425 2nd N St Saint Petersburg, FL 33701-3047
- Apartment buildings
- 7,440 SF
- 0.22 lot acres
Current Use by Public Records
- Park Plaza Apartments / Apartment Building
- Satoshi Hideout Main / Holiday Apartment Rental
- Satoshi Hideout Park / Hotel
- Boat & Yacht Survey of Tampa Bay / Boat Repair Shop
Property Details for 425 2nd N St
- Year built
- 1956
- Construction
- CONCRETE BLOCKS
- Lot size
- 0.22 lot acres
- Property size
- 7,440 SF
- Property type
- Apartment buildings
- APN
- 19-31-17-74466-003-0090
- APU
- 193117744660030090
Description
This exceptional 22-unit apartment building, constructed in 1957, presents a compelling investment opportunity in the heart of St. Petersburg, Florida. Situated on a 0.22-acre lot zoned DC-2, the property boasts a highly stable tenant base with only 3 of the 22 leases expiring in 2024 and 9 extending through 2026, ensuring consistent occupancy and predictable cash flow. Recent renovations minimize future capital expenditures. The property generates attractive supplemental income streams from off-street parking, laundry facilities, storage units, electric vehicle charging stations, and utility/internet reimbursements. Its prime location is within one mile of the transformative $6.5 billion Tropicana Field redevelopment project, promising significant future growth and increased demand. Enjoy the benefits of a spacious courtyard with garden, grill stations, and the property's proximity to popular attractions like The Pier and St. Pete Beach, recently voted the #1 beach in the U.S. This asset is located in Pinellas County's fastest-growing submarket, adjacent to the Sundial redevelopment and a burgeoning corporate relocation hub, further enhanced by Footlocker's recent headquarters move. St. Petersburg's impressive 15% job growth over the past five years underscores its thriving business and leisure environment. This is a rare chance to acquire a stabilized property in a high-growth area with significant upside potential. The address is 425 2nd St N, St. Petersburg, FL 33701.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $5,425,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,555,000
- 6.5%
- $4,035,000
- 7%
- $3,850,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $3,770,000
- Geo Method
- $4,595,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,210,000
- Retail
- $3,815,000
- Mixed-Use
- $3,855,000
- Hospitality
- $4,050,000
- Educational
- $4,255,000
- Residential Income
- $3,215,000
- Energy
- $3,455,000
- Income-Based Land
- $4,270,000
- Food Service
- $3,565,000
Location Insight
- Map
- Local Demand
- City
- Saint Petersburg
- County
- Pinellas
- State
- Florida
- Longitude
- -82.6353
- Latitude
- 27.7769
- CBSA code
- 45300
- CBSA name
- TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA
