Oak Park Villas
Closed4701 31st Street S, St Petersburg, FL 33712
Property type
Multifamily
Unit / Space count
44
Price
Subject to Offer
Building size
64,896 sf
Rentable area
64,896 SF
Year built
1984
Year renovated
Occupancy
Zoning code
Lot size
3.85 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
Oak Park Villas is a 44-unit townhome community located near Downtown St. Petersburg, FL. This property stands out with a unit mix, featuring 73% 2-bedroom townhomes and 27% 2-bedroom, 1-bath flats, all equipped with a private garage. Roughly $1,000,000 has been invested in both interior and exterior renovations, including repaved parking lots, fresh exterior paint, upgraded pool facilities, enhanced landscaping, and improved signage. This not only enhances the aesthetic appeal but also sets the stage for a premium living experience. With 57% of classic units ready for a modern touch and a chance to elevate the remaining 43% to premium status, there exists a significant value-add opportunity. The potential for transformation extends beyond the existing structures, as 0.85 acres of adjacent vacant land, zoned NSM-1, awaits development, allowing for the construction of 12 market-rate units or 17 affordable units. Oak Park Villas is strategically located just 5.9 miles from Downtown St. Petersburg, the community is conveniently located near major employers such as St. Anthony’s Hospital, Albert Whitted Airport, University of South Florida – St. Pete Campus, Johns Hopkins All Children’s Hospital, and Bayfront Health St. Petersburg. Oak Park Villas is within close proximity to Publix (0.6 Mi), Walgreens (0.6 Mi), CVS (0.9 Mi), Wawa (1 Mi), Walmart (1.3 Mi), Starbucks (1.3 Mi), and Aldi (1.8 Mi), providing residents with convenient access to shopping and retail. Oak Park Villas stands as a beacon for investors seeking a harmonious balance between immediate returns and long-term growth. The strategic location, renovation potential, and the prospect of expanding on adjacent land make this investment a compelling value-add opportunity.
Property highlights
- 44-Unit Townhome Community Located Near Downtown St. Petersburg, FL
- Strong Unit Mix Featuring 73% 2 Bed Townhomes, and 27% 2 Bed 1 Bath Flats All With Private Garages
- Value-Add Opportunity to Renovate 57% of Classic Units and Further Upgrade the 43% of Renovated Units to Achieve Premium Level Renovation Status
- Roughly $1,000,000 Spent on Interior/Exterior Renovations
- Exterior Renovations Include: Repaved Parking Lot, Exterior paint, Upgraded Pool, Landscaping, and Signage
- 0.85 Acres of Vacant Land Next Door, Zoned NSM-1 Which Allows for 12 Market Rate Units or 17 Affordable Units to be Built
- Insurance - Confirmed by Flood Expert that the Property was Removed from Flood Zone Due to Existing LOMA on File
- Significant Value-Add with $243+ in Average Monthly Rental Upside Through Renovations and Loss-to-Lease Recapture
- Current Average Lease Rent: $1,834
- Current Average Base Market Rent: $1,964
- Pro Forma Average Rent: $2,077
- 5.9 Miles from Downtown St. Petersburg with Major Employers Including St. Anthony’s Hospital, the Albert Whitted Airport, the University of South Florida – St. Pete Campus, Johns Hopkins All Children’s Hospital, and Bayfront Health St. Petersburg
- Conveniently Located Near Shopping & Retail Including Publix (0.6 Mi), Walgreens (0.6 Mi), CVS (0.9 Mi), Wawa (1 Mi), Walmart (1.3 Mi), Starbucks (1.3 Mi), and Aldi (1.8 Mi)