The Central Apartments
Closed324 7th St S, St. Petersburg, FL 33701
Property type
Multifamily
Unit / Space count
4
Price
$1,030,000
Building size
2,999 sf
Rentable area
2,999 SF
Year built
1920
Year renovated
Occupancy
Stories
2
APN
19-31-17-74466-062-0082
Zoning code
Downtown Center-2 (DC-2)
Lot size
0.06 Acres
Unit mix
4x
1br
Bedroom count
Price per Unit
$257,500
Price per SF
$343.45
Property description
The Central Apartments is a 4-unit multifamily property located in the vibrant heart of Downtown St. Petersburg. Situated within walking distance of Central Ave and Beach Drive, residents enjoy unparalleled access to upscale dining, retail, and entertainment venues. The property is also conveniently close to major employers like St. Anthony’s Hospital, Bayfront Health Hospital, and the University of South Florida – St. Petersburg Campus. With the $6.5 billion Tropicana Field redevelopment project—featuring a new baseball stadium, extensive office and retail spaces, and more—just a five-minute walk away, this location is poised for significant growth. This investment opportunity boasts a substantial rental upside of $275 per unit per month—translating to approximately $13,000 annually—based on current market trends. The property has undergone comprehensive renovations in 2022 and 2023, featuring modern interior upgrades such as stainless-steel appliances, white shaker cabinets, new water heaters, and sleek quartz countertops. Exterior enhancements include a fresh seal and paint, balcony repairs, fencing replacement, upgraded central AC units, and attic repairs, ensuring both aesthetic appeal and structural integrity. The Central Apartments offer a compelling investment opportunity with a combination of an ideal downtown St. Petersburg location, rental upside, and modern renovations.
Property highlights
- Turnkey Quadplex in the Urban Core of Downtown St. Petersburg, FL
- Pricing Translates to a 4.6% Tax and Insurance Adjusted Cap Rate
- Sold to a New-to-Market Buyer Group from California
- Buyer Plans to Capture Proven Monthly Rental Upside of $255 Per Unit
- Exceptional Downtown St. Petersburg Location, Within Walking Distance to Upscale Dining and Retail Destinations on Central Ave and Beach Drive
- Close Proximity to Major Employers Such as St. Anthony’s Hospital (1.3 Mi), Bayfront Health Hospital (0.5 Mi), Johns Hopkins All Children’s Hospital (0.5 Mi), and the University of South Florida – St. Petersburg Campus (0.4 Mi)