Published on: Friday, January 3, 2025
Updated on: Tuesday, January 28, 2025
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About the Lister
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Name: David J. Rosenthal
Company: Grimaldi Commercial Realty Corp.
Office Phone:  
Cell Phone: (813) 882-0884
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  downtown st. pete cash-flowing development opportunity ( ...
1400 7th Avenue North St Petersburg Florida , 33705
1400 7th Avenue North St Petersburg Florida                                                                                             , 33705  Grimaldi Commercial Realty Corp.
Listing ID: CL-Florida-13470

Purchase Option

Acquisition Option: Traditional Purchase
Cap Rate (%): 7
Net Operating Income: $440,399.00
Commission Split (%): 0
Quick Glance
Listing ID: CL-Florida-13470
Status: Accepting Offers
Financing: Third Party Financing
Occupancy: 100%
Year Build: 1922
Building Size: 35,520.00 SqFt
Lot Size: N/A
No of Stories: 2
No of Parking: 41
Offer to Millionaire Club: No
Business Available for Sale: No
Is Net Lease Investment: Yes
Property On Ground Lease: No
Building Status: Existing
Attached Documents
  • Download | Offering Memorandum.pdf ( 44,115.78KB)
Listing Summary
THIS AMAZING DEVELOPMENT OPPORTUNITY CONSISTS OF ALL PROPERTY AND BUILDINGS ON 14TH ST. IN DOWNTOWN STAINT PETERSBURG, FL, FROM 5TH AVE N TO 7TH AVE N.
Complete Details
Year Build: 1922
Building Size: 35,520 SqFt.
No of Stories: 2
Total Lot Area: N/A SqFt.
No of Parking: 41
No of Total Units: 19
Property Current Status: Normal Sale
Building Status: Existing
Heating and Cooling: Not Specified
Building Class: B
Property on Ground Lease?: No
Net Lease Investment?: Yes
Business Price Included?: No
Roofing: Not Specified
Occupancy: 100%
Full Description

Property Description

BEAUTIFUL TWO-STORY OFFICE/MEDICAL BUILDING IN THE HEART OF HISTORIC UPTOWN IN DOWNTOWN ST. PETERSBURG. THE BUILDING HAS OVER 13,000 S/F AVAILABLE FOR RENT, WITH BUILD-OUT AVAILABLE TO ANY NEW TENANTS. THE PROPERTY SITS IN AN AMAZING LOCATION DIRECTLY NEXT TO ST ANTHONY'S HOSPITAL, THE #1 HOSPITAL IN ST PETERSBURG, AND IS LISTED IN THE TOP FEW HOSPITALS IN THE STATE. ST ANTHONY'S CONTINUES TO GROW AND IS COMPLETING A $158 MILLION EXPANSION.

THE PROPERTY SITS DIRECTLY IN THE MIDDLE OF THE LARGE MEDICAL CORRIDOR OF DOWNTOWN ST. PETE. THIS AMAZING SITE, HAS TWO FLOORS WITH OVER 6,900 SF OF RENTABLE SPACE ON EACH LEVEL. THE PROPERTY HAS AN UPDATED ROOF AS WELL AS PLUMBING AND HVAC UPDATES IN THE PAST 5 YEARS. THE BUILDING HAS OVER 40 PARKING SPACES IN THE FRONT PARKING LOT AND A GATED LOT IN THE REAR WITH PYLON SIGNAGE FACING 5TH AVE N. THE PROPERTIES ENTRANCE IS LESS THAN A MILE FROM INTERSTATE I-275 CONNECTING ST. PETERSBURG WITH TAMPA, FL!

THE PROPERTY IS PERFECT FOR OFFICE, RETAIL, OR MEDICAL USE AS IT CONTAINS OVER 20 OFFICE SUITES, LARGE CORRIDORS, AND AMPLE SPACE FOR CONFERENCE ROOMS. THE OWNER IS WILLING TO ALLOW FOR BUILDOUT FOR ANY USE. THE SPACE CAN BE DIVIDED BY 1ST AND 2ND FLOOR. LEASE TERMS ARE AS FOLLOWS: 13,623 RENTABLE SF, 15$ P/S/F, PURE NNN LEASE, 5-20 YEAR TERM, BUILDOUT INCLUDED, TENANT IS RESPONSIBLE FOR ALL EXPENSES AT THE PROPERTY.

Location Description

LOCATED IN HISTORIC UPTOWN IN THE HEART OF DOWNTOWN ST. PETERSBURG, DIRECTLY NEXT TO SAINT ANTHONY'S HOSPITAL! THE SITE SITS BETWEEN 9TH STREET NORTH AND 16TH ST NORTH.

Additional Properties
Property Highlights
  • AN ENTIRE BLOCK FOR SALE IN DOWNTOWN ST. PETERSBURG, FL!
  • 100% OCCUPIED WITH 18 MULTIFAMILY UNITS AND A 13,000+/SF OFFICE BUILDING. THE SITE WAS RE-ZONED IN 2024, TO ALLOW FOR THE DEVELOPMENT OF AT LEAST 54 NEW MULTIFAMILY UNITS, AND POTENTIALLY UP TO AS MANY AS 106 NEW UNITS!
  • SELLER FINANCING AVAILABLE! APPROX TERMS: $4,300,000 DOWN, 5% FIXED IR, INTEREST-ONLY PAYMENTS, 3 TO 5 YEAR BALLOON!
  • 7% CAP RATE AND 8% CASH-ON-CASH RETURN IN PLACE!
  • 8% CAP RATE AND 9% CASH-ON-CASH RETURN IN 2025!
  • RARE OPPORTUNITY TO PURCHASE AN ENTIRE BLOCK IN DOWNTOWN ST. PETE THE PROPERTY IS CURRENTLY CASH-FLOWING AND COMES WITH AN AMAZING AND APPROVED DEVELOPMENT OPPORTUNITY!
Features
  • Net Rentable (sq ft): 25,063
  • Pro-Forma NOI: $486,211
  • Buildings: 13
  • Year Renovated: 2022
  • Lot Size (acres): 1.68
  • APN: 13-31-16-10062-000-0680
  • Zoning: NSM-1
  • Pro-Forma Cap Rate: 8.00%
Actual - Cash Flow
Cash Flow Year Gross Income Effective GrossIncome Operating Expenses Net Operating Income Pre Tax Cash Flow Cap Rate
2025
$0.00
$0.00
$0.00
$440,399.00
$0.00
0%
Cash Flow for Current Listings

Lending Opportunities

Interested in making an offer on this property or adding it to your portfolio? Our network of experienced lenders is ready to provide you with competitive loan options tailored to your needs. Whether you're an investor or a first-time buyer, securing financing is the key to turning this opportunity into reality. Don’t wait, reach out now to get pre-approved, explore your loan options, and take the next step with confidence!
Company Name Lender Type Contact Name Contact Number Actions
Ultimate Mortgage Lenders Mortgage Lenders Jason Tylor (954) 849-7745 Request Quote
Listing Location
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1913 3rd Avenue East , Palmetto Florida                                                                                              34221
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1200 3rd St SW , Wahneta Florida                                                                                              33880
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1200 3rd St SW , Winter Haven Florida                                                                                              33880
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115 112th Ave NE , Saint Petersburg Florida                                                                                              33716