950 18Th Ave St. Petersburg, FL 33705
- Commercial real estate
- 0.42 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 950 18Th Ave
- Year built
- 1925
- Lot size
- 0.42 lot acres
- Property type
- Commercial real estate
- APN
- 25-31-16-19350-001-0070, 25-31-16-19350-001-0100, 25-31-16-19350-001-0110
Description
This exceptional 11-unit apartment building, known as Cromwell Flats, presents a compelling investment opportunity in the thriving St. Petersburg, Florida market. Located at 950 18th Ave S, St. Petersburg, FL 33705, this property boasts a total of 6,786 net rentable square feet across five buildings, each two stories high. Built in 1925 and 1945, the property sits on a 0.42-acre lot (APN: 25-31-16-19350-001-0070, 25-31-16-19350-001-0100, 25-31-16-19350-001-0110) and is zoned NTM-1 (Mixed-Residential) & NT-1 (Residential). The current asking price is $1,950,000, representing a price per unit of $177,272.73. The property currently generates a Net Operating Income (NOI) of $148,720, resulting in a 7.63% capitalization rate. Pro-forma projections indicate a potential NOI of $162,879 and an 8.12% cap rate, reflecting significant upside potential. The unit mix includes studios, one, two, and three-bedroom apartments, with select units featuring washer/dryer connections. Its prime location, just 1.6 miles from the $6.5 billion Historic Gas Plant District Development (including the new Tampa Bay Rays ballpark), less than two miles from downtown St. Petersburg and Interstate 275, offers unparalleled access to major employment centers and transportation arteries. Furthermore, its proximity to the University of South Florida and Eckerd College, along with the PSTA SunRunner Rapid Bus Transit, enhances its appeal. Current market rents are below 2024 St. Petersburg Housing Authority payment standards, presenting a clear opportunity to increase effective gross income through value-add strategies. St. Petersburg's robust economic growth, including a 66% net job growth over the past 25 years and its ranking as a top city for relocation, further solidifies this property's investment potential.
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
- -82.64779622
- Latitude
- 27.75211695
