Block Duplex With Two-Story
For Sale
$834,900
265 115TH Avenue, Treasure Island, FL 33706
Residential Income, TREASURE ISLAND, FL
Property Size2,992 SF
Lot Size0.15 Acres
Price / SF$279.04
Days on Market489
Property Features for 265 115TH Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 4, Laundry Room
Parking features
Boat
Pets allowed
Cats OK, Dogs OK, Yes
Exterior features
Awning(s)
Appliances
Dishwasher, Dryer, Microwave, Refrigerator, Washer
Subdivision
ISLE OF PALMS
View
Water
Elementary school
Azalea Elementary-PN
Middle school
Azalea Middle-PN
High school
Boca Ciega High-PN
Directions
From 66th St N, head toward FL-693 S/St. Pete Beach, passing Interstate Batteries Distributor after about 1.9 miles. Turn right onto Bryan Dairy Rd, which continues as Co Rd 296/102nd Ave. Turn left onto US-19 ALT S/Seminole Blvd and follow it until you take the left exit for 150th Ave/Tom Stuart Causeway. Turn right onto Gulf Blvd, then right again onto 155th Ave, where your destination will be located at 265 155th Ave in Redington Beach.
Standard status
Active
APN
23-31-15-43470-001-0040
Size
2,992 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
ISLE OF PALMS BLK A, LOT 4
Tax Annual Amount
3877
Legal Description
ISLE OF PALMS BLK A, LOT 4
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1959
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block
Roof type
Built-Up
Listing Agency:
LPT REALTY, LLC.
(877) 366-2213
Listed By:
Kristina Gabrielsen · License #3550756
(713) 444-8536
Added: May 9, 2025
Changed: Sep 7
Last Checked: Sep 9 at 6:06PM
MLS# TB8386220
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 duplex property includes a solid block main structure and a two-story block extension built in 2018. The 2,992-square-foot property was originally built in 1959 and includes four bedrooms, two bathrooms, a laundry room, tile flooring, central heating, and central air conditioning. A dishwasher, dryer, microwave, refrigerator, and washer are included, along with a built-up roof and awning features.
Set on a 0.15-acre parcel in Treasure Island, the property is described as being steps from the Gulf and positioned within a multifamily zoning district. Public water and public sewer serve the property. The surrounding community includes nearby restaurants, shopping, and entertainment, with a walkable coastal setting.
The property is continuously occupied by the owner and includes boat parking. Its duplex configuration, block construction, and additional two-story extension provide the core physical details for residential income or future planning considerations.
Set on a 0.15-acre parcel in Treasure Island, the property is described as being steps from the Gulf and positioned within a multifamily zoning district. Public water and public sewer serve the property. The surrounding community includes nearby restaurants, shopping, and entertainment, with a walkable coastal setting.
The property is continuously occupied by the owner and includes boat parking. Its duplex configuration, block construction, and additional two-story extension provide the core physical details for residential income or future planning considerations.
Key Highlights
- 2,992 square feet on a 0.15‑acre parcel
- Solid block duplex with a two‑story block extension built in 2018
- Originally built in 1959 with 4 bedrooms and 2 bathrooms
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
$34,924
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
4.18%
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%
$698,480
$698.5K
Cap Rate 7%
$498,914
$498.9K
Cap Rate 9%
$388,044
$388.0K
Market Conditions
NOI Build-Up for 2,992 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
$53.5K $17.88/SF
− Vacancy
−$3.6K −$1.21/SF
EGI
$49.9K $16.67/SF
− OpEx
−$15.0K −$5.00/SF
NOI
$34.9K $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%
$698,480
Cap Rate 7%
$498,914
Cap Rate 9%
$388,044
Alternative Uses
Best Use
Multifamily LT 5
$498.9K
$436.6K – $582.1K
NOI $34,924 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$393.1K
$344.0K – $458.6K
NOI $27,518 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$778.2K
$681.0K – $908.0K
NOI $54,477 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
660
Businesses Nearby
Explore this area
Business Placement
Demographics for 33706, FL
15,309
Population
14,199
Households
1.1
Avg Household Size
60
Median Age
54%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
4,138
Density / Sq Mi
$97,364
Median Household Income
$80,504
Median Earnings
$1,646
Median Rent
$616,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Multifamily-zoned property with public utilities, central HVAC, and an owner-occupied layout near Gulf beaches.
Where is this duplex located?
The property is located at 265 115TH Avenue Treasure Island, FL.
What is the asking price?
The asking price for this property is $834,900.
What are key features of this property?
This property features: 2,992 square feet on a 0.15‑acre parcel; Solid block duplex with a two‑story block extension built in 2018; Originally built in 1959 with 4 bedrooms and 2 bathrooms
