Office - Residential - Garage/Storage 1200 40th St S 2,160 SF Vacant Office Building Saint Petersburg, FL 33711 $896,134 CAD ($414.88 CAD/SF) 7.44% Cap Rate

Fully Renovated Mixed-Use Investment or Owner-User opportunity in St. Petersburg featuring three functional components and two primary income sources. The property includes a 1080 SF Three bedroom, One-bath apartment upstairs, 1,080 SF of office/commercial space downstairs, and a detached 2-car garage/storage building. The property has been recently fully renovated, this flexible property is ideal for an investor, small business owner, or live/work occupant seeking strong income potential and functional space. Major improvements include two new HVAC units, new hot water heaters, new flooring, two new kitchens and bathrooms, new appliances, updated electrical and a new roof in 2020. Additional features include separate electric meters for each unit and a detached 2 car garage built in 2013 to newer building code standards.
Pro Forma Return Scenario at $649,999
Using the Projected Rents, 5% vacancy and 20% operating expenses:
Apartment: $2,800/month
Office + garage combined: $2,500/month
Gross Monthly Income: $5,300
Gross Annual Income: $63,600
Less 5% Vacancy: $3,180
Effective Gross Income: $60,420
Less 20% Operating Expenses: $12,084
Estimated NOI: $48,336
Estimated Cap Rate at $649,999: 7.44%