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.