49th Street Apartments

About 49th Street Apartments

The Florida Multifamily Group of Cushman & Wakefield is proud to present the exclusive offering of the 49th Street Apartments, a 286-unit value-add community in Pinellas Park, FL. Located in the most densely populated county of Florida, the property lies in a central part of the Tampa Bay region just north of St. Petersburg nearby the Gateway Business District with over 2,700 businesses and 60,000 employees in the vicinity. The property is well built of concrete block construction with concrete subfloors and boasts an attractive unit mix of 17% one-bedroom and 83% two-bedroom floor plans, most of which have been upgraded to a luxury standard finish level. The property has seen phenomenal performance over the last year with a 5% physical vacancy and an over 8% increase in net rental income, outpacing both the submarket and Tampa Bay averages. With optionality to purchase the property free and clear or subject to a Freddie Mac loan at 3.59% and ability to place new supplemental debt, the property presents an excellent opportunity to acquire a well-performing asset with strong in-place cash flow and future upside through strategic additional renovations.