276 7th Ave. NE

33 units Multifamily
OLD NORTHEAST
656 Beach Dr. N.E., 276 7th Ave. N.E. &
266 7th Ave. N.E.
St. Petersburg, FL 33701
$2,300,000
Lisa Ulrich
RE/MAX Metro
201 2nd St. N.
St. Petersburg , FL 33701
727.643.3236 Ulrichcre.com
Commercial & Investment Services
[email protected]
Page 3
Investment Overview
Page 4
Property Summary
Page 5
Property Description-656 Beach Dr. N.E.
Page 6
Property Description-276 7th Ave. N.E.
Page 7
Property Description– 266 7th Ave. N.E.
Page 8
Property Talking Points
Page 9
Location
Page 10
Financials(Contact for CA and complete
financials)
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles .
Investment Overview
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Unmatched Location along Beach Drive in Old Northeast
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Huge Upside Potential With Rents Currently Well Below Market
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High Demand with Units staying 100% Leased
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Old Northeast Market considered to one of the strongest rental markets
in the entire Tampa Bay Area
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One block from the Waterfront, North Shore Park and the Vinoy
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Two blocks from Downtown St. Petersburg
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Extensive upside due to absentee ownership for many years
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Two colleges in Downtown St. Petersburg, USF and St. Pete College
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Three Hospitals within one mile, All Childrens, Bayfront Medical Center
and St. Anthonys Hospital

Downtown St. Petersburg is the most Active, Vibrant Downtown in the
entire Tampa Bay Area

Downtown St. Petersburg is home to the Michelin rated Dali Museum,
the Mahaffey Theater, the Museum of Fine Arts, The Chihuly Museum,
the Palladium Theater, Jannus Landing, The Holocaust Museum, Florida
Craftsmen Guild, The Morean Arts Center, The P. Buckley Moss Studio to
mention a few along with numerous restaurants and nightclubs.
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles .
Property Summary
Properties
Total Land size:
Total Building(s) size:
656 Beach Dr. N.E.
Number of Units
Number of Buildings
Number of Stories
Year Built/Effective Age
Parking
Electric
Cable
276 7th Ave. N.E.
Number of Units
Number of Buildings
Number of Stories
Year Built/Effective Age
Parking
Electric
Cable
266 7th Ave. N.E.
Number of Units
Number of Buildings
Number of Stories
Year Built/Effective Age
Parking
Electric
Cable
656 Beach Dr. N.E
276 7th Ave. N.E.
266 7th Ave. N.E.
24,395 SF
18,846 SF
11(1 2Bdr, 1.5 ba, 10 studios)
1
3
1910/1988
4 to 5 on site and street parking
Paid by Landlord
Paid by Landlord
8 1 bdr
1
3
1925/1988
3 to 4 in front and street parking
Paid by Landlord
Paid by Landlord
14(8 1 bdr & 6 studios)
5
1 two story, 4 one stories
1956
5 on site and street parking
Paid by Tenant
Paid by Landlord
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles .
Property Description
656 Beach Dr.
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3 stories
11 units, 10 studios, (1) 2
bdr, 1.5 bath
5254 ESF
Effective Age: 1988 Year
built: 1910
Concrete block with wood
siding overlay

Tented within last year

Zoning - NT-2

Parking– 5 spaces and
street parking

Land: 60’ x 97’

Laundry Room

Roof Dec. of 1998
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles .
Property Description
276 7th Ave. N.E.
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3 stories

8 1 bdr units

4,032 ESF
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Effective Age: 1988 Year
built: 1925
Commercial Brick and
wood
6 units redone hardwood
floors
Parking– 4 spaces and
street parking

Land: 45’x60’

Laundry Room

Private common area for
Beach Dr units and 276
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles .
Property Description
266 7th Ave. N.E.-14 units
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Bldg. 1-2 stories, 2600 ESF
-4 1 bdr units
Bldg. 2-1 story, 1056 ESF
-3 studios
Bldg. 3-1 story, 1056 ESF
-2 1 bdr units
Bldg. 4-1 story, 1056 ESF
-2 1 bdr units
Bldg. 5-1 story, 1056 ESF
-3 studios
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Year Built-1956
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Concrete Block
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90% hardwood floors


Parking– 4 spaces and street
parking
Land: 125’x127’
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other limitations imposed by our principles .
Property Talking Points
Units stay 100% leased at all times, laundry facilities in all 3
properties
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Units at 266 are separately metered(14 units). 656 Beach and
276 7th Ave N.E. each have one meter for Bldg. Easy to submeter and pick up extra dollars.
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Owner pays for basic cable in 656 Beach and 276 7th., can be
changed or additional charge on rental rate.
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Units may be rehabbed one at a time to generate additional
rental income, studios in area which should generate rents in
the $700 to $850 range plus electric and cable in Beach Dr.
area., 1 bedrooms in area renting for $850 to $925 plus
 electric and cable.
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
656 Beach Dr. roof replaced in Dec. 1998. With approximately
10,200 SF of total roof area
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Recent sales in Beach Drive area have units selling for $90,000
to $130,000 per unit
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OUT OF TOWN OWNER
Location, financials, condition of asset, capital improvements, and the
potential to further increase value makes this investment an excellent
multi-family real estate opportunity!
Location
Financials 2012
Contact for CA, Rent Rolls, Current Financials
656 Beach Drive N. E. Actual
Proforma
Rental Income
Expenses
$84,437
$45,656
$96,000(rents @ 700)
$37,516(less cable & elec)
Net Income
$38,781
$58,484
Rental Income
Expenses
$70,790
$36,737
$76,800(rents @ $800)
$27,753(less cable & elec.)
Net Income
$34,732
$49,047
276 7th Ave. N.E.
266 and 256 7th Ave. N.E.
Rental Income
Expenses
$103,818
$50,502
Net Income
$53,316
Total Net Income 2012
$124,896
$129,600(rents @ $700 to $850)
$43,611(less elec.)
$85,989
$193,520
**These are Conservative Estimates on Proforma
*Management charges 10% on Labor and Materials
No warranties or representations, expressed or implied, are made as to the accuracy of the information contained herein, and
same is submitted subject to omissions, change of price, rental or other conditions, withdrawal without notice, and any other
limitations imposed by our principles .