ST. PETERSBURG, Fla. (July 27, 2023) – Bridgewater Commercial Real Estate announces the sale of a value-add 8-unit multifamily property at 7027 4th Ave. N for $1.2 million or $150,000 per unit.
The well-maintained apartments offer renovated kitchens and bathrooms in six out of eight units and are only blocks away from Central Avenue and Dead Bob’s Bar & Restaurant, Earth Origins Market, and other retailers.
The property is just steps to the Pinellas Trail and convenient to the SunRunner rapid bus service that connects riders to Downtown St. Petersburg or St. Pete Beach.
The buyer Bizlift, LLC was represented by Kyle Keelan and Phil Ginexi of the Multifamily Firm, LLC.
“This buyer is getting a property with lots of upside. The current rents are below market and mostly month-to-month – so rental rates can be increased quickly. The units are not in a flood zone and are essentially turn-key with minimal monthly maintenance necessary,” said Bridgewater associate Davis Nunneley, Bridgewater’s multifamily sales specialist.
Nunneley and fellow Bridgewater associate Shane Billings represented the seller.
CoStar Group’s data shows only six other five- to 100-unit multifamily sales in 2023 in St. Petersburg, so this sale will help determine value for multifamily properties throughout the city.