Renovated Duplex with Detached
For Sale
$799,000
6855 GULF WINDS Drive, St Pete Beach, FL 33706
Residential, ST PETE BEACH, FL
Property Size2,012 SF
Lot Size0.17 Acres
Price / SF$397.12
Days on Market133
Property Features for 6855 GULF WINDS Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 2
Parking features
Covered
Interior features
Ceiling Fans(s), Eat-in Kitchen, Open Floorplan, Primary Bedroom Main Floor, Solid Surface Counters, Solid Wood Cabinets, Thermostat
Exterior features
Courtyard, Gray Water System, Lighting, Sidewalk
Appliances
Cooktop, Refrigerator
Subdivision
THREE PALMS POINT
Directions
From Downtown St. Petersburg, head west on Central Ave toward the beaches, continue onto Pasadena Ave S, then follow signs toward St. Pete Beach. Cross over the Corey Causeway onto Gulf Blvd, turn right onto 67th Ave, then left onto Gulf Winds Dr. Property will be on your right at 6855 Gulf Winds Dr.
Standard status
Active
APN
36-31-15-90666-000-0390
Size
2,012 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
THREE PALMS POINT UNIT 1 LOT 39
Tax Annual Amount
16351
Legal Description
THREE PALMS POINT UNIT 1 LOT 39
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Zoned, Electric (Heating)
Cooling system
Zoned
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Flooring type
Vinyl
Building materials
Block
Roof type
Shingle
Listing Agency:
KELLER WILLIAMS ST PETE REALTY · Keller Williams Realty
(727) 894-1600
Listed By:
Giuliana Cianfarani · License #3614549
(518) 817-2505
Added: May 9
Changed: Sep 12
Last Checked: Sep 18 at 11:06PM
MLS# TB8506839
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 at 6855 Gulf Winds Drive includes a renovated three-bedroom, two-bath residence and a separate two-bedroom, one-bath unit. A detached, air-conditioned studio adds flexible space for guests, an office, or storage. The 2,012-square-foot property is fully furnished and sits on 0.17 acres.
The property was extensively rebuilt and expanded with permits, including updated electrical systems, oversized PVC wastewater plumbing, PEX water piping, impact-rated dual-pane windows, impact exterior doors, and mini-split air-conditioning and heating systems. Separate water and electric meters serve the residences. Interior finishes include solid wood shaker cabinetry, quartz counters, stainless steel appliances, luxury vinyl plank flooring, and porcelain tile.
New driveways provide off-street parking for up to 8 SUVs. Public water and sewer serve the property, which was built in 1958 and is located in St. Pete Beach near beaches, dining, and shopping.
The property was extensively rebuilt and expanded with permits, including updated electrical systems, oversized PVC wastewater plumbing, PEX water piping, impact-rated dual-pane windows, impact exterior doors, and mini-split air-conditioning and heating systems. Separate water and electric meters serve the residences. Interior finishes include solid wood shaker cabinetry, quartz counters, stainless steel appliances, luxury vinyl plank flooring, and porcelain tile.
New driveways provide off-street parking for up to 8 SUVs. Public water and sewer serve the property, which was built in 1958 and is located in St. Pete Beach near beaches, dining, and shopping.
Key Highlights
- 2,012 SF duplex on a 0.17‑acre lot
- Three‑bedroom, two‑bath residence plus separate two‑bedroom, one‑bath unit
- Detached air‑conditioned studio provides additional flexible space
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
$23,485
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
2.94%
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%
$469,700
$469.7K
Cap Rate 7%
$335,500
$335.5K
Cap Rate 9%
$260,944
$260.9K
Market Conditions
NOI Build-Up for 2,012 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
$36.0K $17.88/SF
− Vacancy
−$2.4K −$1.21/SF
EGI
$33.5K $16.67/SF
− OpEx
−$10.1K −$5.00/SF
NOI
$23.5K $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%
$469,700
Cap Rate 7%
$335,500
Cap Rate 9%
$260,944
Alternative Uses
Best Use
Multifamily LT 5
$335.5K
$293.6K – $391.4K
NOI $23,485 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$264.4K
$231.3K – $308.4K
NOI $18,505 @ 7.0% cap · market cap 2.32%
Theoretical Best
Office A
$523.3K
$457.9K – $610.6K
NOI $36,634 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
999
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences feature updated finishes and a detached air-conditioned studio.
Where is this duplex located?
The property is located at 6855 GULF WINDS Drive St Pete Beach, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,012 SF duplex on a 0.17‑acre lot; Three‑bedroom, two‑bath residence plus separate two‑bedroom, one‑bath unit; Detached air‑conditioned studio provides additional flexible space
