121 18th Avenue N, St Petersburg, FL 33704

Description

The 121 18th Ave N Apartments is located in beautiful, charming Historic Old Northeast, recognized as one the most affluent, and desirable of all St Petersburg’s neighborhoods. The Property is situated on a quiet, leafy avenue, where million-dollar-plus homes are common. Historic Old Northeast is popular for its open green spaces, Sunken Botanical Gardens, and Kopsick Palm Arboretum. The Property is blocks from a series of waterfront parks including Flora Wylie, North Shore, and Vinoy, which feature the North Shore Aquatic Complex, an Outdoor Fitness Facility, and the Vinoy Beach Volleyball Courts. Just minutes away are the vibrant and fashionable restaurants, bars, cafés, galleries, and boutiques of Downtown’s renowned Beach Drive overlooking Straub Park along the Tampa Bay Yacht Basin which also features the New St Pete Pier. The City is experiencing a new “Golden Age” and revitalization creating exciting lifestyles boasting a diverse multitude of retail, dining, entertainment and cultural venues. Employment opportunities are equally abundant, and critical in attracting Millennials – the largest USA demographic – to live, work, and play in St. Petersburg. With seven museums, and dozens of galleries, the City hosts over 900 annual events attracting more than 10 million visitors to festivals, art and music exhibits, yacht races, and sporting events. Tenants are also blocks to the popular restaurants and shops along the 4th St N corridor, and enjoy ease of commuting with nearby access to I-275 at 22nd Ave N. The single structure, two-story block and frame Property is comprised of one studio, three one-bedroom units, and a unique two-bedroom unit of roughly 1,200 sqft featuring an expansive kitchen, dining / home-office area, and living room with sliding glass doors, which open to a patio and the privacy-fenced front yard. The two-bedroom unit, currently offline, is being sold “As-Is” with renovations to-be-completed. The current studio rent is $935, and one-bedrooms average $930, estimated to be roughly 2% and 19% below respective pro-forma projections. Once renovated, the projected two-bedroom rent is $1,850. Occupied units are well appointed, and feature many kitchen, bathroom, and living room upgrades. Two apartments are equipped with central HVAC, and the others with window units. Onsite amenities include laundry facilities, and professionally maintained grounds. Pro-Forma real estate taxes are estimated based on the projected sales price. Units are separately metered for electricity, paid by tenants; landlord pays wtr/swr/trsh. Total expenses are projected to equal roughly 38% of EGI. Living here also means tenants are minutes to the Grand Central Avenue and Edge Districts popular for their vibrant nightlife scene featuring an array of diverse restaurants, bars, clubs, cafés, and boutique shops. Proposals announced in January 2021 for redevelopment of the Tropicana Field Campus, adjacent to the Grand & Edge Districts, 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. Considered “86 acres of urban gold with boundless potential”, proposals for the Tropicana Campus have also featured a new campus for USF St Pete, expansion of nearby medical institutions, and potentially the first ever Pinellas County Convention Center.