Gateway Place
Closed528 88th Ave N, Saint Petersburg, FL 33702
Property type
Multifamily
Unit / Space count
40
Price
$2,900,000
Building size
28,740 sf
Rentable area
28,740 SF
Year built
Year renovated
Occupancy
Zoning code
Lot size
1.45 Acres
Sold/status
Sold · Date unknown
Sale price
$2900000
Bedroom count
Property description
Gateway Place is a 40-unit multifamily community in St. Petersburg, FL. The property consists of 10 concrete block single-story quadplexes built in 1972-1973 with pitched roofs and central HVAC. The units are all 2 Bedroom 1 Bathroom floor plans with functional layouts approximately 700 square feet. Residents at Gateway Place enjoy on-site laundry facilities and private patios. The water, sewer, and electric are all separately metered and paid by tenants. The property is located just a few blocks from 4th St N, a major thoroughfare leading directly to Downtown St. Petersburg. The property is close to a multitude of retail, shopping and dining destinations including Starbucks (0.2 Mi), Publix Supermarket (0.6 Mi) and Target (0.6 Mi). Gateway Place offers the investor an attractive opportunity to acquire a value-add multifamily community located in a high-growth market with significant upside through improving interiors and increasing rents to market levels.
Property highlights
- Generated Multiple Competitive Offers in a Best & Final Submission Process
- Significant Contingent-Free “Hard Money” Deposit at Contract Signing
- Closed at Full Contract Price within 60 Day Timeframe
- Buyer Achieved 80% Loan-to-Value Agency Financing
- Buyer Implementing Value-Add Renovation Program to Increase NOI
- Franklin Street Represented Buyer and Seller in the Transaction