterior Renovations Done in 2022 & 2023
• Interior Renovations: Stainless Steel Appliances, White Shaker Cabinets, New Water Heater & Quartz Countertops
• Exterior Renovations: Exterior Seal and Painting, Balcony Repairs, Fencing Replacement, Staircase Repairs, Upgraded Central AC Units & Attic Repairs
• Amenities Including Select Furnished Units, On-Site Laundry Facility, Front Porches, and a Fenced-In Lot
• Exceptional Downtown St. Petersburg Location, Within Walking Distance to Upscale Dining and Retail Destinations on Central Ave and Beach Drive
• Located within a 5-Minute Walk of the $6.5 Billion Tropicana Field Mixed-Use Redevelopment Project, Which Will Include a New Baseball Stadium, 1.4 Million SF of Office and Medical Space, 750k SF of Retail and Restaurants, Entertainment Venues, Hotels, and More
• Close Proximity to Major Employers Such as St. Anthony’s Hospital (1.3 Mi), Bayfront Health Hospital (0.5 Mi), Johns Hopkins All Children’s Hospital (0.5 Mi), Tropicana Field (0.3 Mi), and the University of South Florida – St. Petersburg Campus (0.4 Mi)
• Just 7.9 Miles from St. Pete Beach, Recognized as the #1 Beach in the U.S. by Trip Advisor in 2021

Description

The Central Apartments is a 4-unit multifamily property located in the vibrant heart of Downtown St. Petersburg. Situated within walking distance of Central Ave and Beach Drive, residents enjoy unparalleled access to upscale dining, retail, and entertainment venues. The property is also conveniently close to major employers like St. Anthony’s Hospital, Bayfront Health Hospital, and the University of South Florida – St. Petersburg Campus. With the $6.5 billion Tropicana Field redevelopment project—featuring a new baseball stadium, extensive office and retail spaces, and more—just a five-minute walk away, this location is poised for significant growth.

This investment opportunity boasts a substantial rental upside of $275 per unit per month—translating to approximately $13,000 annually—based on current market trends. The property has undergone comprehensive renovations in 2022 and 2023, featuring modern interior upgrades such as stainless-steel appliances, white shaker cabinets, new water heaters, and sleek quartz countertops. Exterior enhancements include a fresh seal and paint, balcony repairs, fencing replacement, upgraded central AC units, and attic repairs, ensuring both aesthetic appeal and structural integrity.

The Central Apartments offer a compelling investment opportunity with a combination of an ideal downtown St. Petersburg location, rental upside, and modern renovations.

Location

TBD

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