TAMPA, FL—433 Delmar Terrace, a 10-unit multifamily community in Saint Petersburg, FL, has a new owner. A local multifamily investor grabbed the apartment asset for $405,000.
Zach Ames, Kevin Kelleher, Darron Kattan, and Robert Goldfinger all of Franklin Street, represented the seller, a local owner. The sales price represents $40,500 per unit and $97.12 per square foot.
“The property has sustained a historically strong rental history and was 90% occupied at the time of sale,” says Ames. “There is a healthy demographic mix including students in this market which are creating overall occupancy rates in the mid-90s.”
Built in 1924, the property is located at 433 Delmar Terrace, and includes a unit mix of four studios, four one-bedroom, one-bath multifamily units, and two two-bedroom, one-bath multifamily units. The community is within walking distance to all of Downtown St. Petersburg and is located across the street from University of South Florida at St. Petersburg.
“The buyer plans on making minor improvements including continuing to upgrade interior units and raising rents—with demographics shifting to among the healthiest in the Tampa Bay area,” says Ames. “This trend will guide higher property values leading to a point in the real estate cycle where development has returned with multiple multifamily projects under construction in downtown St. Petersburg.”