Carol Frier
REALTOR®
BEDS7
BATHS
SQUARE FEET3,180
MLS#TB8495708
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SUBDIVISIONBARNARD ERASTUS A S REV
Property Description
Melrose Place Apartments is a unique 7 unit multifamily property situated among luxury homes in Historic Old Northeast St Petersburg, Florida. Living here means tenants are minutes to the iconic 'Beach Drive Scene, St Pete's de facto hub for an expansive variety of fine dining and entertainment, sophisticated nightlife, chic galleries, and superb people watching. Popular for its proximity to downtown, expansive waterfront parks, leafy redbrick avenues, and stately homes, exquisite Historic Old Northeast is considered by many St Pete's most affluent and prestigious neighborhood. Nearby waterfront Vinoy Park on Tampa Bay offers acres of lush green space, a sports and aquatic complex, fitness trails, a dog park, and beach volleyball. The city's multitude of attractions include the New Pete Pier, Watch Discovery Center and Museum of History, to name a few. Each of the Melrose Place one-bedroom one-bath apartments, averaging approximately 600 sq ft, recently underwent a full gut-rehab down to the studs. Tenants sign traditional 12-month leases. One apartment is partially furnished. Based on the Seller's current income and taking into consideration the Buyer's projected year-one expenses, which do reflect the Appraiser's estimated Real Estate Tax increase, the $2,500,000 Offer Price represents approximately a 4% Cap Rate. All utilities, as well as Internet / WiFi connectivity, are paid by the Owner via master meters with full reimbursement per monthly charge to tenants. Subject to all other terms and conditions of a formal written offer the Owner will consider Seller Financing and providing ongoing Management Services. Acquisition of Melrose Place is ideally suited for discerning investors seeking to establish a foothold in prestigious Historic Old Northeast. Investors interested in acquiring a high-quality, turnkey, generational family asset to satisfy a pending 1031 Exchange, or expand and enhance a portfolio of high-quality real estate investments will want to tour and be compelled to acquire Melrose Place Apartments.
Property Features
Property Type: Multi Unit - Multiple
Cooling: Central Air, Wall/Window Unit(s)
Heating: Central, Ductless
Lot Size: 0.14 Acres
Roof Type: Shingle
Taxes: $7,438
Year Built: 1921
Amenities
Built-in Features
Other
Fence
Sliding Doors
Feature Descriptions
Annual Net Income: 98891.00
Days on Site: 10
Directions: From its intersection with 4th St N, proceed east on 22nd Ave N to 2nd St N then turn right (south). Proceed to 18th Ave N and turn left (east). Proceed to the Property on the left (north) side of 18th Ave N.
Exterior: Block, Stucco, Frame
Flood Zone Code: X
Foundation: Slab
Home Warranty Y/N: No
Listing Terms: Cash, Conventional, Owner Financing
Lot Dimensions: 0.14
Ownership: Fee Simple
Property Attached Y/N: No
Property Sub-Type: Quadruplex
Sewer: Public Sewer
Showing Instructions: Appointment Only
Special Sale Provisions: None
Units: 7
Utilities: Cable Available, Electricity Connected, Public, Sewer Connected, Water Connected
Water: Public
Water Access Y/N: No
Listed By / Shown By
Listed By
Agency Name: RE/MAX ACTION FIRST OF FLORIDA
Agency Contact: 727-531-2006
Shown By
Agent Name: Carol Frier
Agent Phone: (813) 601-2630
Agency Title: Florida Executive Realty
Estimate Your Payment
Estimated Payment
$ 6,912.92 per month $5,563.92 Principal & Interest $619.83 Property Tax $729.17 Homeowner's InsuranceChange Payment Information
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121 18th Avenue N | MLS# TB8495708
This multi-family property located at 121 18th Avenue N, Saint Petersburg, FL 33704 is currently listed for sale with an asking price of $2,500,000. Search Saint Petersburg real estate on cfrier.floridaexecutiverealty.com today.