St. Pete 3 bedroom duplex for sale w/lot

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30144509
Property Subtypes: Duplex/Fourplex
Status: Pending/Contingent
Number of Units: 2 Units
Building Size (RSF): 2,924 SF
Gross Building Area: 3,116 SF
Gross Land Area: 3,250 SF
Sale Price: $269,000
Unit Price: $134,500 Per Unit
Property Use Type: Investment
Building Name: 875 Paris
Sale Terms: Cash to Seller
Average Occupancy Rate: 100
Last Updated: 10/3/2017

Overview / Comments

Back on Market. DUPLEX / Great area of St Petersburg, blocks from downtown St Pete. 3 Bedroom Duplex for sale with an additional lot next door. Built in 1927 and renovated over the last few years. This duplex has a new roof (2016) and updated HVAC (2013) plus extensive interior renovations including upgrading appliances and kitchens. Over $20,000 has been invested in this location. Rents during the renovation process were kept at a, below market rate. Both tenants have now renewed their leases at $1200.00 per month each bringing the cap rate to 8.8% without considering that the lot that is included in the sale..
The adjourning lot is the same lot size that the duplex is built on, so it is assumed that the exact duplicate, a second duplex could be built on the adjoining lot. Buyer to check on this option. If you don’t build, there is parking on this lot that the other area apartments don’t have. The current NOI is $23,780 offered at a cap rate of 8.8% but, after you consider the adjuring lot additional value is added not shown in the cap rate. We ask that you do a drive by and if you want to make an offer based on the numbers, we will get you inside to see the renovations. During due diligence, we will of course then disturb the tenants. Not just for a walk through. The outside is in process of a facelift also.
See attached income and expense summary.
Duplex location is: 875 Paris Avenue S. Saint Petersburg Florida 33701

Attachments & Media

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pinellas
Tax ID/APN: 30-31-17-21564-000-0080
Zoning: MULIT FAMILY
Percent Occupied: 100%
Property Located Between: Dr MLK
Property Condition: Excellent
Number of Stories: 2
Year Built: 1927
Year Renovated: 2016

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,180 100,403 227,751
Median Age: 36.72 40.1 42.62
Households: 6,962 43,390 100,179

Contact

Photograph of Listing Agent

George Erickson

Real Estate Professionals FGCAR CIE Member
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