340 78th Avenue, St Pete Beach, FL 33706

Property Description

The St Pete Beach 340 78th Avenue Five-Unit Apartments is located in the heart of 2021 TripAdvisor America’s Top Ranked St Pete Beach. This exceptionally well maintained Property is comprised of two structures situated on an expansive 7,100 square feet lot with frontage on 78th Avenue, and convenience of separate access via a publicly maintained alley on the south border of the Property. Originally built in 1948, and constructed of solid block masonry, the Property has undergone extensive recent capital expenditure upgrades. The 78th Avenue facing building consists of four one-bedroom units with off-street parking on 78th Avenue. The separate, spacious detached single-family two-bedroom home rents for $1,550*, and features alley-access off-street parking, new Central* HVAC, a large laundry/utility room adjacent to the kitchen, and additional storage, to name just a few of its unique amenities. Recent capital expenditures include upgraded plumbing and electric systems, new hurricane certified roof in March 2020, a recently finished professional landscape project complete with reclaimed water irrigation system, and exterior paint. The one-bedroom units have fully-equipped kitchens, and remain comfortable year-round with recently upgraded insulation, and efficient window HVAC systems. One-bedroom rents are $900. All tenants are current, and pay electric. The SFH two-bedroom tenant pays its water and sewer. Pro-Forma real estate taxes are estimated based on the offer price. The Property has historically been 100% occupied, and is projected to operate with total expenses equal to roughly 45% of EGI. The 340 78th Avenue Apartments represents the unique opportunity to acquire a very high-quality, income-producing multifamily asset, in exceptional condition, located on world renowned St Pete Beach. Long-term value appreciation prospects for this Multifamily Beach Rental Property are complimented by stable, current income with potential for rent increases, low maintenance, and prospects for minimal near-term capital expenditure requirements. Situated between Blind Pass Road and the Intracoastal, the Property is blocks from the Historic Corey Shopping District’s funky specialty shops, galleries, popular bars and restaurants, and just minutes to the mainland via the Pasadena Causeway. Known as the “Sunset Capital of Florida” and for its world renowned shores, St. Pete Beach boasts the longest undeveloped stretch of public beach in St. Pete / Clearwater. Residents and tourists alike enjoy parasailing, paddle boarding, windsurfing, and kiteboarding. Activities abound in St Pete Beach, a town sprinkled with nostalgic Old Florida motels and inns, as well as the five-star Don CeSar, and Trade Winds Island Resorts. Aside from the Property’s current condition, and recently completed extensive capital expenditures, a most compelling aspect of the Offering is the Property’s proximity to the Top Ranked Beach in America. St Pete Beach also encompasses the towns of Pass-a-Grille, Punta Vista, and Belle Vista. SPB's downtown is centered on Corey Avenue with its many bars, restaurants, and popular local and tourist shopping. The Pass-a-Grille Historic District and Don CeSar resort are at the southern end of the beach. With nearby cultural and cosmopolitan attractions of St. Petersburg, Clearwater and Tampa, SPB strikes the perfect balance for the casual, laid-back beach enthusiast, as well as the active cosmopolitan attraction seeker. * Effective October 2021