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The Bungalows on 50th 2595 50th Ave N 12 Unit Apartment Building £989,019 (£82,418/Unit) 6.32% Net Initial Yield Saint Petersburg, FL 33714
INVESTMENT HIGHLIGHTS
- Exceptional Value-Add Opportunity | Below-Market Rents w/ Clear Upside Supported by Govt-Subsidized Housing Programs
- 12-Units on One 0.57-Acre Parcel, Including a Large 3-Bed / 2-Bath House, 3 Duplexes, & 5 Individual Bungalows
- Non-Flood Zone Location (Zone X) | Significantly Reducing Insurance Expenses
- Potential Seller Financing | Available for Qualified Buyers & Negotiable Depending Upon Price & Terms Offered
- Water Sub-Metering In-Place | Allowing Immediate Recapture of Water Expenses & Improved NOI
- Portfolio Offering Available | Also Offered as Part of a 33-Unit Portfolio Including 2 Nearby Properties Totaling 13 & 8 Units Just Half a Mile North
EXECUTIVE SUMMARY
The Multifamily Firm is pleased to present The Bungalows on 50th, a 12-unit apartment complex in St. Petersburg, Florida, offering investors an exceptional value-add opportunity with potential seller financing available for a qualified buyer. The property features 12 units across nine buildings on a 0.57-acre parcel, including a large 3-bedroom, 2-bathroom house, three duplexes, and five individual bungalows. With current rents well below market, government-subsidized housing supports rent levels $600–$900 per month higher than existing averages, creating significant upside potential and a clear path to enhanced returns. Situated in a non-flood zone (Zone X), the property benefits from lower insurance expenses and is ideally located within 10 minutes of Downtown St. Pete and the Gateway Business District, home to more than 2,700 businesses and 60,000 employees. The Bungalows on 50th is also available as part of a 33-unit portfolio that includes two nearby assets totaling 13 and 8 units just half a mile north, providing a rare opportunity to scale within a high-demand submarket of the Tampa Bay MSA.
PROPERTY FACTS Under Offer
| Price | £989,019 | Costar Property Class | C |
| Price Per Unit | £82,418 | Total Plot Size | 0.57 ac |
| Sale Type | Investment | Property Size | 6,707 sq ft |
| Yield | 6.32% | Average Occupancy | 100% |
| No. Units | 12 | No. Floors | 1 |
| Property Type | Build-to-Rent | Year Built/Renovated | 1958/2013 |
| Property Subtype | Apartment | Parking Allocation | 2.98/1,000 sq ft |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Use Class | R-4 - provide for quality residential neighborhoods in an urban setting | ||
| Price | £989,019 |
| Price Per Unit | £82,418 |
| Sale Type | Investment |
| Yield | 6.32% |
| No. Units | 12 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Costar Property Class | C |
| Total Plot Size | 0.57 ac |
| Property Size | 6,707 sq ft |
| Average Occupancy | 100% |
| No. Floors | 1 |
| Year Built/Renovated | 1958/2013 |
| Parking Allocation | 2.98/1,000 sq ft |
| Opportunity Zone |
Yes |
| Use Class | R-4 - provide for quality residential neighborhoods in an urban setting |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Wheelchair Accessible (Rooms)
1 1
PROPERTY TAXES
| Parcel Number | 02-31-16-00000-120-1700 | Improvements Assessment | £364,457 |
| Land Assessment | £143,214 | Total Assessment | £507,671 |
PROPERTY TAXES
Parcel Number
02-31-16-00000-120-1700
Land Assessment
£143,214
Improvements Assessment
£364,457
Total Assessment
£507,671
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The Bungalows on 50th | 2595 50th Ave N
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