Waterfront Triplex
For Sale
$875,000
18207 GULF Boulevard, Redington Shores, FL 33708
Residential Income, REDINGTON SHORES, FL
Property Size2,406 SF
Lot Size0.20 Acres
Price / SF$363.67
Days on Market369
Property Features for 18207 GULF Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RM-15
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 1, Laundry Room, Bedroom 5, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 8, Bedroom 6, Bathroom 1, Bathroom 6, Bedroom 3, Bathroom 7, Bedroom 7, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 8
Exterior features
Lighting, Sidewalk
Subdivision
SURFSIDE SUB
View
Water
Directions
Take I-275 south to Park Blvd/ Gandy exit - Head west on Park Blvd - turn south on Gulf Blvd - head south to address
Standard status
Active
APN
31-30-15-88470-000-0090
Size
2,406 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SURFSIDE SUB LOT 9 & THAT PART OF LOT 8 DESC BEG MOST S'LY COR OF "SD LOT 8 TH N32D06'30""W" "6.16FT TH N57D01'10""E 74FT" TH N75D23'E 30.69FT TO MOST E'LY COR OF SD LOT 8 TH S58D58'W 103.28FT TO POB
Tax Annual Amount
16627
Legal Description
SURFSIDE SUB LOT 9 & THAT PART OF LOT 8 DESC BEG MOST S'LY COR OF "SD LOT 8 TH N32D06'30""W" "6.16FT TH N57D01'10""E 74FT" TH N75D23'E 30.69FT TO MOST E'LY COR OF SD LOT 8 TH S58D58'W 103.28FT TO POB
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Water front
1
Building Details
Year built
1939
Number of units
3
Building materials
Block, Concrete, Stucco
Roof type
Shingle
Listing Agency:
SMITH & ASSOCIATES REAL ESTATE
(727) 282-1788
Listed By:
Chris Calhoon · License #3293399
(727) 542-9933
Added: Sep 2, 2025
Changed: Sep 2
Last Checked: Sep 5 at 2:06PM
MLS# TB8423536
Copyright © 2026 Stellar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 0.2-acre waterfront property sits along the Intracoastal Waterway at 18207 Gulf Boulevard in Redington Shores. The site contains two buildings totaling 2,406 square feet: a 1939 single-family residence with three bedrooms and three bathrooms, plus a 1974 block duplex.
Both structures sustained flood damage during a recent hurricane. The single-family residence has been gutted, while the duplex has undergone remediation and is mostly renovated, with cabinetry still needed. Existing improvements include central heating and cooling, block and concrete construction with stucco, shingle roofing, public water, and public sewer. RM-15 zoning is in place, and the property has been identified for possible redevelopment as a single-family home, two townhomes, or three rental units.
Both structures sustained flood damage during a recent hurricane. The single-family residence has been gutted, while the duplex has undergone remediation and is mostly renovated, with cabinetry still needed. Existing improvements include central heating and cooling, block and concrete construction with stucco, shingle roofing, public water, and public sewer. RM-15 zoning is in place, and the property has been identified for possible redevelopment as a single-family home, two townhomes, or three rental units.
Key Highlights
- 0.2‑acre waterfront site directly on the Intracoastal Waterway
- Two buildings totaling 2,406 square feet
- RM‑15 zoning with public water and public sewer
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,084
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$561,680
$561.7K
Cap Rate 7%
$401,200
$401.2K
Cap Rate 9%
$312,044
$312.0K
Market Conditions
NOI Build-Up for 2,406 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$43.0K $17.88/SF
− Vacancy
−$2.9K −$1.21/SF
EGI
$40.1K $16.67/SF
− OpEx
−$12.0K −$5.00/SF
NOI
$28.1K $11.67/SF
Area
Pinellas County, FL
Vacancy
6.74%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$561,680
Cap Rate 7%
$401,200
Cap Rate 9%
$312,044
Alternative Uses
Best Use
Multifamily LT 5
$401.2K
$351.1K – $468.1K
NOI $28,084 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$316.1K
$276.6K – $368.8K
NOI $22,128 @ 7.0% cap · market cap 2.53%
Theoretical Best
Office A
$625.8K
$547.6K – $730.1K
NOI $43,807 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 33708, FL
16,034
Population
13,211
Households
1.2
Avg Household Size
60
Median Age
44%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
4,716
Density / Sq Mi
$83,773
Median Household Income
$49,403
Median Earnings
$1,961
Median Rent
$463,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Flood-damaged structures occupy an RM-15 site with public water and sewer service for redevelopment planning.
Where is this multifamily property located?
The property is located at 18207 GULF Boulevard Redington Shores, FL.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 0.2‑acre waterfront site directly on the Intracoastal Waterway; Two buildings totaling 2,406 square feet; RM‑15 zoning with public water and public sewer
