The 801 Grove Street North Apartments is strategically located in the heart of St. Petersburg, four blocks west of 4th St N, and just northwest of Round Lake Park. This fully-occupied Property is just minutes to the Central Avenue Arts and Entertainment District, and vibrant Downtown's popular restaurants, bars, cafés, galleries, and shops along Beach Drive overlooking Straub Park, the newly renovated St. Pete Pier, and Yacht Basin on Tampa Bay. St Petersburg, with its uniquely distinct historic neighborhoods, is experiencing a new "Golden Age" and revitalization unlike any other city in America, which is creating exciting lifestyles boasting a diverse multitude of retail, dining, entertainment and cultural venues, and employment opportunities. The City, home to University of South Florida, seven museums, and dozens of galleries, hosts over 900 yearly events attracting more than 10 million visitors to festivals, art and music exhibits, yacht races, and sporting events. The Property is comprised of two structures built of solid block construction. The main two-story Grove St building consists of eight one-bedroom units with an additional structure, separated by a secluded courtyard and accessed from the alley, featuring an expansive second-floor apartment above three private parking spaces, onsite laundry facilities, and a secure maintenance room. The owner completed extensive renovations in 2019 including, without limitation, roofs, mini-split HVACs, and windows (rear building). Many selective interior upgrades addressing flooring, baths, kitchens, appliances, and more have also been completed. Tenants pay electric and gas. Landlord pays common electric, water/sewer/trash, and boiler water heater gas. Occupancy is 100% with leases averaging $888, and ranging from $795 to $1,095. Two tenants are month-to-month with others having staggered terms remaining on 12-month leases. Pro-Forma real estate taxes are estimated based on the offer price with the Property projected to operate on an owner-managed basis with expenses equal to approximately 46% of EGI. A most compelling aspect of the Property's intrinsic value and investment proposition is its proximity to Downtown St Petersburg, Central Avenue, and the Tropicana Field. Proposals announced in January 2021 for redevelopment of Tropicana's campus, considered "86 acres of urban gold with boundless potential", envision rebuilding Booker Creek to serve as the focal point of a citywide destination with exciting new residential, office, retail, restaurant, hotel with conference facilities, and nearly 30 acres of pedestrian open space for museums, civic and entertainment venues. A new USF campus, expansion of nearby medical institutions, and the first ever Pinellas County Convention Center have also been discussed. As plans for Tropicana evolve, the momentous revitalization of St. Petersburg's Downtown, Central Avenue Grand and Edge District corridors is a current reality benefiting Grove Street Apartments' tenants who enjoy a wonderful, and charming neighborhood near the parks of Round Lake, Mirror Lake, and Crescent Lake. The Grove Street Apartments Offering is a unique opportunity to enhance your multifamily portfolio with a rarely available, stable, fully-occupied asset, constructed of solid block that has recently undergone significant renovations, and is located among the transformational paths of revitalization occurring within Downtown, Central Avenue, and Tropicana.
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