5050 74Th St N St Petersburg, FL 33709
Six-unit property with waterfrontage, high cap rate, and renovation potential.
Property size:
3,409 SFLot size:
0.36 AcresProperty Features for 5050 74Th St N
General Information
- Standard status
- Pending
- Size
- 3,409 SF
- Lot size
- 0.36 Acres
Building Details
- Year built
- 1980
Source:
Exitrealty
Listing Agency: LPT REALTY, LLC Listing Agent: Steven Sallo
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Waterfront Multifamily Investment Opportunity
This six-unit multifamily property presents an investment opportunity in a St. Pete neighborhood, featuring 135 feet of waterfrontage. The property includes an additional waterfront lot. The building comprises three two-bedroom, one-bath units, two studio units, and one one-bedroom, one-bath unit. All units are currently occupied, with tenants on month-to-month agreements. Current rents are $1,800 for each of the two-bedroom units, $1,200 for each of the studio units, and $1,150 for the one-bedroom unit, generating a total monthly income of $8,950, or $107,400 annually. Expenses include $250 per month for water and garbage pickup ($4,128 annually), property taxes of $6,800 annually, and insurance of $4,103 annually, totaling $15,031 in annual expenses. The net annual profit is approximately $92,368. Upgraded plumbing and electrical systems were installed 4 years ago, and the central air conditioning system is also 4 years old. There is an opportunity to construct an income-producing laundry building onsite, potentially as an ADU-type building. The property has a 10% cap rate, with the potential to increase to 12-15% through rent increases and the addition of a laundry area. The property size is 3409 square feet.
Location Intelligence
Current Use by Public Records
1031 exchange properties
Location Insight
- Map
- Local Demand
- City
- St Petersburg
- County
- Pinellas
- State
- Florida
- Longitude
- -82.741429
- Latitude
- 27.8178815
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Six-unit property with waterfrontage, high cap rate, and renovation potential.
Where is this apartment building located?
The property is located at 5050 74Th St N St Petersburg, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: - Boasting a **10% Cap Rate with potential to increase to 12-15%**.; - Multi-unit investment opportunity featuring 6 units and **135ft of waterfrontage**.; - Benefit from an additional waterfront lot included.
