NORTHWICK ARMS 4000 3RD St. N., St. Petersburg 33703

Sign in Front of Complex Northwick Arms is a relatively small (about 40 units) complex that offers (at current prices) an extremely co...

Sign in Front of Complex

Northwick Arms is a relatively small (about 40 units) complex that offers (at current prices) an extremely competitive value for the budget minded.  It is situated on a quiet street in a pleasant section of northeast St Petersburg.  Its convenient location is just a couple of blocks from two large two Publix supermarkets, drugstores, fast food and take-out meal establishments. Also close are the varied shops. and restaurants, and bus line of the 4th St corridor. 

View of building from southwest

The three story condominium building, and parking lot, take up most of the property so there is no large green or lawn area. Although the back of the complex has a small swimming pool area, there is no clubhouse or recreational hall. However, there is an elevator to the second and third floor of the residential building. These relatively modest amenities help keep maintenance fees comparatively low. From the exterior, the property appears to be well-maintained. There is one assigned parking space for each resident plus some other parking for guests.

Swimming pool area in rear of property

The majority of the individual condominiums are relatively small, containing 585 square feet with one bedroom and one bath.  Sales within the past year for these have run from about $30-35,000 a unit. One of the few larger units, a 2 bedroom, 1 bath,  870 square feet in size sold in December, 2015 for $64,600. HOA fees include everything from water and trash to insurance and basic cable. These monthly fees are comparatively modest running from about $210 per month for the small units to about $300 per month for the larger ones.

Parking lot

There is a relatively liberal pet policy.  Residents can have 2 pets (either cat or dog, but not over 20 pounds each)

Advantages of Northwick Arms:

• Convenient location in highly sought after neighborhood
• Modest price and HOA fees
• Relatively liberal pet policy
• Fairly strict rental policy as only 4 allowed maximum in entire complex.  (Not an advantage if you wish to rent the unit out)
• Swimming pool, generally not present in most urban complexes in this price range

Potential Concerns:

• Just one or two nonpaying owners in a small complex like this can cause financial problems for the complex.  This is just a potential concern to keep in mind when considering any small complex.
• Probably not a good complex for an investor to buy in given strict rental limits.