Apartment Building Sale in St Petersburg’s Old Northeast Neighborhood

The Multifamily Firm is thrilled to announce the successful sale of Montblanc Peak Apartments, a premier four-unit apartment building in the heart of the prestigious Old Northeast neighborhood in Downtown St. Petersburg. This stunning apartment building, which sold for $1,330,000,  fetched 97% of its list price, and closed in just 33 days, is a testament to the strength of the market and the appeal of this rare offering. This successful sale underscores our firm’s commitment to delivering exceptional results for our clients.

 St Petersburg’s Property Details:

The Montblanc Peak Apartments, situated on a 0.16-acre corner parcel, consist of a single, solid masonry building with four updated units. The property’s unique features include four detached garages, rented separately to generate additional income, and a spacious fenced backyard featuring lush tropical landscaping and a BBQ/lounge area. With extensive capital improvements already completed, the turn-key property offers near maintenance-free cash flow. Its concrete-block masonry construction on the first and second floors ensures durability and low upkeep costs.

Prime Apartment Location:

Nestled in the sought-after Old Northeast neighborhood, the property is surrounded by some of St. Petersburg’s most desirable attractions. It is located just:

• 1 mile from the St. Pete Pier
• 10 minutes on foot to Vinoy Park
• A short walk to North Shore Park and Beach Drive
• 2.1 miles from Tropicana Field

The property’s location outside a flood zone, a valuable feature in the region, adds to its appeal.

Investor Appeal:

The Montblanc Peak Apartments sold for $332,500 per unit and $401 per square foot, reflecting the high demand for well-located, solid-construction multifamily properties in the area. Investors were drawn to its substantial rental upside without the need for additional capital outlay and its potential for future redevelopment thanks to its corner lot positioning and potential land appreciation. The Old Northeast neighborhood continues to set benchmarks for highest rents and price-per-square-foot sales in Pinellas County, making this sale a standout in the local multifamily market.

Apartment Brokered by The Multifamily Firm

 Kyle Keelan and Phil Ginexi of The Multifamily Firm brokered the transaction. They specialize in selling multifamily / apartment properties across Florida. Their expertise ensured a smooth negotiation and quick closing for both buyer and seller. With its strategic location, quality construction, and strong financial performance, the Montblanc Peak Apartments represent another successful sale for The Multifamily Firm and underscore its role as a trusted partner in Florida’s multifamily real estate market.

Explore Multifamily Investment Opportunities In Florida With The Multifamily Firm!

For more information about this sale, to explore other investment opportunities, or for a Complimentary Property Valuation of your Multifamily property, contact The Multifamily Firm today! Don’t miss out on the chance to invest in Florida’s thriving multifamily real estate market.