The Central Apartments | 324 7th St S
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The Central Apartments 324 7th St S
4 Unit Apartment Building $1,195,000 ($298,750/Unit) Saint Petersburg, FL 33701
Investment Highlights
- Average Monthly Rental Upside of $275 Per Unit (or ~$13k/year) Based on Comparable Properties in the Market
- Exterior Renovations: Exterior Seal and Painting, Balcony Repairs, Fencing Replacement, Staircase Repairs, Upgraded Central AC Units & Attic Repairs
- Exceptional Downtown St. Petersburg Location, Within Walking Distance to Upscale Dining and Retail Destinations on Central Ave and Beach Drive
- Interior Renovations: Stainless Steel Appliances, White Shaker Cabinets, New Water Heater & Quartz Countertops
- Amenities Including Select Furnished Units, On-Site Laundry Facility, Front Porches, and a Fenced-In Lot
- Just 7.9 Miles from St. Pete Beach, Recognized as the #1 Beach in the U.S. by Trip Advisor in 2021
Executive Summary
The Central Apartments is a 4-unit multifamily property located in the vibrant heart of Downtown St. Petersburg. Situated within walking distance of Central Ave and Beach Drive, residents enjoy unparalleled access to upscale dining, retail, and entertainment venues. The property is also conveniently close to major employers like St. Anthony’s Hospital, Bayfront Health Hospital, and the University of South Florida – St. Petersburg Campus. With the $6.5 billion Tropicana Field redevelopment project—featuring a new baseball stadium, extensive office and retail spaces, and more—just a five-minute walk away, this location is poised for significant growth.
This investment opportunity boasts a substantial rental upside of $275 per unit per month—translating to approximately $13,000 annually—based on current market trends. The property has undergone comprehensive renovations in 2022 and 2023, featuring modern interior upgrades such as stainless-steel appliances, white shaker cabinets, new water heaters, and sleek quartz countertops. Exterior enhancements include a fresh seal and paint, balcony repairs, fencing replacement, upgraded central AC units, and attic repairs, ensuring both aesthetic appeal and structural integrity.
The Central Apartments offer a compelling investment opportunity with a combination of an ideal downtown St. Petersburg location, rental upside, and modern renovations.
This investment opportunity boasts a substantial rental upside of $275 per unit per month—translating to approximately $13,000 annually—based on current market trends. The property has undergone comprehensive renovations in 2022 and 2023, featuring modern interior upgrades such as stainless-steel appliances, white shaker cabinets, new water heaters, and sleek quartz countertops. Exterior enhancements include a fresh seal and paint, balcony repairs, fencing replacement, upgraded central AC units, and attic repairs, ensuring both aesthetic appeal and structural integrity.
The Central Apartments offer a compelling investment opportunity with a combination of an ideal downtown St. Petersburg location, rental upside, and modern renovations.
Property Facts
| Price | $1,195,000 | Building Class | C |
| Price Per Unit | $298,750 | Lot Size | 0.06 AC |
| Sale Type | Investment | Building Size | 2,999 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Price | $1,195,000 |
| Price Per Unit | $298,750 |
| Sale Type | Investment |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 2,999 SF |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 1.67/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Stainless Steel Appliances
- Porch
- Quartz Countertops
Site Amenities
- Fenced Lot
- Laundry Facilities
- Furnished Units Available
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 650 |
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Walk Score®
Walker's Paradise (92)
Bike Score®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 19-31-17-74466-062-0082 | Improvements Assessment | $147,112 |
| Land Assessment | $412,888 | Total Assessment | $560,000 |
PROPERTY TAXES
Parcel Number
19-31-17-74466-062-0082
Land Assessment
$412,888
Improvements Assessment
$147,112
Total Assessment
$560,000
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The Central Apartments | 324 7th St S
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