Grove Street Manor

St. Petersburg, FL

9

UNITS

1950

YEAR BUILT

0.18

ACRES

6,400

SQUARE FEET

PURCHASE PRICE

Investment Overview

The Colliers’ Florida Multifamily Team is proud to present Grove Street Manor; a 9-unit apartment property located in the Historic Uptown neighborhood of Saint Petersburg. Grove Street Manor is walking distance to local coffee shops and eateries on 4th Street N, approximately .5 miles away from all that downtown St Pete has to offer, and approximately 2 miles from the Grand Central District that neighbors Tropicana Field with restaurants, breweries, shops and more. Tenants here enjoy great walkability but also have top rated US beaches, airports, two major employment hubs that are home to several Fortune 500 companies, and the cities of Tampa and Clearwater all within a short drive.

Grove Street Manor sits on a 0.18 acre site that contains two concrete block buildings with a combined total 6,400 square feet of living space. The main building, a 2 story structure sitting along the front of the property just off of a brick paved road, contains 8 one-bedroom units that are all accessed through the building’s interior corridor. The structure sitting on the back of the property against an alleyway contains one 960 sq ft one-bedroom unit on the second floor with 3 covered parking spaces and a laundry room on the bottom floor.

Three of the nine units at Grove Street Manor have recently been renovated with new kitchens, baths, flooring, fixtures and stainless-steel appliances. A new owner will have the ability, should they choose, to continue the renovations with their own personal touch and achieve top of market rents at this conveniently located multifamily asset. Additional improvements to the property could include reimagining the outdoor common area space on the side yard and in between the two structures to include tables and seating, BBQ, shade structures and/or an area for pets.

Investment Highlights

  • Stabilized asset with upside potential through continued renovations
  • 3 out of 9 units have been renovated with all new kitchens, baths, flooring and stainless-steel appliances
  • Concrete block construction with new windows throughout property
  • Mini split AC systems in all units

Location Highlights

  • Located in the historic uptown neighborhood of Saint Petersburg with a brick paved street running along the front of the property
  • Approximately 1 mile from the St. Pete Pier, Vinoy Park and the plethora of dining and shopping in DTSP
  • Less than 2 miles from Tropicana Field & Grand Central District’s dining and retail shops
  • Close proximity to major thoroughfares with easy access to top rated beaches, international airports and the cities of Clearwater and Tampa

Contact

Jay Ayres
Senior Associate
+1 813 956 9700
jay.ayres@colliers.com

Luis Baez, CCIM
Managing Director
+1 813 767 6275
luis.baez@colliers.com

Tyler Carbonelli
Senior Associate
+1 727 744 9291
tyler.carbonelli@colliers.com

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.