This property is a Duplex located in St Pete near the Old SouthEast neighborhood. It’s just a couple blocks away from Bartlett Park and is close to Downtown St Pete, the Bay, public transportation, and many other amenities.
The duplex consists of (2) 1Bed.1Bath units and has a detached 2-car garage for additional storage. The units feel spacious and each features a living room, kitchen, bath, and bedroom. Each has it’s own electric meter as well.
The units will need some rehab work, but nothing major. Estimates are in the $15k range. It will need a new Roof($6,800 quote), window AC units replaced, some glass replaced, and cosmetics like paint and carpet. The kitchens are in pretty good shape and the bathrooms are solid as well, just dated. They can be cleaned up and kept in tact.
These units will rent for $650/mo per unit bringing in an 11%+ net Cap Rate after all expenses associated with the rental. Rents continue to rise as development continues out from downtown St Pete.
|Address:||2220 7th St S|
|Lot Square Feet:||6000|