Rio Vista Village
Closed200 78th Ave N, St Petersburg, FL 33702
Property type
Multifamily
Unit / Space count
248
Price
Subject to Offer
Building size
249,005 sf
Rentable area
249,005 SF
Year built
1974
Year renovated
Occupancy
Zoning code
Lot size
14.69 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
Rio Vista Village consists of 248 units spread across 18 two-story buildings, offering a total rentable area of 186,080 square feet on an 14.69-acre site. Built in 1974, the community provides spacious one, two, and three-bedroom apartments with an average unit size of 750 square feet. Community amenities include a resort-style pool with a brick paved sun deck and whirlpool spa, a large 24-hour fitness center, and a sprawling resident clubhouse with a coffee bar and seating area. Residents also have access to a 24-hour business center with modern workspaces, a car care center, reserved covered parking for $15 per month, and 24-hour laundry facilities onsite. Rio Vista Village is Conveniently Located Near Walgreens (0.1 Mi), Gateway Market Center, which contains Publix Super Markets, Target, T.J. Maxx, Bealls, PetSmart and CVS (0.5 Mi), Noble Crust (0.5 Mi), Starbucks (0.7 Mi), The Fresh Market (3.2 Mi) and Trader Joe’s (3.7 Mi) Easy drive to Downtown St. Petersburg attractions including the St. Pete Pier, Dalí Museum, Straub Park, Beach Drive retail and dining, Al Lang Stadium and Tropicana Field (4.8 Mi), 15 minutes from St. Pete Clearwater International Airport, 18 minutes from Tampa International Airport and 20 minutes from International Plaza and Bay Street Nearby Major Employment Hubs encompassing the Gateway Office Market (4.2 Mi), Downtown St. Petersburg (4.8 Mi), Westshore Office Market (12.1 Mi) and Downtown Tampa (15.2 Mi)
Property highlights
- Original Developer Owned; all Units Previously Renovated in 2008 Allowing New Ownership a Blank Slate to Implement a Complete Interior Unit Renovation Program Including the Installation of Washers and Dryers to 100% of the Units Yielding an Additional $300 per Unit per Month
- Irreplaceable, Infill Location in the Highly Desirable North St. Petersburg Submarket with Prominent Road Frontage Along 4th Street
- Current Market Rents are $387 Below the Leading Rent Comp and $279 Below the Rent Comp Set Average Signaling the Ability to Significantly Increase Rents
- Ability to Acquire a Stabilized, Cash-Flowing Asset with Untapped Value-Add Potential as the Property Maintains a Consistent 98% Occupancy
- Additional Other Income Opportunities Include Implementing Valet Waste, Adding Additional Reserved Parking and Bulk/Cable Internet
- Potential to Renovate Existing Laundry Facilities into Onsite Storage to Generate Additional Income
- High-Quality, Concrete Block Construction
- 94% Submarket Occupancy Signaling Strong Demand for Rental Product in the Area
- 3.9% Projected Annual Rent Growth Through 2029