1233 Oak St NE

RARE FIND TIMELESS MEDITERRANEAN MULTIFAMIY INCOME PROPERTY IN OLD NORTHEST. The iconic Melrose is a boutique 8-unit residence located in highly sought after historic Old Northeast". This neighborhood is recognized as one of St Petersburg's top spots to live, work and play. Nestled in this famous enclave which boasts red brick roads, mature oak shade trees, and splendid homes; the Melrose is a landmark property of this area since 1925. This stately property is 3 BLOCKS to popular Beach Drive NE and the vibrant urban core of downtown St Petersburg where you will find state of the art galleries, North shore Aquatic Complex, waterfront parks, the new iconic Pier, boutiques, a wide variety of restaurants, bars and live entertainment plus music and art festivals. Mediterranean architecture with global appeal, this grand building enjoys terrific visibility and brilliant curb appeal. The Melrose boasts classic Mediterranean features; thick stucco exterior walls, barrel tile ornate accents, terra cotta entry steps; and contributing to the character of the neighborhood you will find hexagonal paver sidewalk at front of building. This 2-story multifamily building includes 8 one-bedroom one-bath apartments with living room and eat in kitchens. Gracious interior common lobby, vintage hardwood flooring, separately metered electricity, onsite coin laundry in the detached garage building. This building rarely has vacancies. The owner provides for water, gas hot water, sewer, and rubbish; tenants contribute monthly to utilities in addition to monthly rent. Efficient whole building tankless gas water heater located in the detached garage. Coin laundry provides additional revenue. Fully occupied and high-demand, rarely are there any vacancies in this building. This property is an ideal procurement for the savvy investor striving to complete a 1031 Exchange, expand a portfolio, or acquire a solid investment property in an established market. Please do not disturb tenants.