07/16/2026
10 Units. Two Adjacent Properties. One Close. $64,200/Year in Unrealized Cash Flow. Downtown St. Pete.
PRIMARY TEXT:
This is the deal that doesn't show up twice.
π 247 & 255 6th Avenue N β Downtown St. Petersburg / Historic Old Northeast
Two adjacent multifamily properties. Same block. Same ownership. Same estate sale motivation. Available together at $2,150,000 β or individually if the portfolio doesn't fit your box.
The combined portfolio at a glance:
πΌ Combined list price: $2,150,000 ($215,000/unit)
π Total units: 10 (4-unit concrete block + 6-unit historic wood frame)
π Combined in-place gross income: $103,800/yr
π Combined stabilized gross potential: $168,000/yr
π Annual income gap: $64,200/yr β executable through lease-up and rent normalization
π Blended income upside: ~62%
π Combined stabilized NOI: $92,000β$103,000
π Both properties: Flood Zone X
What $64,200 in unrealized cash flow means in forced equity:
At a 5.0% cap rate, every dollar of annual NOI = $20 in asset value.
Close the income gap β add $800,000β$1,300,000 in portfolio value above acquisition cost.
No permits. No construction. No zoning approvals. Just disciplined lease-up.
The syndicator case for owning both:
π ONE property manager for 10 adjacent units β lower blended management rate, one vendor network, one insurance renewal
π PRICING CONTROL β owning 10 units on a single block gives you direct influence over the rental tone of the entire micro-corridor. Set rents at $1,400 across 8 units and that becomes the submarket reference
π COMPLEMENTARY ASSETS β concrete block at 247 anchors insurance economics; historic character at 255 commands premium rents from tenants who seek it
π ASSEMBLAGE OPTIONALITY β two adjacent parcels (~10,478 SF combined) in a NT-2 restricted corridor creates a future disposition premium that neither parcel commands independently
π SCALE ENTRY β $215,000/unit is the low end of the comp range ($180Kβ$265K/unit recent trades). You enter with immediate equity relative to stabilized value
Third-party appraisals in hand for both properties (Tod Marr & Associates). Full OM, rent rolls, and financials available under NDA.
This is not a distressed asset. It is a well-located, income-producing 10-unit portfolio carrying below-market rents in a submarket with documented upward rent pressure and structurally constrained supply.
DESCRIPTION:
10-Unit Portfolio | $2,150,000 | $215,000/Unit | ~62% Income Upside | Both Flood Zone X | Appraisals in Hand | Estate Sale | Downtown St. Pete
Dave Masi
Broker Associate/Licensed Realtor
Licensed Business Broker
Licensed Notary Public
Sunshinegle LLC.
[email protected]
Cell- (727)215-5085
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