7786 62Nd St St. Petersburg, FL 33781
- Apartment buildings
- 11,704 SF
Current Use by Public Records
- Apartment buildings
Property Details for 7786 62Nd St
- Year built
- 1985
- Property size
- 11,704 SF
- Property type
- Apartment buildings
Description
This 12-unit apartment building, located at 7786 62nd St N in Pinellas Park, Florida (zip code 33781), presents a compelling investment opportunity. Built in 1985, this two-story, Class B property encompasses 11,704 square feet on a single building and sits on a lot with APN 29-30-16-79488-00-0130. The property is zoned R-4 and offers a mix of one- and two-bedroom units, each with one bathroom. Currently, the property generates a pro-forma NOI of $181,920, resulting in a pro-forma cap rate of 7.58%. The asking price is $2,900,000, representing a current cap rate of 7.90%. While some unit updates are needed to achieve market rent, this is reflected in the attractive purchase price. The property's strong location offers convenient access to shopping, dining, and entertainment, within a thriving community. This value-add opportunity allows for significant income potential through renovations and increased rental rates. The property features on-site laundry. This is a rare opportunity to acquire a multifamily property in a desirable location with substantial upside potential. Detailed financial information and property specifics are available upon request.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- St. Petersburg
- County
- Pinellas
- State
- Florida
- Longitude
- -82.7203
- Latitude
- 27.8423
