Crescent Lake Apartments

• Direct Access To Downtown Saint Petersburg, Clearwater, and Gulf Beaches
• 100% Occupied
• 6-unit multifamily property located at 945 Crescent Lake Dr N in Saint Petersburg, Florida
• Two (2) two-story buildings originally constructed in 1920 and 1925, totaling approximately 3,750 rentable square feet on a ±0.15-acre lot
• The roof was fully replaced in 2025, and unit appliances have been updated
• The asset is 100% occupied on month-to-month leases, generating $112,200 in trailing annual rental income and a Year 1 NOI of $76,252 (a 6.10% cap rate on in-place income at the list price)
• Two clearly identified upside levers — activation of vacant on-site storage units ($12,000 of annual income) and mark-to-market on the month-to-month rent roll — support a Year 3 stabilized NOI of $83,472, a 6.68% cap rate at the list price
• Crescent Lake Apartments sit directly across from Crescent Lake Park, a 56-acre lake and public park at the northern edge of Saint Petersburg’s Historic Old Northeast neighborhood
• Downtown Saint Petersburg and the Central Avenue corridor are approximately 1 mile south, and Interstate 275 provides direct access to Tampa, Clearwater, and the Gulf beaches
• Seller Financing available at 70% LTV @ 5.5% IO, 5-Year Term