5475 42nd Street N, St Petersburg, FL 33714

Description

This St. Petersburg Residential Quadruplex is located in the densely populated neighborhood of Lealman, just a few blocks from the intersection of 54th Avenue and 34th Street (US 19). This location is the geographic center of the Pinellas County market and residential rentals are scarce and rental rates are climbing. This affordable size product is in high demand as the need for workforce housing in a booming market continues. The property consists of 4 freestanding homes (3 - 1 bedroom 1 bath and 1 studio) (332 SF, 504 SF, 557 SF, and 400 SF - total of 1,793 SF). The current owner has had several long term tenants at below market rents and has been reluctant to increase rates to market rents and wishes to sell as they have recently moved from Pinellas County to Wesley Chapel. The sellers have made considerable renovations over the last few years including all new roofs in 2017, all new cabinetry in 3 of the units in 2020 and new flooring and paint. All units are separately metered for electricity. This property may qualify for residential financing as it is only 4 units, although buyers should consult with their lenders for financing options. Current income and expenses are available, as well as a pro-forma, based upon market rents. All tenants are currently month to month giving a new owner ultimate flexibility to increase rates as they desire. Located in St. Petersburg south of Gandy Boulevard and just west of US-19 and I-275, offering easy access to surrounding areas.

Listed by Michael Braccia, PA, .