115 112Th Ave NE St Petersburg, FL 33716
Property profile & analytics
115 112Th Ave NE St Petersburg, FL 33716
- Apartment buildings
- 18,850 SF
Property ID
US18-5904397
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Bridgewater Place Condominiums / Condominium Complex
- A Printing Concept / Marketing & Advertising / Printing Service
- Bridgewater Luxury Rentals / Real Estate Agency
- Class A Commercial Services, LLC / Commercial Cleaning Service
- Trinity Building Services LLC / Construction Company
Property Details for 115 112Th Ave NE
- Year built
- 1988
- Property size
- 18,850 SF
- Property type
- Apartment buildings
Description
THIS 24-UNIT CONDOMINIUM PORTFOLIO CONSISTS OF CLASS A UNITS ACROSS BEAUTIFUL ST. PETERSBURG, LAGO AND CLEARWATER, FL! THESE ARE THREE OF THE FASTEST-GROWING AND HOTTEST MARKETS IN THE COUNTRY! WITH MASSIVE DEVELOPMENTS ONGOING AND PEOPLE FLOCKING TO THESE AREAS TO LIVE, THE AVAILABILITY OF UNITS LIKE THIS IS FEW AND FAR BETWEEN, CREATING INCREDIBLE DEMAND! EACH BUILDING HAS AN HOA, RESPONSIBLE FOR ALL PROPERTY INSURANCE AND EXTERIOR MAINTENANCE, INCLUDING ROOF AND STRUCTURAL REPAIRS! ALL UNITS ARE IN FANTASTIC CONDITION WITH LONG-TERM TENANTS IN PLACE. THE OWNER HAS UPDATED ALL UNITS IN THE PAST 5 YEARS, AND ALL UNITS ARE LOCATED IN TOP-OF-THE-LINE BUILDINGS ACROSS THESE THREE CITIES. THE SELLER IS OFFERING AMAZING SELLER FINANCING (SEE P.5 OF OM), MAKING THIS DEAL EVEN BETTER! CURRENTLY, THE RENTAL RATES ARE WELL BELOW THE MARKET AVERAGE DUE TO THE LARGE NUMBER OF LONG-TERM TENANTS THAT HAVE RENTED THEIR RESPECTIVE UNITS FOR AN AVERAGE OF OVER 2+ YEARS! THIS GIVES THE BUYER MASSIVE UPSIDE TO INCREASE THE RENTS RIGHT AWAY AND BOOST THEIR NOI WITHOUT HAVING TO SPEND MONEY ON ADDITIONAL CAPEX EXPENSES. SIMILAR UNITS OF THIS QUALITY ARE RENTING FOR AN AVERAGE OF OVER $300-$350 MORE PER MONTH. THIS CLEARLY SHOWS THE MASSIVE POTENTIAL FOR INCREASING THE RENT INSTANTLY, AS WELL AS IN THE FUTURE. THIS PORTFOLIO CURRENTLY BOASTS A CASH-ON-CASH RETURN OF OVER 14%. THIS ONLY GETS BETTER AS THERE IS CLEARLY ROOM FOR RENTAL INCREASES AT THE PROPERTY. A BUYER CAN EASILY OBTAIN A CAP RATE OF OVER 9.3% AND A CASH-ON-CASH RETURN OF OVER 15.5% JUST BY BRINGING ALL 24 UNITS UP TO THE MARKET AVERAGE RENTAL RATE. WITH AMAZING SELLER FINANCING, THIS PROPERTY EASILY BECOMES THE BEST VALUE-ADD INCOME-PRODUCING ASSET ON THE MARKET! SELLER FINANCING APPROX. TERMS: DOWN PAYMENT: $650,000 YEAR 1 INTEREST RATE: 6% YEAR 2 INTEREST RATE: 7% YEAR 3 INTEREST RATE: 8% INTEREST-ONLY PAYMENTS BALLOON LENGTH: 3- YEARS MONTHLY DEBT SERVICE AS LOW AS $16,725!
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
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CAP approach
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Comparable approach
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Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- St Petersburg
- County
- Pinellas
- State
- Florida
- Longitude
- -82.6346374
- Latitude
- 27.8750318
