Northridge Apartments
Closed6522 54th Ave N, Saint Petersburg, FL 33709
Property type
Multifamily
Unit / Space count
203
Price
N/A
Building size
212,638 sf
Rentable area
212,638 SF
Year built
1970
Year renovated
Occupancy
Zoning code
Lot size
7.29 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
Northridge Apartments is a multifamily value-add investment opportunity located in St. Petersburg, FL. Spread across 7.29 acres and consisting of two seperate parcels, Northridge Apartments was built in 1970 and 1983 with a combination of concrete block and wood frame. The two parcels consist of 144 and 59 units respectively and features a favorable unit mix consisting of 67 one-bedroom, 128 two-bedroom, and 8 three-bedroom floor plans which totals 203 units. Investors have the opportunity to acquire a well-maintained property with value-add opportunity through continued amenity upgrades and selective interior opportunities. The new owner will have the ability to extract additional rent premiums on the 71 (35%) non-renovated units through the continuation of light interior renovations. We believe the property is well positioned for immediate NOI growth via small capital expenditures and significant capital appreciation in the long term as St. Petersburg continues to be one of the most desired cities to live, work and play in the country.
Property highlights
- Proven Value Add Potential With Continued Light Interior and Exterior Renovations
- 65% of the Units Have Been Renovated Achieving $75-$100 Additional in Rent Premiums
- Located in Pinellas County, the Most Dense County in Florida and in the Highly Desirable City of St. Petersburg, FL
- Favorable Unit Mix Consisting of 67% Two-Bedroom and Three-Bedroom Units
- Centralized Location Providing Easy Access to Many Economic Drivers Including Downtown St. Petersburg and the World Famous Beaches
- Recent Capital Improvement Includes Roofs, Resurfaced Parking Lot and Interior Upgrades