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Stacy Dillard

stacy@dillardrealtygroup.com +1(813) 298-7696

$ 2,500,000

Est. payment | -/mo

7 Beds

7 Baths

3,180 SqFt

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$ 2,500,000

Est. payment | -/mo

Save Virtual Tour

7 Beds

7 Baths

3,180 SqFt

Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 3,180 sqft

Price per Sqft $786

Subdivision Barnard Erastus A S Rev Sub

MLS Listing ID TB8495708

Bedrooms 7

HOA Y/N No

Year Built 1921

Annual Tax Amount $7,438

Lot Size 6,098 Sqft

Acres 0.14

Lot Dimensions 50x125

Property Sub-Type Quadruplex

Source Stellar MLS

Property Description

Melrose Place Apartments is a unique 7 unit multifamily property situated among luxury homes in Historic Old Northeast St Petersburg, Florida. Living here means tenants are minutes to the iconic “Beach Drive Scene”, St Pete's de facto hub for an expansive variety of fine dining and entertainment, sophisticated nightlife, chic galleries, and superb people watching. Popular for its proximity to downtown, expansive waterfront parks, leafy redbrick avenues, and stately homes, exquisite Historic Old Northeast is considered by many St Pete's most affluent and prestigious neighborhood. Nearby waterfront Vinoy Park on Tampa Bay offers acres of lush green space, a sports and aquatic complex, fitness trails, a dog park, and beach volleyball. The city's multitude of attractions include the New Pete Pier, Watch Discovery Center and Museum of History, to name a few. Each of the Melrose Place one-bedroom one-bath apartments, averaging approximately 600 sq ft, recently underwent a full gut-rehab down to the studs. Tenants sign traditional 12-month leases. One apartment is partially furnished. Based on the Seller's current income and taking into consideration the Buyer's projected year-one expenses, which do reflect the Appraiser's estimated Real Estate Tax increase, the $2,500,000 Offer Price represents approximately a 4% Cap Rate. All utilities, as well as Internet / WiFi connectivity, are paid by the Owner via master meters with full reimbursement per monthly charge to tenants. Subject to all other terms and conditions of a formal written offer the Owner will consider Seller Financing and providing ongoing Management Services. Acquisition of Melrose Place is ideally suited for discerning investors seeking to establish a foothold in prestigious Historic Old Northeast. Investors interested in acquiring a high-quality, turnkey, generational family asset to satisfy a pending 1031 Exchange, or expand and enhance a portfolio of high-quality real estate investments will want to tour and be compelled to acquire Melrose Place Apartments.

Location

State FL

County Pinellas

Community Barnard Erastus A S Rev Sub

Area 33704 - St Pete/Euclid

Direction N

Interior

Interior Features Built-in Features, Other

Heating Central, Ductless

Cooling Central Air, Wall/Window Unit(s)

Fireplace false

Laundry Inside

Exterior

Exterior Feature Fence, Sliding Doors

Utilities Available Cable Available, Electricity Connected, Public, Sewer Connected, Water Connected

Roof Type Shingle

Garage false

Private Pool No

Building

Foundation Slab

Lot Size Range 0 to less than 1/4

Sewer Public Sewer

Water Public

Structure Type Block,Stucco,Frame

New Construction false

Others

Senior Community No

Ownership Fee Simple

Acceptable Financing Cash, Conventional, Owner Financing

Listing Terms Cash, Conventional, Owner Financing

Special Listing Condition None

Virtual Tour https://www.propertypanorama.com/instaview/stellar/TB8495708

Listed by Kyle Collins RE/MAX ACTION FIRST OF FLORIDA

NEARBY SCHOOLS & PROPERTIES

"Molly's job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(813) 298-7696

stacy@dillardrealtygroup.com

Tampa Bay Area, Florida

121 18TH AVE N St Petersburg, FL 33704

Stacy Dillard

Key Details

Location

Interior

Exterior

Building

Others

NEARBY SCHOOLS & PROPERTIES

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121 18TH AVE N