Saint Petersburg Multifamily for Sale - South Pinellas
Modern Living in Historic Old Northeast is a fully restored nine unit multifamily building combining 1925 architectural character with modern infrastructure and legal short term rental flexibility.
The building has been renovated to current building and fire code, which is a critical distinction in this market. Because of that compliance, along with its CCT-1 Corridor Commercial Traditional zoning, the property is legally eligible for transient use. In a neighborhood where the majority of parcels are traditional residential zoning, this flexibility is rare and valuable.
Units range from approximately 350 to 500 square feet and are thoughtfully designed for efficiency and durability. Each residence offers a private entrance, new HVAC, updated electrical, new water heaters, restored original hardwood floors, skim coated drywall, and new kitchens with marble backsplashes and marble shower walls. Brass hardware and preserved historic details maintain the integrity of the 1925 structure while delivering a clean, modern finish.
Water and electricity are included, simplifying operations and tenant management. Laundry is available on site, with one of four garages configured for community use. The additional garages provide optional rental income and operational flexibility. A rear mother in law suite creates further versatility for an owner occupant, premium rental, or on site management.
This asset is well suited for a hybrid leasing strategy. The zoning and code compliance allow for nightly, weekend, extended stay, or traditional long term rental strategy. That flexibility enables year round revenue optimization based on seasonality and demand. Very few properties in Old Northeast can legally offer this combination of historic location and transient eligibility.
A new multimillion dollar development directly adjacent provides a built in buffer from Fourth Street while reinforcing long term appreciation and future demand. Seller financing is available to qualified buyers.
This is a legally compliant, income ready multifamily investment with multiple revenue paths in one of St Petersburg’s most established neighborhoods.
-Location-
Positioned just one block from Downtown St. Petersburg, this property sits at the intersection of Historic Old Northeast and the urban core. It offers immediate connectivity to the energy of downtown while retaining the character and scale of one of the city’s most desirable residential neighborhoods.
From the front door, residents can walk to Vinoy Park, North Shore Park, the waterfront trail, tennis courts, beaches, and the marina. Within minutes are Beach Drive restaurants, coffee shops, rooftop bars, museums, galleries, and Central Avenue retail. The Pier, Sundial, and major event venues are all easily accessible on foot. There is no need for a car to enjoy daily life here.
The Historic Old Northeast neighborhood is defined by brick lined streets, mature oak canopies, and a mix of Craftsman, Mediterranean, and Colonial Revival architecture. Its proximity to downtown, combined with waterfront access and long term neighborhood stability, has consistently supported strong rental demand.
St. Petersburg continues to experience population and tourism growth, and expanding employment across healthcare, finance, technology, and hospitality sectors. Being one block from downtown enables this property to capture both local residential demand and visitor traffic.
The majority of Old Northeast remains traditionally zoned residential. Having CCT-1 zoning with short term rental eligibility in this walkable, waterfront adjacent location creates a competitive advantage that is difficult to replicate.
Downtown connectivity without sacrificing historic character, positioned at the edge of downtown’s continued expansion.
