Motivated Seller!! This property is perfect for investors. Cash offers preferred. Current structure will not pass a 4 point inspection. It's a corner lot on a major thoroughfare that was just recently re-zoned for multi-family development. The home that currently stands on the parcel is a 2 bedroom 1 bath single family home with a large attached unfinished garage.
The new zoning guidelines allow for 30 units per acre, and 36 feet to the top of the roof peak. This property includes 3 cut curbs/driveways as well as alleyway access, and a partially finished garage. For the right investor and/or developer it's a diamond in the rough.
The median rental rate for a 2 bedroom in the area according to Zillow is $2, 500, and with the ability to convert this lot to house 4 such units, possible gross rental income could yield $10, 000 per month or more. Gulfport is less than 2 miles away, and Downtown St. Pete is less than 5 miles away. This lot is accessible by car, bike, walk up or bus.
Call the listing agent today to schedule a tour and submit your offer. The parcel is being sold "As Is", and the price is firm.
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5/6 (30 Yr) Adjustable Rate Conforming* |
30 Year Fixed-Rate Conforming |
15 Year Fixed-Rate Conforming |
|
---|---|---|---|
Loan Amount | $240,000 | $240,000 | $240,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 7.250% | 6.990% | 5.990% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.945% | 7.133% | 6.256% |
Monthly Tax Payment | $120 | $120 | $120 |
H/O Insurance Payment | $75 | $75 | $75 |
Initial Principal & Interest Pmt | $1,637 | $1,595 | $2,024 |
Total Monthly Payment | $1,832 | $1,790 | $2,219 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.