121 18th Avenue N, Saint Petersburg, FL 33704
Local realty services provided by:Better Homes and Gardens Real Estate Lifestyles Realty
Listed by: kyle collins, christopher rogers
Office: re/max action first of florida
MLS#:TB8495708
Source:MFRMLS
Price summary
- Price:$2,500,000
- Price per sq. ft.:$786.16
About this home
Melrose Place Apartments is a unique 7 unit multifamily property situated among luxury homes in Historic Old Northeast St Petersburg, Florida. Living here means tenants are minutes to the iconic “Beach Drive Scene”, St Pete’s de facto hub for an expansive variety of fine dining and entertainment, sophisticated nightlife, chic galleries, and superb people watching. Popular for its proximity to downtown, expansive waterfront parks, leafy redbrick avenues, and stately homes, exquisite Historic Old Northeast is considered by many St Pete’s most affluent and prestigious neighborhood. Nearby waterfront Vinoy Park on Tampa Bay offers acres of lush green space, a sports and aquatic complex, fitness trails, a dog park, and beach volleyball. The city’s multitude of attractions include the New Pete Pier, Watch Discovery Center and Museum of History, to name a few. Each of the Melrose Place one-bedroom one-bath apartments, averaging approximately 600 sq ft, recently underwent a full gut-rehab down to the studs. Tenants sign traditional 12-month leases. One apartment is partially furnished. Based on the Seller’s current income and taking into consideration the Buyer’s projected year-one expenses, which do reflect the Appraiser’s estimated Real Estate Tax increase, the $2,500,000 Offer Price represents approximately a 4% Cap Rate. All utilities, as well as Internet / WiFi connectivity, are paid by the Owner via master meters with full reimbursement per monthly charge to tenants. Subject to all other terms and conditions of a formal written offer the Owner will consider Seller Financing and providing ongoing Management Services. Acquisition of Melrose Place is ideally suited for discerning investors seeking to establish a foothold in prestigious Historic Old Northeast. Investors interested in acquiring a high-quality, turnkey, generational family asset to satisfy a pending 1031 Exchange, or expand and enhance a portfolio of high-quality real estate investments will want to tour and be compelled to acquire Melrose Place Apartments....
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Home facts
- Year built:1921
- Listing ID #:TB8495708
- Added:54 day(s) ago
- Updated:June 09, 2026 at 01:48 PM
Rooms and interior
- Bedrooms:7
- Total bathrooms:7
- Living area:3,180 sq. ft.
Heating and cooling
- Cooling:Central Air, Wall/Window Unit(s)
- Heating:Central, Ductless
- Central air:Yes
Structure and exterior
- Roof:Shingle
- Year built:1921
- Building area:3,180 sq. ft.
- Lot area:0.14 Acres
- Construction Materials:Block, Frame, Stucco
- Exterior Features:Fence
- Foundation Description:Slab
- Levels:1 Story
Utilities
- Water:Public, Water Connected
- Sewer:Public, Public Sewer, Sewer Connected
Finances and disclosures
- Price:$2,500,000
- Price per sq. ft.:$786.16
- Tax amount:$7,438 (2025)
Features and amenities
- Laundry features:Inside
- Amenities:Built-In Features, Cable Available
- Pool features:Public Pool
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