09/22/2026
🚨 Attention investors — this one is live, and it will not last long.
📍 255 6th Avenue N. — Downtown St. Pete / Historic Old Northeast
6 units. Historic building. One block from Beach Drive.
Current rents are roughly HALF of what this building should be producing. 👇
💰 Current gross income: $49,800/yr
📈 What it SHOULD be generating: $97,200/yr
⚡ The gap: +$47,400 every single year
That is not a renovation play.
That is not a construction timeline.
That is leases rolling to market rate — and that is it.
One unit is vacant RIGHT NOW.
You can capture $16,800 in annual income the day you sign one lease. 🔑
Here is why sophisticated investors are paying attention to this one specifically 👇
🏛️ THEY CANNOT BUILD THIS AGAIN.
This building operates at 75 units per acre under NT-2 zoning that does not allow new construction at this density. This footprint is legally grandfathered and permanently protected. No developer can compete with it. No new supply replaces it.
🏗️ 2021 ROOF — ALREADY DONE.
The biggest capex concern in any wood-frame building is already behind you. Clean it and go.
⚡ 6 INDIVIDUAL ELECTRIC METERS.
Every single tenant pays their own electric bill.
Zero utility cost to the owner across all six doors.
That goes straight to your bottom line.
🌊 FLOOD ZONE X.
No mandatory flood insurance required.
In Florida right now — that matters more than ever.
You are buying it at $1,200,000 with ~95% income upside still on the table.
The math works.
The numbers at stabilization 👇
Projected NOI: $52,000–$58,000/yr
Value at 4.5% cap: $1,155,000–$1,290,000
You are not paying for stabilized value.
You are paying for the path to it.
🏠 5 of 6 units occupied — income producing at close.
📍 Steps to Beach Drive, The Pier, and Downtown St. Pete employment.
🤝 Estate sale — motivated seller, priced to move.
💼 1031 exchange timelines accommodated.
This is a rare, income-producing historic building in one of Tampa Bay's strongest rental corridors — with one of the cleanest value-add stories I have brought to market.
At $200,000 per unit with ~95% income upside and a density position that cannot be replicated — this one underwrites.
👉 Comment "INFO" below or DM me directly and I will send you the full Offering Memorandum, appraisal, and rent roll today.
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Dave Masi, Broker Associate | Sunshineagle LLC
727-215-5085
St. Petersburg, FL 📍