548 3RD STREET N

Property Description

Under contract-accepting backup offers. This prime 6-unit multifamily property in St. Petersburg’s highly sought-after Old Northeast the neighborhood offers an exceptional opportunity for investors and owner-operators alike. Located at 548 3rd St N, a couple of blocks from downtown, this property provides a rare chance to either maximize rental income with current below-market rents or explore future redevelopment potential as this property is twice the size of a regular lot, .215 acres to be exact, just shy of a quarter acre! The property consists of four spacious one-bedroom units and two well-designed studio apartments. The property is located in a non-flood zone, meaning no costly flood insurance is required. The landlord covers the water, sewer, and garbage.  All tenants pay their electric bills, one tenant has electricity included in their rent as they share the power with the common electric for the property lights, etc.  Additional revenue streams include a coin-operated laundry facility with a full-size washer and dryer. Parking is plentiful, with two garages and four dedicated off-street parking spots.  There is also an additional storage area that could be leased. This investment is ideally located in Old Northeast, one of St. Pete’s most desirable and historic neighborhoods. Tenants will appreciate being within walking distance of the vibrant downtown district, where they can enjoy a variety of restaurants, entertainment, and nightlife. The scenic St. Pete Pier is nearby, offering waterfront dining, museums, and events. North Shore Park and The Community Center provides access to tennis courts, green spaces, and beachside recreation, while the 4th Street Corridor is home to an array of shops, cafes, and conveniences. With strong rental demand and limited multifamily inventory in the area, this property presents a tremendous opportunity for immediate cash flow and long-term appreciation. Don’t miss the chance to own a valuable investment in one of St. Petersburg’s most dynamic and walkable locations. Schedule a private tour today and explore the possibilities this multifamily gem has to offer.