3103 16th Street N, St Petersburg, FL 33704
- $1,199,000
- 8
- BD
- 4
- BA
- 2,680
- SqFt
- List Price
- $1,199,000
- Status
- Active
- Days on Market
- 249
- MLS#
- TB8449162
- Property Style
- Quadruplex
- Year Built
- 1985
- Bedrooms
- 8
- Bathrooms
- 4
- Living Area
- 2,680
- Lot Size
- 8,107
- Acres
- 0.19
- Total Acreage
- 0 to less than 1/4
- Legal Subdivision Name
- Summit Park
- MLS Area Major
- St Pete/Euclid
Property Description
Introducing Blue Pelican, a brand-new commercial-quality quadplex rebuilt from the studs up. Only portions of the exterior framing and slab remain—every other major component is new, including the electrical system and panels, plumbing, roof, HVAC, siding, impact-rated windows and doors, driveway, insulation, drywall, upscale kitchens and bathrooms, and all interior finishes. The property also features a commercial fire sprinkler system and a commercial fire alarm system, offering insurance advantages, enhanced safety, and long-term durability rarely found in small multifamily assets. 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.
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Additional Information
- Taxes
- $9172
- Annual Gross Income
- 109200
- Community Features
- No Deed Restriction
- Property Description
- Two Story
- Interior Layout
- Accessibility Features, Ceiling Fans(s), Chair Rail, Kitchen/Family Room Combo, Living Room/Dining Room Combo, Open Floorplan, Stone Counters, Thermostat, Window Treatments
- 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
- Floor
- Luxury Vinyl, Tile
- Appliances
- Convection Oven, Dishwasher, Dryer, Electric Water Heater, Exhaust Fan, Freezer, Microwave, Range, Refrigerator
- Utilities
- BB/HS Internet Available, Cable Available, Electricity Connected, Fire Hydrant, Public, Sewer Connected, Water - Multiple Meters, Water Connected
- Heating
- Central
- Air Conditioning
- Central Air
- Exterior Construction
- HardiPlank Type, Frame
- Exterior Features
- Balcony, Courtyard, Dog Run, Fence, Lighting, Private Entrance, Private Mailbox, Sidewalk
- Roof
- Shingle
- Foundation
- Slab
- Pool
- No Pool
- Garage Features
- Driveway, Off Street, Parking Pad
- Elementary School
- John M Sexton Elementary-Pn
- Middle School
- Meadowlawn Middle-Pn
- High School
- St. Petersburg High-PN
- Flood Zone Code
- X
- Parcel ID
- 12-31-16-86166-001-0230
- Legal Description
- SUMMIT PARK BLK A, LOT 23 & N 1/2 OF LOT 22
Listing courtesy of EXP REALTY LLC. 888-883-8509
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