• Turn-Key Asset With Historically High Occupancy
• Numerous Major Improvements Including New Roof, New Exterior Paint, Updated Electrical, Updated HVAC systems, and 9 Rehabbed Bathrooms
• Significant Upside by Passing Through Utilities
• Delivered Free & Clear Allowing for New Debt at Historically Low Interest Rates

• Walking Distance To Downtown St. Pete & Vinoy Park
• Great Location Provides Potential For Short Term Rentals
• Located Less Than 10 Miles From The Gulf Beaches
• Direct Access to I-375 Providing Mobility to Central Pinellas and Tampa

The Babb Group of Marcus & Millichap is pleased to offer, The Nelson; an early 1900’s vintage, 11-unit apartment property consisting of two 2-story buildings which contain a total of 6 studio and 5 one-bedroom apartments with average rents of $775 and $792, respectively.  This well-maintained property has had numerous major capital improvements, which include a new roof, new exterior paint, tiled balcony, updated electrical and HVAC systems, and rehabbed bathrooms in 9 of the 11 units featuring modern walk-in showers with floor to ceiling tile.  Residents enjoy access to an on-site, coin-operated laundry room, storage spaces, a common area patio with outdoor furniture and BBQ grilling areas, as well as screened porches in 6 of the units.

Located adjacent to Saint Petersburg’s vibrant downtown, The Nelson is tucked away on a quiet street but walking distance to Mirror Lake, the historic St. Petersburg Shuffleboard Club, the Coliseum, the new Museum of American Arts & Crafts, and just a short bike ride to famed Beach Drive, Straub Park, the recently redeveloped St. Pete Pier, Vinoy Park, the St. Pete Yacht Club, the Museum of Fine Arts, the Salvador Dali Museum and the scenic views of Vinoy Park.  Saint Petersburg, the fifth most populous city in Florida, is located within the Tampa Bay MSA, which is experiencing unprecedented growth and has emerged as a Top 5 multifamily market in the country.  Many new residents are moving here for the relatively low cost of living, the quality of life, the countless availability of outdoor activities, and significant job opportunities as the metro continues to be one of the best per capita employment growth markets in the country.  This will bolster rental properties long-term, pave the way for continued rent growth and lead to asset appreciation due to the increased demand for residential housing. The Nelson is a turn-key asset whereby most of the heavy lifting has already been done but it also provides tremendous upside through continued strategic upgrades to both the physical plant and the management strategy.  In the initial 2-years, we anticipate a new operator will be able to not only increase rents by nearly $0.30 per square foot from $788/mo to $916/mo but also move the Effective Gross Income by nearly $7,500 simply by implementing a utility reimbursement plan as well as capturing more traditional fee income associated with late fees, various administrative type fees, etc. which, along with historically low interest rates on the debt side, will position the property for consistent double-digit cash-on-cash returns.

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