Penthouse Corner Unit with Water
For Sale
$580,000
100 BLUFF VIEW DRIVE 602A, Belleair Bluffs, FL 33770
Turn-key, updated penthouse with water views, pool, and private dock.
Property Size1,895 SF
Lot Size0.85 Acres
Price / SF$306.07
Days on Market580
Property Features for 100 BLUFF VIEW DRIVE 602A
General Information
Standard status
Active
Size
1,895 SF
Lot size
0.85 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$8,367
Building Details
Year Built
1970
Listing Agency:
54 REALTY LLC
(813) 716-5724
Listed By:
Ann Carlson · License #3169840
(813) 716-5724
Source:
Exitrealty
Added: Jan 10, 2025
Changed: Aug 8
Last Checked: Aug 12 at 4:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of 54 REALTY LLC
Investment Insights
Based on property information with market context.
This turn-key, move-in-ready penthouse corner unit, located in the Harbor Club Condominiums, offers water views from the kitchen, dining room, living room, and each bedroom, along with a pool view from the living room and sitting room. As the largest unit in the building, it features three bedrooms, two and a half bathrooms, and an updated interior. The property includes a private under-building parking space next to the elevator, plus a storage closet. The unit has been updated with new interior paint, new carpet, granite countertops, inset lighting, and new kitchen cabinets. Engineered hardwood flooring extends throughout the main living areas. A new built-in credenza enhances the sitting area, and crown molding and cased windows add a luxurious appeal. The kitchen is open to the family room and dining room. The unit includes a convenient washer and dryer with storage room, water, cable, and wifi. The updated master bedroom features a full bath with double vanities, a large walk-in closet, and views of the pool and water. The guest bedrooms are spacious with large closets, built-ins, and water and sunset views. The property is located in a 55+ building with an updated community room featuring a large screen TV, pool table, ping pong, library, kitchen, BBQ area, and performing stage. Building A allows comfort pets only and no renting. Amenities include a heated pool, parking garage, guest parking, two building elevators, a fitness center, two gas grills, shuffleboard, and a fishing pier. A new roof is coming in 2025, and a new AC and updated electrical panel were installed in 2024. The building has completed the Milestone Inspection and the Reserve Study. The HOA fee covers onsite maintenance, an efficient HVAC system, and a hot water heater. The property size is 1895 square feet.
Key Highlights
- Fabulous water views from every major room in this penthouse corner unit.
- Largest unit in the building with updated kitchen and bathrooms.
- Private under‑building parking space next to the elevator and storage closet.
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
$17,429
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
3.01%
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%
$348,580
$348.6K
Cap Rate 7%
$248,986
$249.0K
Cap Rate 9%
$193,656
$193.7K
Market Conditions
NOI Build-Up for 1,895 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
$34.1K $18.00/SF
− Vacancy
−$2.4K −$1.28/SF
EGI
$31.7K $16.72/SF
− OpEx
−$14.3K −$7.52/SF
NOI
$17.4K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$348,580
Cap Rate 7%
$248,986
Cap Rate 9%
$193,656
Alternative Uses
Best Use
Apartment 5plus
$249.0K
$217.9K – $290.5K
NOI $17,429 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$492.9K
$431.3K – $575.1K
NOI $34,503 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
Explore this area
Business Placement
Demographics for 33770, FL
25,475
Population
13,417
Households
1.9
Avg Household Size
50
Median Age
26%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
4,899
Density / Sq Mi
$58,071
Median Household Income
$39,354
Median Earnings
$1,481
Median Rent
$245,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Turn-key, updated penthouse with water views, pool, and private dock.
Where is this residential income property located?
The property is located at 100 BLUFF VIEW DRIVE 602A Belleair Bluffs, FL.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Fabulous water views from every major room in this penthouse corner unit.; Largest unit in the building with updated kitchen and bathrooms.; Private under‑building parking space next to the elevator and storage closet.
