February 17, 2022
The Multifamily Firm is proud to announce the sale of 730 Downtown Flats, a unique 9-unit, 1918 construction apartment building in Downtown St Petersburg, Florida. Originally built as a personal mansion, the property was converted several years back into an apartment building comprised entirely of one-bedroom and studio units. As such, 4 of the 9 units are now considered “non-conforming” units, and although generating cash flow, created numerous challenges from a sale perspective.
Despite the challenges, the offering generated multiple offers, and ultimately sold for $930,000, equating to exactly $300 per square foot, $103K per unit including the non-conforming units and $186K per unit without including the non-conforming units. Through a rigorous marketing campaign, the property generated an astounding 1,158 registered buyers from almost every State around the Country and resulted in the sourcing of a new to market international buyer.
The 730 Downtown Flats is located within walking distance of Central Avenue, Beach Drive, University of South Florida, St Petersburg College, and Tropicana Field: the home of the Tampa Bay Rays. The superior walkability of the location provides residents with the rare ability to live car-free and as such, the real estate provides tremendous future redevelopment potential.
The marketing & sale of the property was brokered by Kyle Keelan & Phil Ginexi of The Multifamily Firm. For additional information regarding the sale and/or upcoming offerings, please contact us directly to join our distribution list for new exclusive listings before they hit the market!
APARTMENT BUILDING SALE DOWNTOWN ST PETERSBURG HIGHLIGHTS:
- Sale Price: $930,000 ($300 Per Square Foot)
- Unique 9-Unit, 1918 Construction Apartment Building in Downtown St Pete
- Originally a Mansion, Converted into an Apartment Building w/ All One-Bedroom & Studio Units
- Successfully Overcame Sale Challenges Linked to 4 of the 9 Units Considered Non-Conforming Units
- Produced an Astounding 1,158 Registered Buyers from Nearly Every State Around the Country
- Sourced a New to Market International Buyer
- Within Walking Distance of Central Ave, Beach Drive, USF, St Pete College & Tropicana Field