932 22nd St., St. Petersburg, FL 33712

The 932 22nd St S Apartments is located in the heart of the Deuces Live sector of St. Pete’s Warehouse Arts District “WAD” 1.8 mile redevelopment corridor, one of the most culturally vibrant and historically significant urban areas in Florida. Plans contemplate new bike and pedestrian routes, bus and trolley stops, and brick featured streets easily transformed to venues for festivals and events. This Offering represents a unique opportunity to acquire a stable apartment property located in the center of the transformational path of revitalization occurring in The Deuces and WAD, with proximity to St Petersburg’s Downtown, Central Avenue Grand & Edge Districts, the Tropicana Campus, and 333-acre Opportunity Zone 216. The Property consists of five one-bedroom units leased month-to-month, with rents averaging $600. Tenants pay electric, landlord pays water/sewer/trash. Four units have upgrades including tile floors, kitchen cabinets and countertops, bathroom vanities and shower enclosures. The roof was replaced in 2017. Heat is baseboard electric, tenants provide window AC units. The Property has a history of near 100% occupancy, and is projected to operate on an owner-managed basis with expenses equal to approximately 44% of EGI. Current income, with near-term upside potential, enhances the Property’s prospects for long-term redevelopment value appreciation.