8 Beds
4 Baths
2,680 SqFt
8 Beds
4 Baths
2,680 SqFt
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 2,680 sqft
Price per Sqft $447
Subdivision Summit Park
MLS Listing ID TB8449162
Bedrooms 8
Construction Status Completed
HOA Y/N No
Year Built 1985
Annual Tax Amount $9,172
Lot Size 8,276 Sqft
Acres 0.19
Lot Dimensions 70x115
Property Sub-Type Quadruplex
Source Stellar MLS
Property Description
The building lives more like a newly constructed boutique apartment building than a traditional four-unit. Each residence has been fully redesigned with modern layouts and high-end finishes, and one of the units is fully ADA compliant with an exterior wheelchair-accessible ramp. Additional upgrades such as designated bicycle parking and thoughtful site enhancements help ensure low-maintenance ownership for years to come.
The owners are currently replicating this project with the mirror-image property next door at 3101 16th St N, which will be completed as “Green Pelican” and will match Blue Pelican in layout, quality, and commercial-grade upgrades, with the only difference being a Seafoam Green exterior. Once completed, this will enhance the overall appeal and value of Blue Pelican, and a future purchaser will have the opportunity to acquire both properties for a cohesive and highly attractive 8-unit investment.
Fully leased the property will deliver a total monthly rental income of $8,825 plus an additional $200/month in reimbursement for water and trash, bringing the annual gross income to approximately $108,300. All units are separately metered for electric, creating an efficient and predictable utility structure.
Given the complete redevelopment and commercial-grade systems, future capital expenditure needs are minimal. Based on typical operating metrics for a brand-new, impact-rated multifamily building in Florida, the projected NOI supports a strong cap rate at list price. With rental upside over time, the pro forma performance trends even stronger.
Blue Pelican presents a rare opportunity to acquire a true turnkey, fully rebuilt income-producing asset with commercial-level construction quality, modern design, and stabilized rent roll—all in a growing, high-demand market near downtown St Pete and right around the corner from Crescent Lake.
Location
State FL
County Pinellas
Community Summit Park
Area 33704 - St Pete/Euclid
Direction N
Interior
Interior Features Accessibility Features, Ceiling Fans(s), Chair Rail, Kitchen/Family Room Combo, Living Room/Dining Room Combo, Open Floorplan, Stone Counters, Thermostat, Window Treatments
Heating Central
Cooling Central Air
Flooring Luxury Vinyl, Tile
Fireplace false
Appliance Convection Oven, Dishwasher, Dryer, Electric Water Heater, Exhaust Fan, Freezer, Microwave, Range, Refrigerator
Laundry Electric Dryer Hookup, In Kitchen, Inside, Laundry Closet, Washer Hookup
Exterior
Exterior Feature Balcony, Courtyard, Dog Run, Fence, Lighting, Private Entrance, Private Mailbox, Sidewalk
Parking Features Driveway, Off Street, Parking Pad
Utilities Available BB/HS Internet Available, Cable Available, Electricity Connected, Fire Hydrant, Public, Sewer Connected, Water - Multiple Meters, Water Connected
Roof Type Shingle
Porch Covered, Deck, Rear Porch, Side Porch
Garage false
Private Pool No
Building
Entry Level Two
Foundation Slab
Lot Size Range 0 to less than 1/4
Sewer Public Sewer
Water Public
Structure Type HardiPlank Type,Frame
New Construction false
Construction Status Completed
Schools
Elementary Schools John M Sexton Elementary-Pn
Middle Schools Meadowlawn Middle-Pn
High Schools St. Petersburg High-Pn
Others
Senior Community No
Ownership Fee Simple
Acceptable Financing Cash, Conventional, FHA, VA Loan
Listing Terms Cash, Conventional, FHA, VA Loan
Special Listing Condition None
Virtual Tour https://www.propertypanorama.com/instaview/stellar/TB8449162
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