644 72nd Avenue, St Pete Beach, FL 33706

$1,649,000
2,885
SqFt
List Price
$1,649,000
Status
Pending
Days on Market
59
MLS#
U8131205
Property Style
Quadruplex
Year Built
1963
Living Area
2,885
Lot Size
5,384
Acres
0.12
Total Acreage
0 to less than 1/4
Legal Subdivision Name
St Petersburg Beach Rep
MLS Area Major
Pass a Grille Bch/St Pete Bch/Treasure Isl

Property Description

There is SO MUCH to say about this property! #1: Remember the adage, “There are three things that matter in property: Location, Location, LOCATION! Well, Waterside is located on the #1 rated beach in the US, St. Pete Beach, and within easy walking distance to that white, pristine sand. Indeed, from the Upper Deck unit, you can even see the Gulf! If you are ticking boxes, mark THREE BIG CHECKS here for LOCATION, LOCATION, LOCATION! #2, (or is it #4?): It has been fully remodeled from top to bottom; AND is already earning handsome rental income. If you are counting, that is two additional BIG CHECKS! How BIG OF A CHECK? 2021 Income Year-To-Date, (i.e., through 7/31/21), is $65,524. AND that is despite units 1, 3 & 4 not having been available due to remodeling for January and part or all of February & March, depending upon the unit! Add in historically backed estimates for lost revenues during those renovations, and that number for YTD Income through 7/31/21 grows to just a smidge over $92K! Add in current reservations and estimates for the rest of 2021 based upon prior years, and we have a gross annual income of $110,604 for 2021! 2022 will be the FIRST YEAR that all four units have been up and running for a full twelve months! Who know how great 2022 will be? And here is why: In Waterside, the Owner has created a small compound to provide a comfortable and quiet oasis for vacationers that is within easy walking distance to restaurants, bars, entertainment and ‘Downtown St Pete Beach.’ Between 2016 and now, this property has been acquired; remodeled; and yes, lovingly groomed in anticipation of its next adventure with a new owner. There is nothing left that needs done. During that same timeframe, the entire corridor and area has also undergone a gentrification that is still in process. Recently the finest jewel yet, The Saint Hotel and 82 Degrees Restaurant, opened – NEXTDOOR! The Saint Hotel has nightly rates in excess of $400 and an upmarket dining experience! Would it not be awesome to own this nightly-rental vacation property just around the corner from The Saint Hotel? YOU BET IT WOULD! Here are some more checks to add to your list: Units 1, 3 & 4 were remodeled between 11/20 and 3/21. Unit #2 was fully remodeled in 2016 with some later periodic updates as well; and in 2020, the water main service from the street to the main house was replaced, as well as all connection points and shut offs. PLUS, and it is a BIG PLUS, both buildings have all new electrics inside and out AND a newer roof! And lest we forget the fabulous exterior, the attention to detail carries onto the outdoor spaces. From new decks to solar lighting, new shell for the yard, beachy decor and new fencing, it all comes together to create an inviting outdoor space for guests to enjoy. It is as pleasing to the eye as it is a useful and fun outdoor entertainment space! There are too many features and upgrades to catalogue here. Know this: From SOLID concrete block construction to the SOLID Seller who has conscientiously renovated and maintained this ‘labor of love,’ (pulling permits as required – fyi), this property is as SOLID as you will find. Low maintenance makes for a healthy ROI, estimated at 4.87% for a self-managed operator. You truly must see it to appreciate it.

Additional Information

Taxes
$7763
Annual Gross Income
110604
Location
Near Public Transit
Community Features
Sidewalks, No Deed Restriction
Property Description
Two Story
Interior Layout
Ceiling Fans(s)
Interior Features
Ceiling Fans(s)
Appliances
Range, Refrigerator
Utilities
Cable Available, Electricity Connected, Public, Water - Multiple Meters, Water Connected
Heating
Central
Air Conditioning
Central Air
Exterior Construction
Block, Stucco
Exterior Features
Balcony, Sliding Doors, Storage
Roof
Shingle, Tile
Foundation
Slab
Pool
No Pool
Garage Features
Guest, Open, Parking Pad
Water Name
Gulf Of Mexico
Water View
Gulf/Ocean - Partial, Intracoastal Waterway
Flood Zone Code
AE
Parcel ID
36-31-15-77994-044-0050
Legal Description
ST PETERSBURG BEACH REPLAT BLK 44, LOT 5

Mortgage Calculator

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Listing courtesy of NEXTHOME BEACH TIME REALTY.

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