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Commercial for Sale

Waterfront 16 Unit Trophy Asset

Jim Blackmon



Extremely rare trophy asset, pride of ownership property. 16 unit concrete block apartment building featuring 214 feet of direct, wide water frontage, with clear access to Tampa Bay and the Gulf of Mexico. This is the closest waterfront apartment building to downtown St. Petersburg that exists in the city; as a majority of the non residential waterfront property St. Pete was designated as parkland by City Charter over 100 years ago, not even the high rises downtown have true water frontage! In fact, your views will never be obstructed nor will any development ever occur in the line of sight as the property adjoins the 7 block long Grandview Park and boat ramp.

The unit mix is (13) 1 bedroom, 1 bath units, (2) 2 bedroom, 1 bath units and (1) 2 bedroom, 1.5 bath unit. There are 32 parking spaces, a full 2 spots per unit.

All units have the following shared characteristics: solid surface flooring (porcelain or wood laminate), central heat and air, and four piece appliance suites including built in microwave and dishwasher. Every window in the complex is double pane, and updates in 2023 include all exterior lighting, all exterior paint, new irrigation system, professional landscaping, fencing, asphalt parking lot, completely remodeled laundry and administrative room, and outdoor common areas including furniture, patio and kayak rack. All units in the complex have been remodeled, with the vast majority featuring solid wood cabinetry, granite countertops, stainless steel appliances, and all LED lighting throughout.

A major selling point is future potential of the waterfront. The complex is permitted to have a 16 slip dock, extending out 250+ feet. This can generate huge potential income moving forward due to the scarcity of boat slips in the entire county.

Additional future potential may include short term rentals, where customers could boat in from other coastal cities for the weekend, week, or season, though the parcel would likely have to be rezoned to achieve this.

There is no deferred maintenance anywhere; easy upside potential on the below market rents. Landlord pays for water, each unit is separately metered for electric and it is the responsibility of the tenant.

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Jim Blackmon

Coldwell Banker Residential Brokerage

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