121 18th Avenue NSt Petersburg, FL 33704Price: $2,500,000

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.