1400 7Th Ave St. Petersburg, FL 33705
- Commercial real estate
- 35,520 SF
- 1.68 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 1400 7Th Ave
- Lot size
- 1.68 lot acres
- Property size
- 35,520 SF
- Property type
- Commercial real estate
- APN
- 13-31-16-10062-000-0680
Description
This exceptional investment opportunity presents a 1.68-acre, fee-simple site in downtown St. Petersburg, Florida (APN: 13-31-16-10062-000-0680). The property encompasses an entire city block, spanning from 5th Ave N to 7th Ave N on 14th St, and includes thirteen buildings totaling 35,520 square feet. Currently featuring 19 multifamily units (100% occupancy) and a 13,000 square foot office building, the property generates a strong NOI of $440,399, representing a 7% cap rate. Pro forma projections indicate an 8% cap rate and a NOI of $486,211. The property boasts 41 parking spaces. Built between 1922 and 1971, with renovations completed in 2022, the buildings are currently classified as Class B. The site's NSM-1 zoning, approved in 2024, allows for the development of at least 54, and potentially up to 106, new multifamily units. This prime location is adjacent to St. Anthony's Hospital, currently undergoing a $158 million expansion. Below-market rental rates offer significant upside potential. Seller financing is available with approximate terms of a $4,300,000 down payment, a 5% fixed interest rate, interest-only payments, and a 3-5 year balloon. This presents a rare chance to acquire a cash-flowing asset with substantial redevelopment potential in a rapidly growing area. The existing structures are in good condition, allowing for immediate cash flow while development plans are finalized. All units are on month-to-month leases, providing flexibility for redevelopment.
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
- -82.6528692
- Latitude
- 27.7791579
