701 - 703 38TH N AVENUE, ST PETERSBURG, FL 33704

Turn-Key Income Property with Legal Apartment This extensively renovated corner-lot property offers a legal two-unit configuration consisting of a 3-bedroom / 2-bath main residence and a fully permitted 1-bedroom apartment, each designed for independent use. Separate electric meters support clear expense allocation and operational efficiency. The property has undergone comprehensive capital improvements, including two new HVAC systems, all-new electrical wiring with two new electrical panels, two new water heaters, updated kitchens and baths, new flooring, fresh interior and exterior finishes, professional landscaping, hurricane-rated impact windows in the main house, and a roof replaced approximately six years ago. Major systems have been addressed, minimizing near-term maintenance and capital expenditure exposure. The permitted apartment supports long-term rental use and income stability, while the main residence offers strong rental demand based on size, layout, and condition. Alley access enhances parking, privacy, and unit separation—features that improve tenant usability and asset performance. The property has experienced no flood damage, no storm damage, and no deferred maintenance. Priced at $649,000, the asset is positioned to support market-based rental income, flexible occupancy strategies, and long-term hold performance in the Allendale Terrace area of St. Petersburg, where permitted multi-unit properties with this level of renovation are limited.