Prince Gregor Apartments
Closed844 5th Ave S, Saint Petersburg, FL 33701
Property type
Multifamily
Unit / Space count
13
Price
$2,200,000
Building size
7,090 sf
Rentable area
7,090 SF
Year built
1948
Year renovated
Occupancy
APN
19-31-17-83160-000-0070
Zoning code
Employment Center - 2
Lot size
0.24 Acres
Unit mix
5x
1br
2x
2br
6x
-br
Bedroom count
Price per Unit
$169,231
Price per SF
$310.30
Property description
Prince Gregor Apartments, a 13-unit multifamily apartment community located in St. Petersburg, offers a mix of Studios, 1Bed 1Bath, and 2Bed 2Bath units, each boasting complete modern upgrades including stainless steel appliances and tiled showers. With the flexibility of Employment Center-2 zoning, investors can tap into the lucrative market of Short-Term Rentals, ensuring high returns. On-site laundry and storage facilities add to the income potential, while complete mechanical and exterior upgrades guarantee long-term durability. Location-wise, Prince Gregor Apartments stands as a beacon of urban convenience. Situated within the vibrant urban core of Downtown St. Petersburg, residents enjoy easy access to high-end restaurants, boutiques, and entertainment along Central Ave and Beach Drive. Additionally, the property is just a 10-minute walk away from the transformative $6 Billion Tropicana Field mixed-use redevelopment project, promising exponential growth potential. Surrounded by burgeoning development activities, including new construction townhomes fetching $760k+ per unit, Prince Gregor Apartments stands as a prime investment opportunity. Proximity to major employers such as St. Anthony’s Hospital, Bayfront Health Hospital, Johns Hopkins All Children’s Hospital, Tropicana Field, and the University of South Florida – St. Pete Campus ensures a steady influx of potential tenants. For those seeking relaxation and leisure, the renowned St. Pete Beach, voted the #1 beach in the U.S. by Tripadvisor in 2021, lies just 8 miles away, offering endless opportunities for sun-soaked escapes. Discover the epitome of urban luxury and investment potential at Prince Gregor Apartments.
Property highlights
- Fully Renovated (2017) 13-Unit Apartment Community in Downtown St. Petersburg
- Unit Mix Includes Spacious Studios (46%), 1Bed 1Bath (38%), and 2Bed 2Baths (15%)
- Significant Upside Through Operational and Management Efficiency (Rental Upside From Comps, Additional Revenue Streams, Reduction in Expenses, etc.)
- Current Zoning of Employment Center-2 (EC-2) Permits Hotel use, Which Opens up Income Potential to Short Term Rentals
- On-Site Laundry and Storage Facilities Provide Additional Income
- All Interiors Have Been Upgraded Recently with Stainless Steel Appliances, Bamboo Composite Cabinetry, Tiled or Steel Backsplashes, Upgraded Countertops, Modern Fixtures, and Tiled Showers
- Complete Mechanical and Exterior Upgrades Include a New Roof, all New Wiring, New Plumbing, Mini-Split HVAC Systems in Every Unit, a New Fire Alarm and Security Access System, a Gated Parking Lot, and Restoration to the Exterior Façade and Architecture
- Excellent Location in the Urban Core of Downtown St. Petersburg, Walkable to High-End Restaurants & Retail Along Central Ave and Beach Drive
- Within a 10 Minute Walk to the $6 Billion Tropicana Field Mixed-Use Redevelopment Project (Spearheaded by the Rays, the City of St. Petersburg, the MLB, and Hines Development)
- Significant Development on Neighboring Parcels with New Construction Townhomes for Sale at $760k+ per Unit
- 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)
- Within 8 Miles of St. Pete Beach; Voted the #1 Beach in the U.S. (Tripadvisor, 2021)