Highly exposed mixed-use property, available for the first time since 1979, presenting a rare opportunity to acquire this highly desirable parcel located at a prime corner in the gateway to beautiful South Pasadena. This commercial property was built in 1951 and includes a detached single-family house that was built in 1962, and two attached commercial retail or office spaces, making it ideal for investment, owner occupation, adaptive reuse, or redevelopment. The recently renovated single-family house features spacious 2 bedrooms 2 full baths, approx. 1, 300 square feet of living space and a generous living room, making it well-suited for conversion to commercial uses. Updates included in this home include a new kitchen, updated bathrooms, new hurricane impact windows, new backyard pavers, newly painted exterior & interior paint, new vinyl flooring throughout (with the original Terrazzo underneath), and a new roof in 2023. The commercial units feature a mansard roof with ample room for signage, and a prominent pylon sign stands at the corner of the parcel, maximizing visibility. The parking lot is configured to accommodate 10 parking spaces. Currently, the house is vacant, and the leases for the two commercial units are set to expire in September and October 2025, providing an opportunity to increase rents to market rate. Located at the intersection of Pasadena Ave S and Park St, the property benefits from high traffic counts of 34, 000 and 42, 500 (AADT), according to the Florida Department of Transportation. With an 85 WalkScore, the location is suburban but well-served by public transportation, including the new SunRunner premium bus rapid transit (BRT) service between downtown St. Petersburg and St. Pete Beach, with a station within a quarter mile. Additional nearby transit options include the Central Avenue Trolley and bus routes 14, 79, and 90. The Fred Marquis Pinellas Trail, popular for walking and cycling, is just a few blocks away. Both Tampa International and St. Pete-Clearwater International Airports are within a 30-minute drive, and access to I-275 is just 11 minutes away. Don't miss this exceptional opportunity to own a mixed-use property in a prime location.
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William Raveis Mortgage, LLC
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Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $800,000 | $800,000 | $800,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.750% | 6.625% | 6.625% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.620% | 6.735% | 6.806% |
Monthly Tax Payment | $480 | $480 | $480 |
H/O Insurance Payment | TBD | TBD | TBD |
Initial Principal & Interest Pmt | $5,189 | $5,122 | $7,024 |
Total Monthly Payment | $5,761 | $5,602 | $7,504 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.