5050 74TH N STREET 1, St Petersburg, FL 33709

Building Details

Year Built

1980

Listing office LPT REALTY, LLC D***@gmail.com Show Phone

Listing date Sep 13, 2024

Source Exitrealty

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Overview

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.

Suggested Use

Law Firm Real Estate Agency Daycare Center Accounting Firm Computer & Electronic Repair Cosmetic Store Department Store Tech Support Center Parking Lot & Garage Kitchen & Bath Showroom

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

• Map
• Local Demand

City

St Petersburg

County

Pinellas

State

Florida

Longitude

-82.741429

Latitude

27.8178815

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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 N STREET 1 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.