The Old Southeast St Petersburg Florida 17th Avenue SE Apartments is located one block to beautiful waterfront Lassing Park boasting panoramic Tampa Bay views of the St Petersburg and Tampa downtown skylines. Minutes from the heart of St Pete, Old Southeast provides an atmosphere of suburban seclusion with close access to one of America’s Greatest Cities. Upscale homes and apartments are the most dominant characteristics of the neighborhood. Perched on the edge of Tampa Bay, Old Southeast is bookended to the north by exciting Downton St Pete and to the south by the growing popularity of several unique waterfront communities including Tropical Shores, Coquina Key, Bahama Shores, and Pinellas Point where the Sunshine Skyway Bridge connects to Sarasota and Bradenton. Just beyond Pinellas Point is America’s Top Ranked St Pete Beach. Being adjacent to St Pete’s USF Campus and Innovation & Waterfront Arts Districts, means tenants are within minutes of Beach Drive’s lively restaurants, bars, cafés, galleries, and boutiques. St Pete is experiencing a new “Golden Age” with revitalization creating exciting lifestyles offering a diverse multitude of retail, dining, entertainment and cultural venues, and employment opportunities.
The Property is comprised of one studio, three one-bedroom units, and a two-bedroom unit. There are two structures; a one-story block duplex with one-bedrooms fronting 17th Ave SE, and a two-story frame triplex, accessible from the north alley, with large first-floor two-bedroom, and second-floor studio and one-bedroom. Current rents are projected to be roughly 50% below area market averages. The Seller has completed some upgrades to the duplex, and opportunity exists to significantly enhance the triplex units by modernizing kitchens, baths, and living areas. Each unit has an efficient window HVAC, and separate gas furnace. Amenities include laundry facilities, and off-street parking for two vehicles; ample on-street parking is unrestricted. Both roofs were replaced in 2015. The Property is NOT in a flood zone. Pro-Forma taxes are estimated based on the projected sales price. Units are separately metered for ALL utilities, paid directly by tenants, contributing to an efficient Total Expense to EGI ratio of roughly 31%. Seller Financing may be considered.
With seven museums, and dozens of galleries, St Pete hosts over 900 annual events attracting more than 10 million visitors to festivals, art and music exhibits, yacht races, and sporting events. Tenants are minutes to USF St Pete, the St Pete Innovation District, Grand Central Arts & Edge Districts, and the expansive facilities of Bayfront Health & Johns Hopkins Children’s offering world class healthcare and a wide range of careers in the medical field.
This Offering is a unique opportunity to acquire a rarely available Historic Old SE Multifamily Investment Asset situated just one block from Tampa Bay’s Waterfront Lassing Park, priced substantially below $1 Million, and within minutes of USF St Pete, Beach Drive, Central Avenue, and the exciting future redevelopment of Tropicana Field’s Campus.
