945 Crescent Lake Drive, Saint Petersburg, FL 33701

Matthews is pleased to present The Crescent Lake Apartments, a 6-unit multifamily property located at 945 Crescent Lake Dr N in Saint Petersburg, Florida.

The Crescent Lake Apartments consist of two (2) two-story buildings originally constructed in 1920 and 1925, totaling approximately 3,750 rentable square feet on a ±0.15-acre lot. The unit mix includes one (1) studio, four (4) one-bedroom / one-bathroom units, and one (1) two-bedroom / one-bathroom unit. The roof was fully replaced in 2025, and unit appliances have been updated. The property includes 6 on-site asphalt-paved parking spaces.

Crescent Lake Apartments is being offered for sale at $1,250,000, or $208,333 per unit. The asset is 100% occupied on month-to-month leases, generating $112,200 in trailing annual rental income and a Year 1 NOI of $76,252 (a 6.10% cap rate on in-place income at the list price). Two clearly identified upside levers — activation of vacant on-site storage units ($12,000 of annual income) and mark-to-market on the month-to-month rent roll — support a Year 3 stabilized NOI of $83,472, a 6.68% cap rate at the list price.

Crescent Lake Apartments sit directly across from Crescent Lake Park, a 56-acre lake and public park at the northern edge of Saint Petersburg's Historic Old Northeast neighborhood. The 2.0-mile walking loop around the lake, lighted tennis courts, dog park, and baseball fields are all immediately accessible from the property. Downtown Saint Petersburg and the Central Avenue corridor are approximately 1 mile south, and Interstate 275 provides direct access to Tampa, Clearwater, and the Gulf beaches.