326 8th Avenue Ne, St Petersburg, FL 33701

Description

One or more photo(s) has been virtually staged. Located in Historic Old Northeast, Yvonne Apartments is a short walk to iconic Beach Drive, St Petersburg’s de facto hub for exquisite dining, eclectic nightlife, chic galleries and boutiques, a world class art museum, and superb outdoor café and dinging venues. Old Northeast is popular for its proximity to downtown, expansive waterfront parks, leafy redbrick avenues, and stately homes. These distinctive characteristics define Old Northeast as one of the most desirable and affluent neighborhoods in all of St Pete. For recreation or relaxation, residents head to Tampa Bay’s North Shore Vinoy Park where acres of lush waterfront green space, a sports and aquatic complex, fitness trails, beach volleyball, and so much more are just minutes away. Other nearby attractions include the New St Pete Pier featuring a natural shoreline beach, the Watch Discovery Center, and St Pete Museum of History. Just beyond the Pier in the Waterfront Arts District, culture and art enthusiasts will find inspiration at the Dali Museum and Mahaffey Theater. Although uniquely located within mere blocks of Tampa Bay’s Waterfront, Yvonne Apartments is NOT in a FEMA designated Special Flood High Risk Area. Historically operating at essentially 100% Occupancy, Yvonne Apartments is an impressive and exceptionally well maintained trophy asset. Amenities include high-quality fixtures, stainless steel appliances, stylish backsplash tile, granite countertops, efficient through-wall heat and air conditioning systems, vintage Florida-inspired bathrooms, natural hardwood floors, and plantation shutters throughout. Community features include covered outdoor verandas, immaculate professionally landscaped grounds, five private garages equipped with remote-opening overhead doors, a convenient onsite laundry facility with adjacent half-bathroom, and secure bike storage. The Yvonne’s tastefully upgraded units feature contemporary kitchens, and each has a full bath. Constructed in 1951 of solid block on a sturdy slab with concrete second floor and durable stucco exterior, the Property’s stunning curb appeal is enhanced by a recent full-exterior painting highlighted with striking brush nickel accents. Most apartments were uniquely designed with two points of ingress and egress. Notwithstanding the Yvonne’s exceptional condition, opportunity exists for the acquiror to facilitate near-term appreciation via modest value-add amenity enhancements, and marking rents to more closely approximate current market averages. With seven museums, dozens of galleries, over nine hundred annual events attracting more than ten million visitors to festivals, art and music exhibits, yacht races, and sporting events, Downtown St Petersburg is arguably the most desirable place to live, work, and play in Metro Tampa Bay. Further enhanced by a thriving employment market, and outstanding educational options, Yvonne’s tenants enjoy a lifestyle that is second to none. Living and working in St Petersburg is especially appealing to the progressively younger, diverse, and more affluent population migrating to the Tampa Bay region. Yvonne Apartments operates as an efficient turnkey commercial investment property, qualifying it as an ideal acquisition candidate for the discerning commercial real estate investor seeking to establish a foothold in St Petersburg’s multifamily market, satisfy a pending 1031 Exchange, or simply enhance and diversify their existing portfolio of high-quality assets.