Don't miss out on this incredible opportunity! This property is an assemblage of 3 parcels and is currently under ongoing development for continued entitlement and increasing value. Owner/Seller/Developer includes all current entitlements in the sale. Plans, HOA docs/budget, etc. are attached for reference. This property is a pre-construction gem waiting to be built. Obviously, investors have the option to facilitate and build residences to their own specifications, but the current development plan offers entitlement for construction of 9 luxury townhome units. All are 4-bedroom, turn-key homes with rooftop living, elevators, and significant income potential with minimum lease restrictions. Sell through at retail is nearly 12 million with an estimated cost of 7-8M (Cost of entitled land + construction) yielding a strong margin for a developer/builder choosing to build project and sell all units at market value.
This site plan is conditionally approved pending completion of the Right-of-Way bond which is imminent. Located just a half-mile from the pristine beaches of Florida's central gulf coast, this property boasts a prime location with easy public parking access to the beaches. You can reach the beach in a quick 10-minute walk or a 1-minute drive. This elegant property combines luxurious living with a lucrative income opportunity, and there are no rental restrictions in place. One of the standout features of this property is its strong zone rating for flood insurance requirements, ensuring your investment is well-protected against the riskiest exposures, such as hurricanes. Safety and peace-of-mind come standard here.
Inside, the existing construction plan for each home offers four spacious bedrooms, three full baths, and two half baths. With 10-foot volume ceilings and abundant natural light, it exudes lifestyle luxury. The rooftop living area with space for an outdoor kitchen is the cherry on top, providing breathtaking panoramic views of the surroundings for owners and potential tenants to enjoy. Car enthusiasts will appreciate the thoughtfully designed two-car garage, offering secure parking and ample storage space. Two of the bedrooms feature ensuite baths, and the primary bath is adorned with the finest finishes, a spacious walk-in shower, and dual vanities. The versatility of the additional bedrooms allows one to adapt the space to their needs, whether as guest rooms, a home office, or any other purpose. Safety and durability are also built into the plan. The top priorities for the existing planned construction include solid block construction on all floors and highly rated ESW windows and doors to protect against storms and natural elements.
Per the proforma metrics herein, unlock the income potential of this property with its sought-after location and impressive amenities. Elevators connect every level of the home, ensuring accessibility for all occupants and making daily life more comfortable. Situated near shopping, dining, and entertainment options, these residences offer convenience and luxury living at its finest. Owners and rental guests have quick access not only to silky sand beaches but also to downtown St. Petersburg and other vibrant metropolitan areas. World-renowned entertainment venues, arts, concerts, shows, and an award-winning international airport are just a short drive away, expanding one’s opportunities for exploration and adventure.
Seize this chance to own the entitlement to a sophisticated, convenient, and income-generating opportunities that encapsulate the essence of upscale living. Don't let this investment slip through your fingers!
For those investors requiring a greater investment opportunity consisting of more entitled properties and land, listing agent has access to additional income opportunities with no rental restrictions. Ideal for robust short-term rental income with very attractive cap rates.
Ray Alexander
SEASALT Properties LLC