115 112Th Ave St. Petersburg, FL 33716

Property Details for 115 112Th Ave

Year built

1988

Property size

18,850 SF

Property type

Commercial real estate

APN

18-30-17-11348-005-0519

Description

This exceptional investment opportunity presents a portfolio of 24 Class A condominium units located in St. Petersburg, Florida. The property boasts a total of 18,850 square feet, with 15,681 square feet of net rentable space, currently achieving 100% occupancy. Built in 1988 and renovated in 2024, the portfolio generates a strong Net Operating Income (NOI) of $303,308, projecting to $326,037. This translates to a current cap rate of 7.58% and a pro-forma cap rate of 8.15%. Each unit is priced at $166,666.67, resulting in an asking price of $4,000,000. The property features twelve individual buildings, all situated within a homeowner's association responsible for exterior maintenance, including roof repairs and insurance, significantly reducing operational expenses for the owner. All units have undergone recent updates, including new flooring, paint, windows, bathrooms, and kitchen appliances. The HVAC systems have also been recently replaced. The current rental rates are below market average, presenting a significant opportunity to increase NOI through rental adjustments. Attractive seller financing is available with a $1,000,000 down payment and interest-only payments for three years, with interest rates of 6%, 7%, and 8% for years one, two, and three respectively. This portfolio offers a compelling value-add opportunity with substantial upside potential for increased cash flow and return on investment. The property is zoned RES (Residential) and is held in fee simple ownership. The portfolio is located at 115 112th Ave NE, St. Petersburg, FL 33716.

Location Insight

City

St. Petersburg

County

Pinellas

State

Florida

Longitude

-82.6322146

Latitude

27.8747748