555 69th AveSt Pete Beach, FL

  • List Price
    $4,300,000
  • MLS Number
    U8181771
This Offering of the Five Fifty-Five Apartments located on world-famous St Pete Beach represents an exceptionally rare opportunity to acquire a resort-style coastal multifamily property. A meticulously appointed ten-unit beach property that’s historically maintained full-occupancy and generated a consistently reliable revenue stream, the Property was constructed in 1971 of solid block with poured concrete floors, and built on a sturdy slab with a durable stucco exterior finish. The Five Fifty-Five’s vibrant curb appeal is enhanced by a recent full-exterior painting, new landscape with accent lighting, a spacious front paver courtyard, and secluded rear outdoor living and dining areas shaded by tropical trees. The unit mix is a unique combination of expansive two-bedroom apartments, four of which have two full-baths, and a single one-bedroom, one-bath apartment. Modern windows throughout provide abundant natural light. Among other popular amenities, tenants enjoy contemporary kitchens with high-quality fixtures and cabinets, stainless steel appliances, stylish backsplash tile, faux granite counters, and a combination of luxurious European-inspired tile and laminate flooring. Layouts were planned with large living rooms, separate dining areas, and full-size bathrooms. Community features include twenty off-street parking spaces, a rare tenant accommodation for St Pete Beach rental properties. Tenants enjoy immaculate, professionally landscaped grounds featuring beautiful flowers, enclosed outdoor spaces, convenient onsite laundry facilities, and secure bike storage. Every apartment is individually equipped with modern central heating and air conditioning systems that provide year-round comfort. Electricity is metered separately and paid by tenants. City provided water and trash collection service is paid by the owner. Hot water is supplied by individual in-unit tanks. Ranked last year by Tripadvisor the Number One beach in the United States, and Number Five beach in the World, St Pete Beach attracts vacationers from around the globe who enjoy walking for miles looking for shells in the sand, and dolphins in the surf. The location of the Five Fifty-Five Apartments, undoubtedly the Property’s most prominent feature, places it a block to public access at Upham Beach Park where residents find wide stretches of powdery white sand along the glittering emerald-green waters of Florida’s Gulf Coast. Also popular is the diversity of nearby local restaurants, sure to delight and satisfy any culinary desire, including Woody’s, The Toasted Monkey, Oyster Shuckers, Crabby Bill’s, and the Twisted Tiki, to name just a few. Exemplified by its diversity of character, St Pete Beach’s laid-back nature makes it a popular family-friendly destination appealing equally to aspiring beach bums seeking a low-key coastal haven as well as those who prefer the luxurious experience of a full-service resort offering every desired amenity. Just steps from the Five Fifty-Five Apartments is a four-mile stretch of beach from Upham Park to Pass-a-Grill at the southernmost tip of St Pete Beach. A number of Florida’s most popular resorts can be found along this celebrated coastal beach paradise including the Rum Fish and Coral Reef Resorts, Hilton, The Tradewinds, Island Grand Resort, and the renowned Don Cesar. Known as the legendary Pink Palace of St Pete Beach, The Don Cesar has been welcoming travelers since 1928. Considered by many the crown jewel of Florida's Gulf Coast, this monument to glamour and leisure has welcomed sun-seekers, luxury travelers and some of America's most famous, and notorious, figures for nearly a century. At the tip of St Pete Beach is Fort De Soto Park spanning more than one-thousand acres, an enclave of five barrier islands popular for their serene and sandy shorelines. Just beyond Fort De Soto is the Sunshine Skyway Bridge connecting to popular destinations south of Tampa Bay including Sarasota, Long Boat Key, St Armands, Anna Maria Island, and Siesta Key, where one-of-a-kind places to explore, shop, and dine among hundreds of trendy boutiques, shops, galleries, and restaurants are abuzz year-round. After a relaxing day of fun in the sun it’s time to shop, dine, and unwind in the Corey Avenue Shopping District. For more than six decades this shopper’s paradise has thrived as the heart of St Pete Beach with its unique specialty shops, art, craft, and jewelry galleries, clothing stores, and imaginative gift shops. Locals and visitors alike enjoy breakfast, brunch, lunch, or dinner at one of the many wonderful Corey Avenue restaurants offering casual fare to fine dining and entertainment. Less than a mile from the Five Fifty-Five Apartments is the Corey Causeway providing quick and trouble-free access to popular mainland destinations including Downtown St Pete, Gulfport, Central Avenue, and Tropicana Field. At the entrance to the Causeway is the waterfront Horan Park and St Pete Beach Community Center where residents enjoy sports programs and classes for every age. Amenities include a gymnasium, work-out room, Junior Olympic heated pool, and playground. The ballroom, overlooking picturesque Boca Ciega Bay, is ideal for weddings, anniversaries, birthdays and more. Evident as you cross the Corey Causeway are a myriad of sailboats moored in Boca Ciego Bay, and active water enthusiasts enjoying boating, kayaking, fishing, windsurfing and jet skiing. Once across the Intracoastal, a wide array of grocers, retailers and pharmacies, banks, top-ranked hospitals, bike trails, golf courses, yacht clubs, and essential service providers are readily accessible in the City of South Pasadena. With sugar-fine beaches, radiant sunsets, a vibrant food scene, and an average of 361 days of sunshine per year, St. Pete Beach is guaranteed to please. Considering the Property’s highly desirable location on St Pete Beach, and many unique attributes, the Five Fifty-Five Apartments is an ideal acquisition for discerning investors seeking to establish a foothold on one of Florida’s, and the World’s, most popular and desirable coastal beach communities. Should you be searching for a generational family asset to satisfy a pending 1031 Exchange, or expand, enhance and further diversify your existing portfolio of high-quality commercial real estate investments, contact Coldwell Banker for more detail, and to schedule a private tour.