SELLER FINANCING will be considered; terms may include Year-One 3.85% Interest-Only, 40% Equity, and Two-Year Term, among others. An Excellent 1031 candidate, the Property is ideally located in the heart of St Petersburg. Situated on a 7,000 square feet parcel, and having historically maintained near 100% occupancy, the Property is located strategically in the direct converging transformational paths of revitalization occurring within and between St. Pete’s vibrant Downtown, Central Avenue Grand and Edge Districts, and the expansive 333-acre Tropicana Field Opportunity Zone. Monthly rents for each of the eight units (four one-bedroom, and four studio) have recently averaged a modest $500. Estimated pro-forma rents are $775 for studios, and $1,050 for one-bedrooms. The projected expense-to-income ratio is roughly 35%. Tenants pay electric, landlord pays water/sewer. Three studios have been upgraded with tile, and granite counter tops. Roofs were replaced in 2007, and 2016. Each apartment is equipped with a through-wall HVAC unit. The Property may be acquired without requiring bank financing, representing a unique value proposition that combines its Prime Long-Term Development Opportunity with immediate Land Bank Current Income.
Listing courtesy of COLDWELL BANKER RESIDENTIAL. Selling Office: COASTAL PROPERTIES GROUP.
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