Sarasota's Premier Homes

3103 16TH STREET N

ST PETERSBURG , FL 33704

MLS#: TB8449162

$1,199,000

Status: Active
Listing number: TB8449162
Listing provided by: EXP REALTY LLC
Listing agent phone: None
Last update: 3 months ago
On site: 3 months ago
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SUMMIT PARK - Residential Income

Property

Beds

8

Full Baths

None

1/2 Baths

None

Year Built

1985

Sq.Footage

2,680

Introducing Blue Pelican, a brand-new commercial-quality quadplex rebuilt from the studs up. Only portions of the exterior framing and slab remain—every other major component is new, including the electrical system and panels, plumbing, roof, HVAC, siding, impact-rated windows and doors, driveway, insulation, drywall, upscale kitchens and bathrooms, and all interior finishes. The property also features a commercial fire sprinkler system and a commercial fire alarm system, offering insurance advantages, enhanced safety, and long-term durability rarely found in small multifamily assets. The building lives more like a newly constructed boutique apartment building than a traditional four-unit. Each residence has been fully redesigned with modern layouts and high-end finishes, and one of the units is fully ADA compliant with an exterior wheelchair-accessible ramp. Additional upgrades such as designated bicycle parking and thoughtful site enhancements help ensure low-maintenance ownership for years to come. The owners are currently replicating this project with the mirror-image property next door at 3101 16th St N, which will be completed as “Green Pelican” and will match Blue Pelican in layout, quality, and commercial-grade upgrades, with the only difference being a Seafoam Green exterior. Once completed, this will enhance the overall appeal and value of Blue Pelican, and a future purchaser will have the opportunity to acquire both properties for a cohesive and highly attractive 8-unit investment. Fully leased the property will deliver a total monthly rental income of $8,825 plus an additional $200/month in reimbursement for water and trash, bringing the annual gross income to approximately $108,300. All units are separately metered for electric, creating an efficient and predictable utility structure. Given the complete redevelopment and commercial-grade systems, future capital expenditure needs are minimal. Based on typical operating metrics for a brand-new, impact-rated multifamily building in Florida, the projected NOI supports a strong cap rate at list price. With rental upside over time, the pro forma performance trends even stronger. Blue Pelican presents a rare opportunity to acquire a true turnkey, fully rebuilt income-producing asset with commercial-level construction quality, modern design, and stabilized rent roll—all in a growing, high-demand market near downtown St Pete and right around the corner from Crescent Lake.

Features & Amenities

Interior

  • Other Interior Features

    Open Floorplan, Stone Counters

  • Total Bedrooms

    8

  • Bathrooms

    N/A

  • Cooling YN

    YES

  • Cooling

    Central Air

  • Fireplace YN

    NO

  • Heating YN

    YES

  • Heating

    Central

  • Pet friendly

    N/A

Exterior

  • Garage

    No

  • Construction Materials

    HardiPlank Type, Frame

  • Other Exterior Features

    Balcony, Courtyard, Dog Run, Lighting, Private Entrance

  • Parking

    Driveway, Off Street, Parking Pad

  • Patio and Porch Features

    Covered, Deck, Rear Porch, Side Porch

  • Pool

    No

  • Waterfront YN

    NO

Area & Lot

  • Lot Size(acres)

    0.19

  • Property Type

    Residential Income

  • Property Sub Type

    Quadruplex

Price

  • Sales Price

    $1,199,000

  • Tax Amount

    $9,172.33

  • Sq. Footage

    2, 680

  • Price/SqFt

    $447

HOA

  • Association

    No

School District

  • Elementary School

    John M Sexton Elementary-PN

  • Middle School

    Meadowlawn Middle-PN

  • High School

    St. Petersburg High-PN

Property Features

  • Accessibility Features

    Accessible Entrance, Accessible Approach with Ramp, Accessible Bedroom, Accessible Doors, Accessible Electrical and Environmental Controls, Accessible Full Bath, Accessible Hallway(s), Accessible Kitchen, Accessible Kitchen Appliances, Accessible Central Living Area, Accessible Washer/Dryer

  • Foundation Details

    Slab

  • Ownership

    Fee Simple

  • Senior Community YN

    NO

  • Sewer

    Public Sewer

  • Tax Lot

    23

  • Water Source

    Public

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Location

County

Pinellas

Elementary School

John M Sexton Elementary-PN

Middle School

Meadowlawn Middle-PN

High School

St. Petersburg High-PN

Listing Courtesy of Josh Neighoff , EXP REALTY LLC

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Agent Michael Graf

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Introducing Blue Pelican, a brand-new commercial-quality quadplex rebuilt from the studs up. Only portions of the exterior framing and slab remain—every other major component is new, including the electrical system and panels, plumbing, roof, HVAC, siding, impact-rated windows and doors, driveway, insulation, drywall, upscale kitchens and bathrooms, and all interior finishes. The property also features a commercial fire sprinkler system and a commercial fire alarm system, offering insurance advantages, enhanced safety, and long-term durability rarely found in small multifamily assets. The building lives more like a newly constructed boutique apartment building than a traditional four-unit. Each residence has been fully redesigned with modern layouts and high-end finishes, and one of the units is fully ADA compliant with an exterior wheelchair-accessible ramp. Additional upgrades such as designated bicycle parking and thoughtful site enhancements help ensure low-maintenance ownership for years to come. The owners are currently replicating this project with the mirror-image property next door at 3101 16th St N, which will be completed as “Green Pelican” and will match Blue Pelican in layout, quality, and commercial-grade upgrades, with the only difference being a Seafoam Green exterior. Once completed, this will enhance the overall appeal and value of Blue Pelican, and a future purchaser will have the opportunity to acquire both properties for a cohesive and highly attractive 8-unit investment. Fully leased the property will deliver a total monthly rental income of $8,825 plus an additional $200/month in reimbursement for water and trash, bringing the annual gross income to approximately $108,300. All units are separately metered for electric, creating an efficient and predictable utility structure. Given the complete redevelopment and commercial-grade systems, future capital expenditure needs are minimal. Based on typical operating metrics for a brand-new, impact-rated multifamily building in Florida, the projected NOI supports a strong cap rate at list price. With rental upside over time, the pro forma performance trends even stronger. Blue Pelican presents a rare opportunity to acquire a true turnkey, fully rebuilt income-producing asset with commercial-level construction quality, modern design, and stabilized rent roll—all in a growing, high-demand market near downtown St Pete and right around the corner from Crescent Lake.

3103 16TH STREET N

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