555 69TH Avenue

Description

Located on World-Famous St Pete Beach, the Five Fifty-Five Apartments represents an exceptionally rare opportunity to acquire a resort-style coastal multifamily property. This meticulously well-maintained, and tastefully appointed ten-unit apartment building has historically produced a consistently reliable revenue stream making it the ideal acquisition for discerning investors seeking to establish an investment property foothold on one of the most popular coastal beach communities in the world. Investors interested in acquiring a generational family asset to satisfy a pending 1031 Exchange, or expand, enhance and further diversify their existing portfolio of high-quality commercial real estate investments will want to tour The 555 Apartments. Subject to all other offer terms and conditions, in its sole determination the Seller may be willing to consider providing Seller First Mortgage Financing, the terms of which may include Interest-Only monthly debt service payments for an extended term of up to ten years. Constructed in 1971 of solid block with poured concrete floors, The 555 Apartments is built on a sturdy slab with a durable stucco exterior finish. Nine of the ten expansive apartments have two spacious bedrooms, four of which also have two full-bathrooms. There is a single one-bedroom / one full-bathroom unit as well. Modern windows provide abundant natural light throughout the year benefiting from the property's southern exposure. Among other popular amenities, tenants enjoy contemporary kitchens with high-quality fixtures and cabinets, stainless steel appliances, stylish backsplash tile, faux granite counters, and a combination of luxurious European-inspired tile and laminate flooring. The apartment layouts were planned with large living rooms, separate dining areas, and full-size bathrooms. Community features include twenty off-street private assigned parking spaces, professionally landscaped grounds with beautiful flowers, enclosed outdoor spaces for grilling and outdoor dining shaded by tropical trees, onsite laundry facilities, and secure bike storage. Every apartment is individually equipped with modern central heating and air conditioning systems that provide year-round comfort. Electricity is metered separately and paid by tenants. City provided water and trash collection service is paid by the owner. Hot water is supplied by efficient individual in-unit tanks. Ranked by Tripadvisor the Number One beach in the United States, and Number Five beach in the World, St Pete Beach attracts vacationers from around the globe who enjoy walking for miles looking for shells in the sand, and dolphins in the surf. The location of the Property, undoubtedly its most prominent feature, places it a block to public beach access at Upham Beach Park where residents find wide stretches of powdery sand along the glittering emerald-green waters of Floridas Gulf Coast. After a relaxing day of fun in the sun on St Pete Beach its time to shop, dine, and unwind in the Historic Corey Avenue Shopping District. For more than six decades this shoppers paradise has thrived as the heart of St Pete Beach with its historic theater, unique specialty shops, art, craft, and jewelry galleries, clothing stores, and imaginative gift shops. Locals and visitors alike enjoy breakfast, brunch, lunch, or dinner at one of the many wonderful Corey Avenue restaurants offering casual fare to fine dining and entertainment.