The 349 78th Avenue Apartments enjoys the ideal location of being in the heart of St Pete Beach, blocks from Upham Beach and Historic Corey Shopping District's funky specialty shops, galleries, popular bars and restaurants. The Property is also just minutes to the mainland via the Pasadena Causeway. Activities abound in St Pete Beach, a town sprinkled with nostalgic Old Florida motels and inns, as well as the five-star Don CeSar, and Trade Winds Island Resorts. Comprised of a single structure consisting of three one-bedroom units, and a spacious two-bedroom unit featuring Central HVAC, the Property has just undergone thorough, and extensive renovations with new tenants having taken occupancy November 1st subject to twelve-month leases (one-bedrooms $1,000, and $1,250 two-bedroom). Tenants pay electricity per separate meters, and landlord pays water/sewer/trash. Intending to bring the Property essentially 100% hurricane compliant, the just-completed renovations include installation of an entirely new hip roof (the construction of which included new roof joists), upgraded electric and plumbing systems, new Central HVAC (two-bedroom unit), exterior paint, with new fencing and landscape to include reclaimed water irrigation. Pro-Forma real estate taxes are estimated based on the offer price. The Property has historically been, and is now, 100% occupied. It is projected to operate on an owner-managed basis with total expenses equal to approximately 46% of EGI, with expectation of minimal near-term capital expenditure requirements.
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