St. Pete Assemblage

OM and Financials available at the link below:

https://www.crexi.com/properties/1415566/florida-st-pete-assemblage

The St. Pete Assemblage features 3 lots, with 2 existing single

family homes, on a combined .58 acres. A developer has the

potential to split the larger lot into 3 separate lots and

develop a total of 5 single family homes on 5 parcels. The city

of St. Petersburg will also allow an ADU built on each

property.

Currently, the 2 Single Family Homes have short term tenants

in place. The sellers are utilizing the online platform, Padsplit,

to lease each room individually at an average of $960 /

month. The houses are fully occupied. Both existing SFRs have been renovated.

626 35th Ave. S is a 6 bedroom, 2 bath SFR on .31 Acres. The

city has indicated, preliminarily, that a developer can split this

lot into 3 separate lots. (One lot on either side of the existing

SFR.) Renovations include fresh interior and exterior paint.

650 35th Ave. S is a 3 bedroom, 1 bath SFR on .19 Acres.

Renovations include fresh interior and exterior paint, new

floor joists, new baseboards and LVP Flooring, new doors,

new fans, updated kitchen and bathroom. New roof in 2019.

Both houses are available furnished with desks, chairs, a

queen bed and rugs as a separate package.

The vacant lot in between the 2 houses is known as “35th

Avenue S” and is .08 acres.

• The lots are well positioned just 2 miles South of Downtown

St. Pete, one block from the Grandview Park boat ramp with

access to Tampa Bay, adjacent to Lake Maggiore and Boyd

Hill Nature Preserve, close to St. Petersburg Country Club

with Southside Youth Soccer. Lots are in Flood Zone X and

zoned NT-1, which allows for ADUs. 15 minutes to the beach!

• Your development plan could include razing the existing

homes and building 5 new houses, each with an ADU, or

further renovate the existing homes, and build 3 new single

family homes.

Split the 626 35th Ave. lot into 3 separate lots to create a

total of 5 lots.

Sell the finished homes individually or add 10 new rental units

to your portfolio! (5 SFRs and 5 ADUs)

• This submarket is poised for growth. A half mile from the

subject property, St. Pete developer, Stoneweg, is beginning

construction on a new retail plaza and apartment complex

situated in the former Coquina Key Shopping Plaza. The firm

plans to build a seven-story apartment building, with 465

units. The adjacent 21,000-square-foot retail plaza, to be built

in front of the apartments, will be anchored by a local grocer.

• There is now greater access for homeowners to secure

financing for properties with ADUs. FHA allows borrowers to

use 75% of the estimated rental income to qualify for the

mortgage. Smart homebuyers can offset the high prices of

new home construction by leasing their ADU, lowering their

monthly payment and increasing equity. Developers benefit

from increased buyer demand and affordability.

• St. Pete is booming!

Nearly 40 large scale residential projects are currently

underway in St. Pete. Future job growth over the next 10

years is scheduled to be 42%. The Tampa – St. Pete –

Clearwater Metro Area is the 2nd largest metro in Florida and

18th in the USA.