Pam Terrace

St. Petersburg, FL

20

UNITS

1968

YEAR BUILT

0.68

ACRES

15,264

SQUARE FEET

PURCHASE PRICE

Property Tour

Investment Overview

The Colliers’ Florida Multifamily Team is proud to present Pam Terrace; a 20-unit apartment property located in the heart of Pinellas County in the city of St. Petersburg. Pam Terrace is favorably located on a residential street near an abundance of restaurants and grocery stores, as well as other shopping and services within a 2 mile radius of the property. Furthermore, tenants at Pam Terrace have a short drive some of the top rated US beaches, downtown St. Pete, two international airports, the city of Tampa and two major business districts that are not only home to several Fortune 500 companies, but a combined total of nearly 7,000 businesses and more than 160,000 employees.

Pam Terrace sits on a 0.68 acre site that contains two 10-unit concrete block buildings with a combined total 15,264 square feet of living space. The desirable unit mix consists of 12 one-bedroom units that range from approximately 650-750 square feet and 8 two-bedroom units at approximately 950 square feet. Setting itself apart from other multifamily assets of similar size and vintage, ALL units at Pam Terrace have washer/dryer hookups, central A/C and screened-in back porches. Additionally, the parking lot holds 20 assigned parking spaces, with 5 additional unassigned spaces. Street parking will accommodate any overflow.

The owners have meticulously cared for these buildings over their more than 41 years of ownership, including their most recent update of replacing windows and sliding glass doors throughout each and every unit. However, this is a rare, value-add investment opportunity that is primed and ready for a new owner to add their personal touch and take advantage of being in one of the hottest rental markets in the country. Our recommended business plan is to update the unit interiors with modern flooring, kitchens, baths and fixtures in order to realize the more than 30% in available rental upside and attract quality tenants. The exterior, although well maintained, also offers opportunity for a new owner to reimagine the property’s curb appeal and potentially build out a small outdoor common area between the two buildings to be utilized by tenants.

Investment Highlights

  • Value add opportunity through interior renovations and increasing rents to market
  • Desirable unit mix of one and two bedroom units
  • Washer/dryer hookups in all units
  • Private screened porches throughout
  • Recently sealed black top parking area with assigned parking

Location Highlights

  • Located on a residential street, surrounded by an elementary school, condos and other multifamily properties
  • Plethora of grocery stores, restaurants, drug stores and other shopping within a two-mile radius of property
  • Centrally located in the heart of Pinellas county with easy access to top rated beaches, downtown St. Pete, major airports and the city of Tampa

Contact

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

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

Shawn Rupp
Managing Director
+1 727 916 7877
shawn.rupp@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.