755 4th Avenue N, St Petersburg, FL 33701

$1,740,000
List Price
$1,740,000
Status
Active
Days on Market
68
MLS#
U8052161
Property Style
Commercial
Lot Size
12,771
Acres
0.23
Total Acreage
1/4 Acre to 21779 Sq. Ft.
Legal Subdivision Name
Mcdaniel & Smallwoods Sub
MLS Area Major
St Pete

Property Description

This parcel 7 blocks from Downtown and 4 blocks from Central is ready now for a townhome development - all designs, submittals, plat plan, and ready with the City of St. Pete for permit pickup for 12 units zoned DC-3 in a non-flood area X. The HOA and sales contract are in place with projection of sales between $520,000- $575,000 per unit. Property also zoned for condos starting at a 3.0 F.A.R. with 1.0 bonus for enclosed garages, with an additional 3.0 F.A.R. using available city guidelines. The easiest to obtain 4.5 F.A.R. in total = 67,000 sqft building, with lot size approximately 14,000 sqft allows for 67,000 sqft minus 20% common area/green space gives an approximate 53,000 sqft building. The height allowed exceeds 100 feet if necessary. Final height allowance to be determined by the City of St. Pete, an 80 ft height with a 15 ft parking garage on ground level allows parking for 38 vehicles on one floor and the use of car lifts for 30 spaces, the total units with 2 parking spaces is 34 units. Taking a scenario of 34 units to 36 units at an average sqft of 1,170 sq. feet for a two-bedroom, two bath, two parking spaces total building size of 1,170 x 34 = 40,000 sqft plus 20% common area and green space = 48,000 sqft building. Compare the market @ $300 a sqft with 2 parking spaces for 1,170 sq. feet = average unit sale is between $360,000 and $400,000 - project sale price @ $375,000 which is $12,750,000 with land cost being approximately 12.5% of the sales price.

Additional Information

Taxes
$4579
Location
Buildable, Cleared, In City Limits, Level/Flat, Near Public Transit, Sidewalk, Street Lights, Street One Way
Community Features
Sidewalk, No Deed Restriction
Zoning
DC-3
Utilities
Electricity Available, Underground Utilities, Water - Multiple Meters
Pool
No Pool
Elementary School
North Shore Elementary-Pn
Middle School
John Hopkins Middle-Pn
High School
St. Petersburg High-PN
Pets
Allowed
Flood Zone Code
X
Parcel ID
19-31-17-53622-000-0090
Legal Description
MCDANIEL & SMALLWOOD'S SUB LOTS 8 & 9 LESS RD R/W

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of PREMIER SOTHEBYS INTL REALTY.

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