Multifamily
Cromwell Flats
950 18th Ave S, St. Petersburg, FL 33705
Listing Price: $2,025,000
Cap Rate
7.20%
GRM
9.46
Investment Overview
11-unit property in rapidly expanding St. Petersburg, FL
Cromwell Flats
Investment Highlights
- 11-unit property in rapidly expanding St. Petersburg, FL
- Current market rents are approximately $500 below the 2024 St. Petersburg Housing Authority payment standards
- Opportunity for a 22% increase in Effective Gross Income by end of Year Two through light value-add strategies and minimal capital expenditure requirements
- Projected double-digit cash-on-cash returns by the end of Year One
- Situated just 1.6 miles from the $6.5 billion Historic Gas Plant District Development featuring the new Tampa Bay Rays ballpark; and less than two miles from Downtown St. Petersburg, and Interstate 275, offering easy access to Tampa and Westshore Business District
- The property includes studio, one-bedroom, two-bedroom, and three-bedroom units, with select units offering washer/dryer connections
- St. Petersburg, situated within Florida's most densely populated county and the fifth most populated city in Florida with approximately 258,200 residents, is home to Fortune 500 companies like Raymond James, HSN, and Jabil. The city has been recognized as one of the best cities for job seekers in 2024 (PODS, 2024)
- Located near the University of South Florida and Eckerd College
Exclusively Listed By
Financing By
Investment Highlights
- 11-unit property in rapidly expanding St. Petersburg, FL
- Current market rents are approximately $500 below the 2024 St. Petersburg Housing Authority payment standards
- Opportunity for a 22% increase in Effective Gross Income by end of Year Two through light value-add strategies and minimal capital expenditure requirements
- Projected double-digit cash-on-cash returns by the end of Year One
- Situated just 1.6 miles from the $6.5 billion Historic Gas Plant District Development featuring the new Tampa Bay Rays ballpark; and less than two miles from Downtown St. Petersburg, and Interstate 275, offering easy access to Tampa and Westshore Business District
- The property includes studio, one-bedroom, two-bedroom, and three-bedroom units, with select units offering washer/dryer connections
- St. Petersburg, situated within Florida's most densely populated county and the fifth most populated city in Florida with approximately 258,200 residents, is home to Fortune 500 companies like Raymond James, HSN, and Jabil. The city has been recognized as one of the best cities for job seekers in 2024 (PODS, 2024)
- Located near the University of South Florida and Eckerd College
Investment Overview
11-unit property in rapidly expanding St. Petersburg, FL
Exclusively Listed By
Financing By
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