Old Southeast Portfolio
Closed674 22nd Ave S, St. Petersburg, FL 33705
Property type
Multifamily
Unit / Space count
120
Price
$7,700,000
Building size
Year built
Year renovated
Occupancy
Zoning code
Sold/status
Sold · Date unknown
Sale price
$7700000
Bedroom count
Property description
The Old Southeast Portfolio is a 120-unit portfolio that presents a buyer with the rare buying opportunity to capture most rental units in the market. All units are located within 3-miles from Downtown St. Pete. Also, the properties are located in an Economic Opportunity Zone, which provides the buyer with favorable tax breaks. This portfolio presents a value-add opportunity to prospective buyers through continued upgrades as well as management efficiencies. Over 65% of units have had some level of upgrade. Upgrades include: new flooring, new cabinets, new windows, , new counters, new fixtures, new bathrooms, etc. All properties but Old Southeast Villas have on-site laundry facilities. All the roofs vary in age from brand new to 8-years old. The Portfolio gives a new buyer the economies of scale to hire management staff and the unique opportunity to re-brand the portfolio under the same name and flag.
Property highlights
- Value-Add Opportunity Through Management Efficiencies and
- Continued Upgrades
- Over 65% of Units Have Varying Level of Upgrades
- All Properties Are Located within 3 Miles of Each Other
- All Properties are Located within 3-miles of Downtown St. Pete
- Properties are Located in an Economic Opportunity Zone
- All Roofs Have Been Replaced Within the Last 8 Years
- All Properties are Concrete Block Construction