Downtown St. Pete Portfolio
Closed433 Delmar Ter S, Saint Petersburg, FL 33701
Property type
Multifamily
Unit / Space count
18
Price
$1,600,000
Building size
10,569 sf
Rentable area
10,569 SF
Year built
1960
Year renovated
Occupancy
Zoning code
Lot size
0.26 Acres
Sold/status
Sold · Date unknown
Sale price
$1600000
Bedroom count
Property description
The Downtown St. Pete Portfolio is comprised of 2 multifamily properties located in Downtown St. Petersburg, FL. The sale includes 18 total units within 3 separate buildings. The buildings were constructed in 1920, 1924, and 1960. Most units have received upgraded interiors including stainless steel appliances, modern fixtures, tiled backsplashes, tiled showers, white cabinets, tiled & vinyl wood floors, and upgraded countertops. The excellent Downtown location is walkable to dozens of major employers, restaurants, and retailers. The Downtown St. Pete Portfolio is surrounded by major employers including 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. Pete Campus (0.5 Mi) St. Pete Beach is located within 8 miles of the property and was voted the #1 beach in America by Trip Advisor in 2021. Also less than 2 miles away is the new $92 million St. Pete Pier and the waterfront, Vinoy Park. The Downtown St. Pete Portfolio is walkable to many high-end restaurants and retailers on Central Ave and Beach Drive including, Datz Downtown St. Pete, Acropolis Greek Tavern, Oak & Stone, and the Red Mesa Cantina. Publix Supermarket is also within 0.5 Miles of the properties. The Downtown St. Pete Portfolio offers an investor 2 well maintained assets in an excellent location in the urban core of St. Petersburg. With a light value-add strategy, an investor could expect to achieve $300+ above current in-place rents. The strong nearby city development, combined with major nearby employers ensures continued rental demand in the current and future market.
Property highlights
- 18 Unit Multifamily Portfolio in Downtown St. Petersburg, FL
- 2 Total Properties
- Interiors Have Been Upgraded with Modern Fixtures, Stainless Steel Appliances, Tiled Backsplashes, Tiled Showers, White Cabinets, Tiled & Vinyl Wood Floors, and Upgraded Countertops in Most Units
- Potential Rental Upside by Implementing a Light Value-Add Strategy to Achieve $300+ Above Current In-Place Rents
- Located 1.9 Miles From the New $92-Million St. Pete Pier and the Vinoy Park Waterfront Venue
- Within 8 Miles of St. Pete Beach; Voted the #1 Beach in the U.S. (Trip Advisor, 2021)
- Excellent Location in the Urban Core of Downtown St. Petersburg Walkable to High-End Restaurants & Retail Along Central Avenue & Beach Drive
- Nearby Employers Include 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. Pete Campus (0.5 Mi)