755 4th Avenue N
ST PETERSBURG, FL 33701

$1,740,000

Description

This parcel is ready now for a townhome development - all designs, submittals, plat plan, and ready with the City of St. Pete for permit pickup for a townhome development of 12 units zoned DC-3 in a non-flood area X. The HOA and sales contract are in place with projection of sales between $520,000- $575,000 per unit. Property also zoned for condos starting at a 3.0 F.A.R. with 1.0 bonus for enclosed garages, with an additional 3.0 F.A.R. using available city guidelines. The easiest to obtain 4.5 F.A.R. in total = 67,000 sqft building, with lot size approximately 14,000 sqft allows for 67,000 sqft minus 20% common area/green space gives an approximate 53,000 sqft building. The height allowed exceeds 100 feet if necessary. Final height allowance to be determined by the City of St. Pete, an 80 ft height with a 15 ft parking garage on ground level allows parking for 38 vehicles on one floor and the use of car lifts for 30 spaces, the total units with 2 parking spaces is 34 units. Taking a scenario of 34 units to 36 units at an average sqft of 1,170 sq. feet for a two bedroom, two bath, two parking spaces total building size of 1,170 x 34 = 40,000 sqft plus 20% common area and green space = 48,000 sqft building. Compare the market @ $300 a sqft with 2 parking spaces for 1,170 sq. feet = average unit sale is between $360,000 and $400,000 - project sale price @ $375,000 which is $12,750,000 with land cost being approximately 12.5% of the sales price.

Details

MLS#U8052161
Sub-TypeResale
StatusActive
Days On Site40

Features

ZoningDC-3
Acreage0.23

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Area Information

StateFL
CityST PETERSBURG
Zip Code33701
Area33701 - St Pete
Listing VS Median (in 33701)
Price:
$1,740,000
low | high
Med:
$429,500
100% of Average
On Site:
40
low | high
Med:
106.500000
37.558685446009% of Average
Listing Updated: 08/18/2019
MLS Number: U8052161
Listing Provided By:
Kelly Lee McFrederick  of  PREMIER SOTHEBYS INTL REALTY

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