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    Waterfront Apartment Complex with Boat Slips Title is generated by Realmo AI

    2307 BAY BOULEVARD, Indian Rocks Beach, FL 33785

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    For Sale
    $4,199,000

    Other - INDIAN ROCKS BEACH, FL

    Type:Quadruplex
    Property size:
    5,932 SF
    Lot size:
    0.44 Acres
    Price / SF:
    $707/SF
    Added:
    Apr 20, 2026
    Days on Market:
    48
    Last Refresh:
    Jun 6 at 5:06 am

    Property Features for 2307 BAY BOULEVARD

    General Information

    Property type
    Other
    Property subtype
    Quadruplex
    Bedrooms
    13
    Bathrooms
    16
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Open Floorplan, Stone Counters
    Exterior features
    Dock
    Dock
    1
    Standard status
    Active
    APN
    06-30-15-42318-000-0310
    Size
    5,932 SF
    Lot size
    0.44 Acres

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1969
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Evan Pedone
    Evan Pedone

    Listing agent Evan Pedone

    Listing office Engel & Völkers Madeira Beach 724 S Dale Mabry Hwy, Tampa, FL

    Listing date Apr 20, 2026

    MLS# TB8499567 Listing URL

    Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Waterfront location with 6 deepwater boat slips, offering direct water access and significant income potential.
    • Fully renovated in 2026, ensuring modern appeal.
    • Multiple income streams from apartment rentals and boat slip income.
    • Short‑term rental potential to maximize returns.
    • Well‑balanced unit mix of five 2‑bedroom and three 1‑bedroom units.
    • Amenities include covered carports, private storage, common laundry, EV charging, and walkability to the beach.

    Overview

    This is an 8-unit waterfront apartment complex located in Indian Rocks Beach, Florida. Situated on three contiguous lots, the property features six deepwater boat slips. The property was renovated in 2026 and includes five 2-bedroom, 1.5-bath units and three 1-bedroom, 1-bath units. Six units, including four 2-bedroom and one 1-bedroom, offer water views with sliding glass doors that open to covered porches and shared outdoor spaces overlooking the bay. Two additional 1-bedroom units are located in a detached front duplex. The property consists of three separate buildings arranged around a palm-lined courtyard. The waterfront building houses most of the units with water views and access. A third structure provides six covered carports, eight private storage rooms, a common laundry facility, and an EV charging station. The on-site marina has six deepwater slips accommodating vessels up to 50 feet, complete with electric (110V/220V), water hookups, and individual dock boxes. The property has approximately 160 feet of water frontage. Previously operated as an annual rental, the property presents potential through conversion to short-term rentals or repositioning as a boutique hotel or motel concept. The property has ample guest parking and is within walking distance to the beach. The property size is 5932 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Indian Rocks Beach
    County
    Pinellas
    State
    Florida
    Longitude
    -82.844481
    Latitude
    27.905002

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    FAQs

    What type of property is this?
    Apartment building - Renovated 8-unit apartment complex with marina in Indian Rocks Beach.
    Where is this apartment building located?
    The property is located at 2307 BAY BOULEVARD Indian Rocks Beach, FL.
    What is the asking price?
    The asking price for this property is $4,199,000.
    What are key features of this property?
    This property features: Waterfront location with **6 deepwater boat slips**, offering direct water access and significant income potential.; **Fully renovated in 2026**, ensuring modern appeal.; Multiple income streams from apartment rentals and boat slip income.
    (727) 459-5543
    We can help!
    Listing Contact
    Evan Pedone
    Evan Pedone
    Real Estate License ID: 3370730
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    2307 BAY BOULEVARD, INDIAN ROCKS BEACH, FL 33785
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