3540 1St Ave S St Petersburg, FL 33711
- Commercial real estate
- 6,000 SF
Current Use by Public Records
- Commercial real estate
Property Details for 3540 1St Ave S
- Year built
- 2024
- Property size
- 6,000 SF
- Property type
- Commercial real estate
- APN
- 223116962280020060, 223116962280020050
Description
This exceptional investment opportunity presents a shovel-ready, six-unit multifamily development in St. Petersburg, Florida's thriving Grand Central District. The property, comprised of two, two-story buildings totaling 6,000 square feet on an 8,800 square foot lot, is zoned NTM1 and offers a projected NOI of $169,000 and a pro-forma cap rate of 26%. Currently priced at $650,000 ($108,333 per unit and $108.33 per square foot), this Class A property boasts brand new construction (2024), minimizing initial capital expenditures and insurance costs. The seller offers the unique option of purchasing the property as two separate triplexes. Each of the six units features a thoughtfully designed 3-bedroom, 2-bathroom floor plan, a rare offering in the current market. This development presents a compelling opportunity for investors seeking high returns in a rapidly appreciating market. The property is permitted and approved, allowing for immediate construction commencement. Pre-construction financing is available. This is a 1031 exchange opportunity. The property's address is 3540 1st Ave S, St. Petersburg, FL 33711.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- St. Petersburg
- County
- Pinellas
- State
- Florida
- Longitude
- -82.6815683
- Latitude
- 27.7697502
