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DOWNTOWN ST. PETE CASH-FLOWING DEV. SITE 1401 5th Ave N

13,623 SF 49% Leased Office Building Saint Petersburg, FL 33705 $5,900,000 ($433/SF) 7.47% Cap Rate

Investment Highlights

  • AN ENTIRE BLOCK FOR SALE IN DOWNTOWN ST. PETERSBURG, FL! 100% OCCUPIED WITH 18 MULTIFAMILY UNITS AND A 13,000+/SF OFFICE BUILDING.
  • SELLER FINANCING AVAILABLE! APPROX TERMS: $4,300,000 DOWN, 5% FIXED IR, INTEREST-ONLY PAYMENTS, 3 TO 5 YEAR BALLOON!
  • RARE OPPORTUNITY TO PURCHASE AN ENTIRE BLOCK IN DOWNTOWN ST. PETE!
  • THE SITE WAS RE-ZONED IN 2024, TO ALLOW FOR THE DEVELOPMENT OF AT LEAST 54 NEW MULTIFAMILY UNITS, AND POTENTIALLY UP TO AS MANY AS 106 NEW UNITS!
  • 7% CAP RATE AND 8% CASH-ON-CASH RETURN IN PLACE! 8% CAP RATE AND 9% CASH-ON-CASH RETURN IN 2025!
  • THE PROPERTY IS CURRENTLY CASH-FLOWING AND COMES WITH AN AMAZING AND APPROVED DEVELOPMENT OPPORTUNITY!

Executive Summary

THIS AMAZING DEVELOPMENT OPPORTUNITY CONSISTS OF ALL PROPERTY AND BUILDINGS ON 14TH ST. IN DOWNTOWN STAINT PETERSBURG, FL, FROM 5TH AVE N TO 7TH AVE N. THE PROPERTY HAS 18 MULITFAMILY UNITS AND A LARGE 13,000 S/F OFFICE BUILDING! THE SITE IS RIPE FOR REDEVELOPMENT AS NEW ZONING WAS APPROVED IN 2024. THE NEW ZONING WILL ALLOW THE BUYER TO BUILD AT LEAST 54 UNITS AND POTENTIALLY AS MANY AS 106 MULTIFAMILY UNITS IN DOWNTOWN ST. PETERSBURG! (SELLER FINANCING IS AVAILABLE, SEE P. 5 FOR DETAILS)
BOTH THE OFFICE BUILDING AND THE MULTIFAMILY UNITS ARE IN GOOD CONDITION, ALLOWING A BUYER TO COME IN AND NOT SPEND ADDITIONAL MONEY ON THESE UNITS BEOFRE FURUTRE REDEVELOPMENT. ALL UNITS ARE OCCUPIED AND THE PROPERTY PRODUCES FANTASTIC CASH FLOW! THE INCREDIBLE OPPORTUNITY SITS RIGHT IN THE HEART OF DOWNTOWN, DIRECTLY NEXT TO ST. ANTHONYS HOSPITAL, ONE OF THE TOP HOSPITALS IN THE STATE AND CURRENTLY PLANNING A $158 MILLION DOLLAR EXPANSION PLAN!
CURRENTLY, THE PROPERTY IS FULLY OCCUPIED WITH BELOW-MARKET RENTAL RATES GIVING THE BUYER MASSIVE UPSIDE TO RAISE RENTS IN ONE OF THE MOST DESIRABLE AREAS IN FLORIDA! THE OWNERS ARE CURRENTLY IN NEGOTIATIONS ON A LONGTERM LEASE FOR THE OFFICE BUILDING, WHICH WOULD ONLY FURTHER ENHANCE THE CURRENT INCOME AT THE PROPERTY. WITH THE REZONING ALREADY COMPLETED, A BUYER CAN COME IN AND CASH FLOW, THE OFFICE BUILDING, AND THE MULTIFAMILY UNITS, UNTIL THEY ARE READY TO REDEVELOP THE SITE.
THE PROPERTY CURRENTLY BOASTS AN IN-PLACE CAP RATE OF 7%, AND WITH A MASSIVE GAP IN THE CURRENT RENTAL RATES COMPARED TO THE MARKET RATES, A BUYER CAN EASILY INCREASE THIS TO ALMOST AN 8% CAP RATE BY 2025. THIS UNIQUE OPPORTUNITY TO PURCHASE AN ENTIRE BLOCK IN DOWNTOWN ST. PETE FOR A FUTURE DEVELOPMENT, WHILE STILL MAKING 7%+ RETURN IN THE SHORT TERM IS IMPOSSIBLE TO FIND ANYWHERE ELSE.
SELLER FINANCING APPROXIMATE TERMS:
DOWN PAYMENT: $4,300,000!
FIXED INTEREST RATE: 5%
INTEREST-ONLY PAYMENTS OR
AN AMORTIZATION OF 30-YEARS
BALLOON LENGTH: 3-5 - YEARS
MONTHLY DEBT SERVICE: $6,666
IN 2024 THE CURRENT SITE WAS RE-ZONED TO ALLOW FOR AT LEAST 54 AND POTENTIALLY AS MANY AS 106 NEW MULTIFAMILY UNITS TO BE BUILT ON THIS ENTIRE BLOCK IN DOWNTOWN ST. PETERSBURG. IF A BUYER WOULD PREFER TO KEEP THE OFFICE BUILDING AND ITS MONTHLY INCOME IN PLACE, THEY COULD POTENTIALLY BUILD 20+ UNITS WHERE THE CURRENT MULTIFAMILY UNITS ARE LOCATED. THE OWNERS ARE CURRENTLY WORKING WITH AN ENGINEERING COMPANY TO PUT A PLAN TOGETHER FOR AN EXPANSION FROM 54 UNITS TO 106 UNITS.
WITH THIS AMAZING LOCATION AND THE DEMAND IN THE AREA, IT IS CLEAR THIS IS AN AMAZING DEVELOPMENT OPPORTUNITY. THE FACT THAT A BUYER WOULD BE PURCHASING THE PROPERTY WITH RENTAL INCOME IN PLACE, (7% CAP RATE), WOULD ALLOW THEM TO POSITIVELY CASH FLOW THE ASSET WHILE THEY DETERMINED THE BEST PLAN MOVING FORWARD. WITH ALL TENANTS ON MONTH-TO-MONTH LEASES, A BUYER CAN EASILY VACATE THE UNITS QUICKLY WHENEVER THEY ARE READY TO TAKE THE NEXT STEPS TOWARDS DEVELOPING THE PROPERTY. IF THE BUYER DECIDED TO NOT DEVELOP THE SITE THEY COULD MAKE IMPROVEMENTS TO THE EXISTING STRUCTURES AND RAISE THE RENTS TO THE MARKET RENTAL RATES, OBTAINING A CAP RATE OF OVER 10%. THE MANY OPTIONS THIS PROPERTY PRESENTS MAKE IT EVEN MORE VALUABLE AS A BUYER CAN FIGURE OUT WHICH WAY IS BEST FOR THEM WHILE COLLECTING AT A MINIMUM OVER $535,000 OF GROSS INCOME A YEAR!
THE CITY OF ST. PETERSBURG, HAS MADE IT CLEAR TO THE SELLERS THAT THEY ARE VERY INTERESTED IN THE IMPROVEMENT/ DEVELOPMENT OF THIS BLOCK IN DOWNTOWN AND WITH ITS CLOSE PROXIMITY TO ST. ANTHONY'S HOSPITAL AND THE NEW TAMPA BAY RAYS BASEBALL STADIUM PROJECT, THE DEMAND FOR NEW UNITS IN THIS AREA WILL BE IMMENSE. NOT ONLY IS IT HARD TO FIND THIS MUCH CONTIGUOUS LAND IN DOWNTOWN ST. PETERSBURG BUT VERY FEW OTHER SITES IN THE AREA HAVE THE ABILITY TO REACH 50-100 NEW MULTIFAMILY UNITS!
THE VARIOUS OPTIONS, AND OPPORTUNITIES THIS PROPERTY PRESENTS, MAKE IT AN EXTREMELY ENTICING OPPORTUNITY. THE ABILITY TO PURCHASE AN ENTIRE BLOCK OF DOWNTOWN ST. PETERSBURG DOES NOT COME AVAILABLE VERY OFTEN, ESPECIALLY A CASH-FLOWING ASSET WITH A DEVELOPMENT OPPORTUNITY IN ONE OF THE FASTEST-GROWING CITIES IN THE COUNTRY!

Property Facts

Sale Type
Investment or Owner User
Sale Condition
Redevelopment Project
Property Type
Office
Building Size
13,623 SF
Building Class
B
Year Built
1977
Price
$5,900,000
Price Per SF
$433
Cap Rate
7.47%
NOI
$440,990
Percent Leased
49%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
6,812 SF
Building FAR
0.19
Lot Size
1.68 AC
Zoning
CG - Office/Mixed-Use
Parking
20 Spaces (1.47 Spaces per 1,000 SF Leased)

Amenities

  • Atrium
  • Bus Line
  • Conferencing Facility
  • Fenced Lot
  • Security System
  • Signage
  • Skylights
  • Wheelchair Accessible
  • Kitchen
  • Accent Lighting
  • Reception
  • Storage Space
  • Central Heating
  • Demised WC facilities
  • Fully Carpeted
  • High Ceilings
  • Recessed Lighting
  • Secure Storage
  • Hardwood Floors
  • Monument Signage
  • Air Conditioning
  • Fiber Optic Internet
Bike Score ®
Very Bikeable (84)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 13-31-16-10062-000-0730
  • 13-31-16-10062-000-0680
Land Assessment
$847,882
Improvements Assessment
$1,511,510
Total Assessment
$2,359,392
  • Listing ID: 29569870

  • Date on Market: 9/20/2023

  • Last Updated:

  • Address: 1401 5th Ave N, Saint Petersburg, FL 33705

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