Multifamily
Lakeview Apartments
966 22nd Ave S, St. Petersburg, FL 33705
Listing Price: $3,400,000
Cap Rate
5.86%
GRM
10.27
Investment Overview
A 2008 vintage, 20-unit multifamily asset offering stable in-place income with defendable rental upside
Lakeview Apartments
Investment Highlights
- A 2008 vintage, 20-unit multifamily asset offering stable in-place income with defendable rental upside
- Each unit features a spacious two-bedroom, two-bathroom floor plan with 880 rentable square feet
- Concrete block construction with washer/dryer connections in each unit
- Current market rents in the immediate area justify over $350 in rent premiums after unit renovations
- Opportunity for a 39% increase in Effective Gross Income by end of Year Two
- Sale includes 0.20 acres of developable land for additional units
- Situated just 2.4 miles from the $6.5 billion Historic Gas Plant District Development featuring the soon to be repaired 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
- St. Petersburg, located within Florida's most densely populated county, is the fifth most populated city in Florida with approximately 258,200 residents, and is home to Fortune 500 companies like Raymond James, Footlocker and Jabil. The city has been recognized as one of the best cities for job seekers in 2024 (PODS, 2024)
Exclusively Listed By
Financing By
Investment Highlights
- A 2008 vintage, 20-unit multifamily asset offering stable in-place income with defendable rental upside
- Each unit features a spacious two-bedroom, two-bathroom floor plan with 880 rentable square feet
- Concrete block construction with washer/dryer connections in each unit
- Current market rents in the immediate area justify over $350 in rent premiums after unit renovations
- Opportunity for a 39% increase in Effective Gross Income by end of Year Two
- Sale includes 0.20 acres of developable land for additional units
- Situated just 2.4 miles from the $6.5 billion Historic Gas Plant District Development featuring the soon to be repaired 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
- St. Petersburg, located within Florida's most densely populated county, is the fifth most populated city in Florida with approximately 258,200 residents, and is home to Fortune 500 companies like Raymond James, Footlocker and Jabil. The city has been recognized as one of the best cities for job seekers in 2024 (PODS, 2024)
Investment Overview
A 2008 vintage, 20-unit multifamily asset offering stable in-place income with defendable rental upside
Exclusively Listed By
Financing By
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