$1,200,000
Active · 23 days on market · MLS# MFRTB8522549
| Living area | 3,234 sq ft |
|---|---|
| Lot size | 0.08 acres |
| Year built | 1925 |
| Property type | Multi-Family 5+ |
| Waterfront | Yes |
| Annual taxes | $12,135 |
| County | Pinellas |
One of Downtown St. Petersburg's rarest offerings — a historic 1925 six-unit apartment building situated steps from Historic Old Northeast in Flood Zone X. The two-story wood-frame building features 5 one-bedroom/one-bath units plus an efficiency, individually metered electric, and a 2021 roof replacement already complete. Current rents are significantly below the appraiser's concluded value and represent significant income upside with rent stabilization in gross annual potential. Grandfathered 6-unit use under NT-2 zoning protects the income-producing asset in a neighborhood where comparable new supply simply cannot be built. Value-add investors will appreciate the vacancy/rent-up story, the density efficiency, and a location that commands premium tenants with minimal concessions. A genuine value-add play in a submarket that rarely offers one. Dont miss out on the investment opportunity. Contact the listing agent for a duel portfolio marketing plan for this and 247 6th ave n.
Listing courtesy of Dave Masi, SUNSHINEAGLE LLC. Presented by MC Homes Realty Inc · 727432218.