Casey Babb, CCIM

First Vice President Investments

Email: Casey.Babb@MarcusMillichap.com
Phone:
(813) 387-4723 – Direct
(813) 368-0835 – Mobile

 

Luis Baez, CCIM

First Vice President Investments

Email: Luis.BaezMarcusMillichap.com
Phone:
(813) 387-4849 – Direct
(813) 767-6275 – Mobile

 

Shawn Rupp

Senior Associate

Email: Shawn.Rupp@MarcusMillichap.com
Phone:
(813) 387-4766 – Direct
(813) 966-7924 – Mobile

Waterside Village is a recently rehabbed, Class B, garden apartment community located in St. Petersburg, Florida. Built in phases between the late 1970’s and late 1980’s, Waterside’s all concrete block construction buildings span across almost seven acres of mature landscaping giving tenants a more private and quiet lifestyle than afforded by more densely built apartment communities. Tenants enjoy a park-like setting with a pool, laundry facility, pet friendly areas and walks, and views of St. Joe’s creek from select units and the pool area, all while being located just one block West of Pinellas County’s most travelled North-South thoroughfare and bus route, US Highway 19.

This property received a complete renovation in 2019 and 2020 with only four units that did not receive a full turn. In addition to brand new roofs on seven of the buildings, the remaining roofs are still under warranty with sixty percent of HVAC units having been replaced in the last two and a half years. A highly desirable and balanced unit mix with an equal amount one- and two-bedrooms units averaging $955/month have significant upside in rents, especially on the two bedrooms where the average rent is approximately $100 less per month than the most recently rented units and an additional $25-30 lower than market comparables. Tenants are currently charged a flat rate for water/sewer, however, the property has submetered water, allowing a future owner to capture the full water/sewer bill, along with the trash expense as leases rollover.

The location in northern St. Petersburg is 1-block off of U.S. Highway 19 and just 1-mile to I-275 which are the primary north, south arterial roadways in Pinellas County. U.S. Highway 19, in particular, is a major retail and commerce corridor with a collection of grocery anchored shopping centers, big-box retailers, fast casual dining options, hotels and auto dealerships. In addition, residents enjoy proximity to major employment centers such as Northside & St. Pete General Hospitals which are 1.2 and 2.7 miles away, respectively, as well as the Gateway Business District and downtown St. Petersburg which are each less than a 10-minute commute. Pinellas Counties nationally renowned beaches are only 7 miles to the west and South Tampa is 10.4 miles to the east making most points of interest in the entire Tampa Bay region less than 20 minutes from the subject.

• Turn-Key Concrete Block Property with Rental Upside; Rehabbed in 2019/2020
• Brand New HVAC’s in 60% of the Units
• Brand New Roofs on 7 Buildings; Remaining Roofs are Still Under Warranty
• Water Submetering In-Place
• Free and Clear of Existing Debt

• True Class B Location in the Heart of Pinellas County
• Historically High Occupancy Submarket
• Large, 6.7 Acre Site one block West of the Main North/South Thoroughfare in the Most Densely Populated County in the State
• Minutes from Major Highways, Thoroughfares and Bus Lines

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