Oak Park Apartments
Closed4771 78th Ave N, Pinellas Park, FL 33781
Property type
Multifamily
Unit / Space count
12
Price
$2,535,000
Building size
12,020 sf
Rentable area
12,020 SF
Year built
1984
Year renovated
Occupancy
Zoning code
Lot size
1.46 Acres
Sold/status
Sold · Date unknown
Sale price
$2535000
Bedroom count
Property description
Oak Park is a well maintained, 12-unit multifamily property located in Pinellas Park, FL within the St. Petersburg MSA. The property was constructed in 1984 and features concrete block construction and pitched shingle roofs. Recent capital improvements include re-paved parking lots, new roofs, main sewer lines replaced, hurricane impact windows, and full interior renovations. Interior features include granite counters, stainless steel appliances, white cabinets, ceiling fans, modern lighting and plumbing. The property has proven upside with the ability to increase rents $275+ above current in-place rents. Oak Park also features an undeveloped lot that is zoned "R-6" multifamily with a future land use of CRD. This gives an investor the ability to construct up to 9 additional units and 18 new parking bays. Oak Park is a located within walking distance of Publix Supermarket and is convenient to several national retailers including Walmart Supercenter (1.0 Mi.), Target (1.3 Mi.), Sam’s Club (2.6 Mi.), The Home Depot (0.8 Mi.), and Starbucks (1.3 Mi.) The property is also within 1.5 Miles from Northside Hospital (288-Bed Hospital) and within 5 Miles of the Gateway Business District, a major business district with over 2,700 businesses and 60,000 employees. Oak Park offers an investor the ability to acquire a well-maintained asset with the ability to increase rents through strategic upgrades and development opportunities. The central St. Petersburg location paired with the ability to add value to the property, creates the ideal multifamily investment in the current and future market.
Property highlights
- A Well Maintained, 12 Unit Multifamily Property Located in Pinellas Park, FL within the St. Petersburg MSA
- Development Opportunity to Construct up to 9 Additional New Units & 18 New Parking Bays
- Ability to Trim $39,000+ of Loss to Lease within Year 1
- Proven Upside with ability to Increase Rents $275+ Above Current In-Place Rents
- Two Story 1980’s Vintage Featuring Concrete Block Construction and Pitched, Shingle Roofs
- Recent Capex includes Repaved Parking lot, New Roofs, Main Sewer Lines Replaced, Hurricane Impact Windows, and Full Interior Renovations
- Interior Features Include Granite Counters, Stainless Steel Appliances, White Cabinets, Ceiling Fans, Modern Lighting, Updated Bathrooms, and New Title Flooring Throughout
- Located Within Walking Distance of Publix Supermarket and Convenient to Several National Retailers Including Walmart Supercenter (1.0 Mi.), Target (1.3 Mi.), Sam’s Club (2.6 Mi.), The Home Depot (0.8 Mi.), and Starbucks (1.3 Mi.)
- Within 1.5 Miles from Northside Hospital (288-Bed Hospital) and Within 5 Miles of the Gateway Business District, a Major Business District with over 2,700 Businesses and 60,000 Employees
- Centrally Located to St. Pete / Clearwater International Airport (5.5 Mi.), Downtown St. Petersburg (8.1 Mi.), The University of South Florida - St. Pete Campus (8.6 Mi.), Eckerd College (12.3 Mi.), Stetson University (7.3 Mi.), Downtown Tampa (18.4 Mi.), and the Tampa International Airport (17.1 Mi.)