Tulane Apartments 4400 1st St N 31 Unit Apartment Building $10,722,513 CAD ($345,888 CAD/Unit) 6.24% Cap Rate Saint Petersburg, FL 33703

31 unit, Northeast St. Pete, fully stabilized concrete block apartment building. Trophy location, superior construction, pride of ownership building. Tulane Apartments is a four story building constructed in 1975, featuring three laundry rooms, two large house storage units, one central elevator (new cab in last 10 years), and security camera system. Walking distance to Whole Foods, two adjacent Publix Grocery Stores, J Crew, and more. Amenities include interior, air conditioned hallways, wireless intercom security entry, and trash chutes on each floor. Off street, divided lane biking and jogging sidewalk out front of building leads directly into downtown St. Pete. Featuring a poured concrete foundation, concrete block partition walls between each individual unit, and suspended concrete floors. All joists and studs are metal; each unit is separately metered for electric.
All units have been renovated in the last few years. Every unit features upgraded appliances; every unit has a garbage disposal and dishwasher, and central AC. Extremely desirable unit mix; of the 31 units, (16) are 2 bedroom, 2 bath, (12) are 1 bedroom, 1 bath, and (3) are studio units. Each 2/2 unit features a private, covered balcony.
This is the first time this building has ever been for sale on the public market since construction. Features and finishes are high quality- most units feature solid wood, slow close cabinets, all Kohler plumbing fixtures have been installed in last 10 years, and when bathrooms are remodeled, cast iron Kohler soaking tubs have been installed. Stainless steel appliances in most units, featuring wifi stoves and high end top panel dishwashers; vast majority of units feature solid granite countertops with undermount sinks.
List price is significantly less than replacement cost- this 31,219 square foot building is priced at $248 a foot, without factoring in land value whatsoever (building sits on 6 lots, totaling 270' x 138.5'). Note that building did not flood during storms of 2024. Truly incredible opportunity to purchase building with no deferred maintenance in a Class A location.