226 7Th Ave St. Petersburg, FL 33701

Property Details for 226 7Th Ave

Year built

1925

Property size

10,350 SF

Property type

Apartment buildings

Description

This exceptional multifamily investment opportunity encompasses two adjacent properties in St. Petersburg, Florida's desirable Old Northeast neighborhood. The Georgian and Holly House collections comprise a total of sixteen units, offering a compelling blend of historical charm and modern appeal. The Georgian, built in 1925, features eight spacious one-bedroom, one-bathroom apartments, each approximately 725 square feet, boasting hardwood floors, abundant natural light (eleven windows per unit), and unique vintage finishes. Holly House, with a mix of unit sizes including one two-bedroom, one-bathroom unit, five one-bedroom, one-bathroom units, and two large studios, adds to the portfolio's diversity. Built in 1925 and 1940, Holly House benefits from new roofs installed in 2018 and five garages. The combined properties boast 10,350 square feet of net rentable space, currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $161,549, with a pro-forma NOI of $219,756. The asking price is $3,520,000, representing a price per unit of $220,000 and a price per square foot of $340.10. The property offers a current cap rate of 4.59% and a pro-forma cap rate of 6.24%. This fee-simple ownership presents a stabilized investment with significant potential for value appreciation and increased rental income. The property's location in the Old Northeast provides access to a thriving community rich in history and modern amenities. The APN is 18-31-17-46854-002-0040.