626 35Th S Ave St Petersburg FL 33705 MLS O6175898

$899,000

Reduced By $100,000
last change 4/8/2024

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Home Description: 626 35Th S Ave

Split 3 existing lots with 2 rental SFRs into 5 lots with 5 SFRs and 5 ADUs! Develop a total of 5 single family homes on 5 parcels on a combined .58 acres. Develop 10 total units on 5 parcels! Exit by selling each lot separately or operate as a multifamily property. The City of St. Petersburg will allow an ADU built on each property. Currently, the 2 Single Family Homes have short term tenants in place. The sellers are utilizing the online platform, Padsplit, to lease each room individually at an average of $960 / month. The houses are fully occupied. Both existing SFRs have been renovated. 626 35th Ave. S is a 6 bedroom, 2 bath SFR on .31 Acres. The city has indicated, preliminarily, that a developer can split this lot into 3 separate lots. (One lot on either side of the existing SFR.) Renovations include fresh interior and exterior paint. 650 35th Ave. S is a 3 bedroom, 1 bath SFR on .19 Acres. Renovations include fresh interior and exterior paint, new floor joists, new baseboards and LVP Flooring, new doors, new fans, updated kitchen and bathroom. New roof in 2019. Both houses are available furnished with desks, chairs, a queen bed and rugs as a separate package. The vacant lot in between the 2 houses is known as "35th Avenue S" and is .08 acres. The lots are well positioned just 2 miles South of Downtown St. Pete, one block from the Grandview Park boat ramp with access to Tampa Bay, adjacent to Lake Maggiore and Boyd Hill Nature Preserve, close to St. Petersburg Country Club with Southside Youth Soccer. Lots are in Flood Zone X and zoned NT-1, which allows for ADUs. 15 minutes to the beach! • Your development plan could include razing the existing homes and building 5 new houses, each with an ADU, or further renovate the existing homes, and build 3 new single family homes. Split the 626 35th Ave. lot into 3 separate lots to create a total of 5 lots. Sell the finished homes individually or add 10 new rental units to your portfolio! (5 SFRs and 5 ADUs) • This submarket is poised for growth. A half mile from the subject property, St. Pete developer, Stoneweg, is beginning construction on a new retail plaza and apartment complex situated in the former Coquina Key Shopping Plaza. The firm plans to build a seven-story apartment building, with 465 units. The adjacent 21,000-square-foot retail plaza, to be built in front of the apartments, will be anchored by a local grocer. • There is now greater access for homeowners to secure financing for properties with ADUs. FHA allows borrowers to use 75% of the estimated rental income to qualify for the mortgage. Smart homebuyers can offset the high prices of new home construction by leasing their ADU, lowering their monthly payment and increasing equity. Developers benefit from increased buyer demand and affordability. • St. Pete is booming! Nearly 40 large scale residential projects are currently underway in St. Pete. Future job growth over the next 10 years is scheduled to be 42%. The Tampa - St. Pete - Clearwater Metro Area is the 2nd largest metro in Florida and 18th in the USA.