3103 16TH STREET N, St Petersburg, FL 33704

• 8 beds |
• 4 baths |
• 2,680 sqft

Property Description

Introducing Blue Pelican, a brand-new commercial-quality quadplex rebuilt from the studs up. Only portions of the exterior framing and slab remain—every other major component is new, including the electrical system and panels, plumbing, roof, HVAC, siding, impact-rated windows and doors, driveway, insulation, drywall, upscale kitchens and bathrooms, and all interior finishes. The property also features a commercial fire sprinkler system and a commercial fire alarm system, offering insurance advantages, enhanced safety, and long-term durability rarely found in small multifamily assets. The building lives more like a newly constructed boutique apartment building than a traditional four-unit. Each residence has been fully redesigned with modern layouts and high-end finishes, and one of the units is fully ADA compliant with an exterior wheelchair-accessible ramp. Additional upgrades such as designated bicycle parking and thoughtful site enhancements help ensure low-maintenance ownership for years to come. The owners are currently replicating this project with the mirror-image property next door at 3101 16th St N, which will be completed as “Green Pelican” and will match Blue Pelican in layout, quality, and commercial-grade upgrades, with the only difference being a Seafoam Green exterior. Once completed, this will enhance the overall appeal and value of Blue Pelican, and a future purchaser will have the opportunity to acquire both properties for a cohesive and highly attractive 8-unit investment. Fully leased the property will deliver a total monthly rental income of $8,825 plus an additional $200/month in reimbursement for water and trash, bringing the annual gross income to approximately $108,300. All units are separately metered for electric, creating an efficient and predictable utility structure. Given the complete redevelopment and commercial-grade systems, future capital expenditure needs are minimal. Based on typical operating metrics for a brand-new, impact-rated multifamily building in Florida, the projected NOI supports a strong cap rate at list price. With rental upside over time, the pro forma performance trends even stronger. Blue Pelican presents a rare opportunity to acquire a true turnkey, fully rebuilt income-producing asset with commercial-level construction quality, modern design, and stabilized rent roll—all in a growing, high-demand market near downtown St Pete and right around the corner from Crescent Lake.

Listing Status:

Active

Date Added:

November 20, 2025 at 06:00AM

Listing Office:

EXP REALTY LLC : 888-883-8509

Listing Agent:

Josh Neighoff : 443-525-6482

MLS ID:

TB8449162

Interior

• General: Accessibility FeaturesCeiling Fans(s)Chair RailKitchen/Family Room ComboLiving Room/Dining Room ComboOpen FloorplanStone CountersThermostatWindow Treatments
• Appliances: Convection OvenDishwasherDryerElectric Water HeaterExhaust FanFreezerMicrowaveRangeRefrigerator
• Laundry: Electric Dryer HookupIn KitchenInsideLaundry ClosetWasher Hookup
• Flooring: Luxury VinylTile
• A/C: Central Air
• Heating: Central
• Disability Feature: Accessible Approach with RampAccessible BedroomAccessible DoorsAccessible Electrical and Environmental ControlsAccessible EntranceAccessible Full BathAccessible Hallway(s)Accessible KitchenAccessible Kitchen AppliancesAccessible Central Living AreaAccessible Washer/Dryer

Exterior

• General: BalconyCourtyardDog RunFenceLightingPrivate EntrancePrivate MailboxSidewalk
• Other Structures: DeckRear PorchSide PorchCovered
• Parking: DrivewayOff StreetParking Pad

Construction

• Roofing: Shingle
• Windows: Blinds
• General: HardiPlank TypeFrameTwoSlab

Location

• Road/Access: Paved
• Originating MLS: Stellar MLS
• County: Pinellas

Lot

• Zoning: SUMMIT PARK BLK ALOT 23 & N 1/2 OF LOT 2212-31-16-86166-001-0230

Utilities

• Utilities: BB/HS Internet AvailableCable AvailableElectricity ConnectedFire HydrantPublicSewer ConnectedWater - Multiple MetersWater Connected
• Water: Public
• Sewer: Public Sewer

Financial

• Source: Stellar MLS
• Ownership: Fee Simple

This listing courtesy of Josh Neighoff, EXP REALTY LLC