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    1503 9Th Ave St. Petersburg, FL 33704

    For Sale
    $4,375,000

    35-Unit Apartment Building, High ROI

    Property size:
    16,448 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    363
    This exceptional 35-unit apartment building presents a compelling investment opportunity in the heart of St. Petersburg, Florida. The property, located at 1503 9th St N, boasts a prime location less than a mile from vibrant dining, retail, and nightlife. Built in 1960 and extensively renovated in 2022, this two-story, concrete block structure comprises two buildings totaling 16,448 square feet with 10,216 square feet of net rentable space. The recent renovation included new exterior paint, life-proof vinyl plank flooring, and new furnishings in all 35 units, which are fully furnished. The property benefits from a short-term business license, offering flexibility for various rental strategies, including apartments, Airbnb, or a boutique hotel. Significant capital improvements exceeding $200,000 have been completed since 2021, including roof permitting in 2019. The property offers a mix of studio, one-bedroom, and two-bedroom floor plans, catering to a diverse range of tenants. With a strong NOI of $486,960 and an attractive cap rate of 11.13%, this property represents a significant return on investment. Situated in Pinellas County, the most densely populated county in Florida, and within 20 minutes of St. Pete Beach, this location offers unparalleled access to amenities and attractions. The asking price is $4,375,000, or $125,000 per unit. The permitted zoning is 18-31-17-43182-000-0010. This is a fee simple ownership opportunity.

    Property Features for 1503 9Th Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    16,448 SF

    Building Details

    Year Built/Renovated
    1960/2022
    Buildings
    2
    Stories
    2
    Units
    35

    HighLights

    • Highly desirable downtown St. Petersburg location.
    • Less than one mile to dining, retail, and nightlife.
    • 2022 renovation includes new exterior paint and concrete block construction.
    • All units feature new furnishings and life‑proof vinyl plank flooring.
    • Short‑term rental license allows flexible use as apartments, Airbnb, or boutique hotel.
    • Roof permitted in 2019.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    St. Petersburg
    County
    Pinellas
    State
    Florida
    Longitude
    -82.6463048
    Latitude
    27.7865146

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    FAQs

    What type of property is this?
    Multifamily property - 35-Unit Apartment Building, High ROI
    Where is this multifamily property located?
    The property is located at 1503 9Th Ave St. Petersburg, FL.
    What is the asking price?
    The asking price for this property is $4,375,000.
    What are key features of this property?
    This property features: Highly desirable downtown St. Petersburg location.; Less than one mile to dining, retail, and nightlife.; 2022 renovation includes new exterior paint and concrete block construction.
    Request Owner's contact information
    1503 9Th Ave St. Petersburg, FL 33704
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1503 9Th Ave St. Petersburg, FL 33704
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