The Rialto
Closed550 50th Ave N, St Petersburg, FL 33703
Property type
Multifamily
Unit / Space count
40
Price
$6,150,000
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
$6150000
Bedroom count
Property description
The Rialto is a multifamily value-add investment opportunity located in St Petersburg, FL. The 40 unit concrete block property features a unit mix split between One (25%) and Two-bedroom (75%) units. Tenants enjoy many in-unit upgrades including stainless steel appliances, white cabinets, upgraded countertops, and vinyl wood flooring. The community offers a sparkling pool, a dog park, lush tropical courtyards/picnic areas, on-site laundry facilities, and a fully fenced and secured property. Investors have the opportunity to acquire a well maintained property with proven value-add potential. Immediate upside lays in pushing rents to market as they are currently near the bottom of the market comps. The new owner will also have the ability to achieve additional rent premiums through the continuation of light interior and exterior renovations. The property is conveniently located near fine dining, national retailers, and expanding office space. Tenants are within walking distance to some of St. Pete's most popular restaurants including, Red Mesa, Fresh Kitchen, Better Byrd, and other renowned national tenants like Bonefish Grill, Starbucks, Earl of Sandwich, and more. Multiple supermarkets can be found within minutes of the property including two retail centers anchored by Publix Supermarkets (1 Mi), a nearby Trader Joe's (1.6 Mi), and The Fresh Market (1.5 Mi). Major roadways (4th St, I-275, US-19) connect the property to neighboring areas including the Gateway Business District (6.7 Mi), Downtown St. Petersburg (3.5 Mi), Westshore Business District (16 Mi), and Downtown Tampa (17 Mi).
Property highlights
- 40 Unit Multifamily Property in St. Petersburg, FL
- Buyer Plans to Execute Significant Value-Add Strategy through Interior Renovations and Community Enhancements
- Community Amenities Include On-Site Laundry Facilities, a Swimming Pool & an On-Site Dog Park
- Well-Located Just 8 Minutes North of Downtown St. Pete & Within Walking Distance to Starbucks and a Variety of Popular Local and National Restaurants on Major 4th Street Corridor