Royal Palm Apartments
Closed550 50th Avenue North, Saint Petersburg, FL 33703
Property type
Multifamily
Unit / Space count
40
Price
$3,625,000
Building size
37,004 sf
Rentable area
37,004 SF
Year built
1969
Year renovated
Occupancy
Zoning code
Lot size
1.23 Acres
Sold/status
Sold · Date unknown
Sale price
$3625000
Bedroom count
Property description
Royal Palm is a multifamily value-add investment opportunity located in the north portion of St Petersrburg, FL. The 40-unit concrete block property features a unit mix split between One (25% ) and Two-bedroom (75%) units. Investors have the opportunity to acquire a well-maintained property with proven value-add potential. immediate upside lays in pushing rents up to market as they are currently at the bottom of the market comps. The new owner will also have the ability to extract additional rent premiums through the continuation of light interior and exterior renovation programs.
Property highlights
- Buyer Plans on Implementing a Significant Value-Add Renovation
- Concrete Block Construction with 75% Two Bedroom Floor Plans
- Located Within 2 Blocks of 4th Street - a Major Retail Corridor Providing Direct Access to Downtown St Petersburg