Tropic Aire
Closed135 8th Ave NE, Saint Petersburg, FL 33701
Property type
Multifamily
Unit / Space count
15
Price
$1,875,000
Building size
8,666 sf
Rentable area
8,666 SF
Year built
1951
Year renovated
Occupancy
Zoning code
Lot size
0.29 Acres
Sold/status
Sold · Date unknown
Sale price
$1875000
Bedroom count
Property description
Tropic Aire is a 15-unit multifamily community in the Old Northeast neighborhood of St. Petersburg, FL. The property was built in 1951 with concrete block construction. The unit mix features 14 studios (450sf) and 1 studio suite (900sf). The studio suite has the potential to be converted back to two revenue-producing 450sf studio units. The property is located in the heart of the charming and historic Old Northeast neighborhood just a few blocks from the waterfront Vinoy Park and Downtown St. Petersburg. The eclectic live-work-play Downtown St. Petersburg community has exploded with new development and features an extensive variety of entertainment destinations, including fine dining, coffee shops, upscale retailers, bars/nightlife, and cultural museums and venues. This property offers the investor the opportunity to own a highly desirable concrete block multifamily asset in an exceptional location with immediate upside and significant potential for long-term appreciation.
Property highlights
- Closed at Full Asking Price to All Cash 1031 Exchange Buyer
- 35 Day Timeframe From Contract Execution to Closing
- Well-Maintained 1950's Built Concrete Block Construction
- "A+" Location in the Charming Old Northeast Neighborhood (St. Petersburg)