950 18th Ave S St

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Address: 950 18th Ave S, Street Petersburg, FL 33705, USA
Created date: February 20, 2024
Date last updated: February 20, 2024

11-Unit Multifamily Community Just South of Downtown St. Petersburg, FL
7% Takeover Cap Rate with Adjusted Taxes and Insurance
8% Pro Forma Cap Rate Achievable Through Organic Rent Growth with Minimal Improvements to the Property
Unit Mix Includes 45% 2- & 3-Bedroom Units
3-Bedroom Units Include Washer & Dryer Connections
73% of Units Have Received Light Renovations Which Include Vinyl Plank Flooring and New Fixtures Throughout
100% of Units Have Either Central AC or Mini-Splits
Just 1.3 Miles South of the Upcoming $6 Billion Tropicana Field Mixed-Use Redevelopment Project Which Will Include a New Baseball Stadium, 1200 Apartment Units, 1.4mm SF of Office and Medical Space, 750k SF of Retail and Restaurants, 750 Hotel Keys, Indoor & Outdoor Entertainment Venues, and Much More
Nearby Entertainment Includes Bartlett Park & Frank Pierce Rec Center (0.5 mi), Lassing Park (1.4 mi), the St. Pete Pier & Waterfront Arts District (1.9 mi), Al Lang Stadium – Home of the Tampa Bay Rowdies (2.2 mi), and the Boyd Hill Nature Preserve & Lake Maggiore (2.4 mi)
2.1 Miles from the Downtown Core of St. Petersburg with Major Employers Including St. Anthony’s Hospital, Albert Whitted Airport, University of South Florida – St. Pete Campus, Johns Hopkins All Children’s Hospital, and Bayfront Health St. Petersburg

Property Description

Cromwell Flats is an 11-Unit multifamily property located in St. Petersburg, Florida. The property features a strong unit mix of studios, 1-, 2-, and 3- bedroom units. Renovated units feature vinyl plank flooring and new fixtures throughout, and have either central AC or mini-splits. 3-bedroom units include washer and dryer connections. Nearby entertainment includes Bartlett Park & Frank Pierce Rec Center (0.5 mi), Lassing Park (1.4 mi), the St. Pete Pier & Waterfront Arts District (1.9 mi), Al Lang Stadium – Home of the Tampa Bay Rowdies (2.2 mi), and the Boyd Hill Nature Preserve & Lake Maggiore (2.4 mi). The property is conveniently located near CVS (1.8 Mi), Publix (1.9 Mi), Starbucks (2.1 Mi), Aldi (2.7 Mi), Walmart (3.5 Mi), and Wawa (3.8 Mi) and 2.1 miles from Downtown St. Petersburg with major employers including St. Anthony’s Hospital, Albert Whitted Airport, University of South Florida - St. Pete Campus, Johns Hopkins All Children’s Hospital, Bayfront Health St. Petersburg, and Tropicana Field. The nearby retailers and employers combined with major city developments ensures continued rental success in the near and future market.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings
Price: $2,000,000
No. of Units: 11
Year Built: 1925
Building Size: 6,717 Sq ft
Opportunity Zone: No
Price per unit: $181,818
Address: 950 18th Ave S, St. Petersburg, FL 33705, USA

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