4420 37Th St St. Petersburg, FL 33711

Property Details for 4420 37Th St

Year built

1969

Property size

7,840 SF

Property type

Residential income homes

Property subtype

Dormitories

Description

This exceptional 10-unit apartment building presents a compelling value-add investment opportunity in St. Petersburg, Florida's thriving Skyway Marina District. Boasting 7,840 square feet across a 18,134 square foot lot, this two-story, concrete block structure was built in 1969 and underwent renovations between 2006 and 2010, including a new roof. The property features a mix of eight one-bedroom/one-bathroom and two two-bedroom/two-bathroom units, each with a private covered patio. Six units are currently on month-to-month leases, offering immediate potential for rent increases. The property benefits from individually metered electricity, with the owner currently covering water, sewer, and garbage—an expense easily passed on to tenants. A renovated detached laundry facility provides an additional income stream. Ten tandem parking spaces are available for tenants, plus additional guest parking. The building enjoys a prime location, with easy access to I-275, US19, Eckerd College, downtown St. Petersburg, and area beaches. Nearby amenities include Starbucks, Tiki Docks, Maximo Marina, and Publix, with a new Sprouts Farmers Market under development. The property is uniquely subdivided, allowing for potential condo conversion. The asking price is $2,000,000, representing a pro-forma cap rate of 7.23% and a pro-forma NOI of $144,510 based on an 80% occupancy rate. The property has not experienced any storm damage from recent hurricanes. This is a rare opportunity to acquire a well-maintained multifamily property with significant upside potential in a rapidly developing area. The Pinellas Trail runs directly in front of the building, offering excellent walkability.

Location Insight

City

St. Petersburg

County

Pinellas

State

Florida

Longitude

-82.6817

Latitude

27.728