2624 12TH ST N St Petersburg, FL 33704

The 2624 12th Street N St Petersburg Four-Unit Apartments are located in the affluent, charming Greater Wood Lawn neighborhood, a trendy and quiet enclave within North St Petersburg where most residents own their homes. Wood Lawn, popular with young professionals and families alike, is highly desired for its many local restaurants, coffee shops, boutiques, and parks. This charismatic neighborhood is also just minutes from St. Petersburg’s lively Downtown scene featuring an array of top-rated bars, restaurants, galleries, museums and entertainment venues, all of which can be easily accessed by public transportation, or a very short and convenient drive via the nearby 4th Street corridor. The Property’s proximity to I-275 at 22nd Ave N also facilitates ease of commuting throughout the entire Greater Tampa / St Pete Metro Area.

Tenants are just minutes to the Central Avenue Grand & Edge District, and vibrant Downtown St Pete’s popular restaurants, bars, cafés, galleries, and boutiques along Beach Drive on Straub and Vinoy Parks overlooking the Tampa Bay waterfront Yacht Basin. St. Petersburg is experiencing a new “Golden Age” and revitalization creating exciting lifestyles boasting a diverse multitude of retail, dining, entertainment and cultural venues, and employment opportunities. The City, home to USF St Petersburg, seven museums, and dozens of galleries, hosts over 900 yearly events attracting more than 10 million visitors to festivals, art and music exhibits, yacht races, and sporting events.

The Property is comprised of two structures built of solid block and frame construction. The 12th St N facing building has a studio and one-bedroom unit on the first floor with a spacious two-bedroom apartment occupying the entire second floor. The second building features a second floor one-bedroom apartment above three private first floor garages. The Property has ample off-street parking and dual-alley access. Various interior modernization upgrades, including select bathroom, and kitchen enhancements have been completed. Tenants pay electric per separate meters, and the Landlord pays wtr/swr/trsh and gas (hot water front building). Rents average $590, ranging from $460 to $725. Tenants are month-to-month. Pro-Forma real estate taxes are estimated based on the offer price with the Property projected to operate on an owner-managed basis with expenses equal to approximately 45% of EGI. Seller First Mortgage Financing may be considered with viable offers.

A most compelling aspect of the Offering is the Property’s N St Petersburg Wood Lawn location and proximity to Downtown, Central Avenue, and Tropicana Field. Proposals announced in January 2021 for redevelopment of Tropicana’s campus, considered “86 acres of urban gold with boundless potential”, envision rebuilding Booker Creek to serve as the focal point of a citywide destination with exciting new residential, office, retail, restaurant, hotel with conference space, and nearly 30 acres of pedestrian open space for museums, civic and entertainment venues. A new campus for USF, expansion of nearby medical institutions, and the first ever Pinellas County Convention Center have also been discussed.

This Offering represents an opportunity to acquire a rarely available Wood Lawn Multifamily Property priced $118,750 / Unit (roughly 25% Below YTD St Pete N Avg $156,985) located in the paths of revitalization occurring within Downtown, Central Avenue, and Tropicana.