3103 16TH St N, St Petersburg, FL 33704

Blue Pelican is a rebuilt quadplex featuring commercial-quality construction. The property has been rebuilt from the studs up, retaining portions of the exterior framing and slab. Major components are new, including the electrical system and panels, plumbing, roof, HVAC, siding, impact-rated windows and doors, driveway, insulation, drywall, upscale kitchens and bathrooms, and all interior finishes. It includes a commercial fire sprinkler system and a commercial fire alarm system. Each residence has been redesigned with modern layouts and high-end finishes, and one of the units is ADA compliant with an exterior wheelchair-accessible ramp. Additional upgrades include designated bicycle parking and site enhancements. The owners are replicating this project with the mirror-image property next door, which will match Blue Pelican in layout, quality, and commercial-grade upgrades. Once completed, this will enhance the overall appeal and value of Blue Pelican, and a future purchaser will have the opportunity to acquire both properties for a cohesive 8-unit investment. When fully leased, the property will deliver a total monthly rental income of $8,825 plus $200 per month in reimbursement for water and trash, bringing the annual gross income to approximately $108,300. All units are separately metered for electric. Given the complete redevelopment and commercial-grade systems, future capital expenditure needs are minimal. Blue Pelican is located in a growing, high-demand market near downtown St Pete and Crescent Lake.