504 Myrtle Ave Clearwater, FL 33756-5614

Property Details for 504 Myrtle Ave

Year built

1949

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.44 lot acres

Property size

3,024 SF

Property type

Manufacturing properties

APN

15-29-15-54450-018-0030

APU

152915544500180030

Description

This exceptional 0.55-acre development opportunity in downtown Clearwater, Florida, presents a unique chance to build a 40-unit Class A apartment complex. Located at the hard corner of S Myrtle Ave and Chestnut St (Gulf to Bay Blvd), this prime site boasts a permitted PD zoning and is situated just 100 feet from the Pinellas Trail and minutes from Clearwater Beach. The existing plans include a six-story building with 30,000 square feet, 60 parking spaces, and a rooftop terrace. The property offers a compelling 8% cap rate with a pro-forma of 10%, and is situated within an Opportunity Zone, providing significant long-term tax advantages. Seller financing is available with a $2,000,000 down payment, a 6% fixed interest rate, interest-only payments, and a 3 or 5-year balloon. The current plans are for apartments, but the site allows for flexibility, potentially accommodating additional units, more parking, or even a condo conversion. The seller has initiated the development order process, expediting the permitting and construction timeline. This is a truly remarkable opportunity to capitalize on the thriving Clearwater market. The property features one building, built in 2024, with 100% occupancy. APN: 15-29-15-54450-018-0030. Asking price: $4,000,000.

Location Insight

City

Clearwater

County

Pinellas

State

Florida

Longitude

-82.7962

Latitude

27.9604

CBSA code

45300

CBSA name

TAMPA-ST. PETERSBURG-CLEARWATER, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments