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For Sale: Lake Maggore Apartments
| Price: | $720,000.00 |
| City: | St. Petersburg |
| State: | FL |
| Zip: | 33765 |
| No. of Units: | 12 |
| Cap Rate: | 8.12 |
| NOI: | 58476 |
| Unit Mix: | 9-1 Beds, 2-2 Bed 1 Bath, 1-2 Bed 2 Bath |
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Property Info:
This property consists of three 2-story, four-unit, block buildings sitting on
one city block of frontage across from Lake Maggorie. The property is located
at 3600, 3620, 3640 Martin Luther King Street, South -- across the
street is the Lake Maggorie Park and 245-acre Boyd Nature Preserve. There
are more than 3 miles of trails and boardwalks, five ecosystems, picnic areas
and playground. The city has just finished dredging the lake. The property
is close to downtown attractions, has easy access to I-275 and not far
to Fort DeSoto Park and beaches that have been ranked No. 1 in the country.
The unit mix consists of 9 one-bedroom, 1-bath; 2 two-bedroom, onebath;
and 1 two-bedroom, two-baths. Even the one bedroom units are
quite large at approximately 940 S.F. Each unit has either a screened-in or
enclosed porch and a carport with storage closet. Roofs on all three buildings
and several heat and air units have been replaced in the last three
years. the HVAC units were reinstalled to meet new hurricane standards.
The appraisal done for insurance purposes to determine replacement values
is $1,387,100. Total heated square footage is 11,845. The price per square
foot is far above any you will find in the surrounding area. Couple that with
the excellent view each unit provides and tenants will always be ready to
live in this fine property.
Location Info:
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