Long term investment in St. Petersburg
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $2,300,000
Cash invested: $1,100,000
This building needed some desperate attention. It was run poorly by the prior owners but we went in and have basically had to turn over the whole building given the old tenants were not properly vetted. On top of that, there were always unexpected things that came up, but they were taken care of and we're now almost 100% stabilized and continue to enhance property value through building upgrades!