$280,000

Description

RARE TWO-LOT BUILDING OPPORTUNITY IN ST. PETERSBURG'S INNOVATION DISTRICT & OLD SOUTHEAST! This is an exceptional opportunity for an experienced builder or investor to acquire two adjacent, buildable NT-2 lots and develop two new homes side by side in one of St. Petersburg's most sought-after areas. The City of St. Petersburg has issued a Buildable Lot Letter for each lot, and the demolition permit for the existing structures is in hand, allowing the next owner to move directly toward redevelopment. NT-2 zoning permits a single-family residence with either an attached or detached Accessory Dwelling Unit (ADU), providing valuable flexibility for design and future resale. Current comparable sales indicate that appropriately designed and constructed new homes in this area could potentially achieve sales prices in the $800,000–$1,000,000 range per home. Based on current market data, land acquisition at approximately 14%–18% of projected finished value may provide an attractive basis for an experienced builder, subject to construction costs, financing, market conditions, and final design. The ability to acquire two adjacent buildable lots and construct two homes simultaneously creates an opportunity to achieve economies of scale and potentially maximize the return on the overall project. Opportunities with this combination of location, buildability, and immediate development potential are increasingly difficult to find. Located in the highly desirable Old Southeast and Innovation District, the property is close to downtown St. Petersburg, the waterfront, parks, restaurants, entertainment, and the vibrant redevelopment taking place throughout the surrounding area. Important development information: The City considers Pinellas Avenue S an alley, resulting in a 5-foot rear setback from Pinellas Avenue S rather than the typical 25-foot rear setback. Buyers and their representatives should independently verify all zoning, setbacks, permitted uses, dimensions, development requirements, and other information with the City of St. Petersburg. See MLS attachments for the City-issued Buildable Lot Letters and survey. For a builder looking to create value in one of St. Petersburg's most desirable locations, this is an opportunity worth serious consideration. Buyer and buyer's representatives should conduct their own due diligence regarding zoning, development potential, construction costs, market values, financing, and all other factors affecting the property's suitability and financial feasibility. PLEASE, DO NOT WALK THE PROPERTY!