Triplex with Detached
New
For Sale
$675,000
106 E BAY, Treasure Island, FL 33706
Three-unit beach property with two apartments in the main structure and a separate efficiency unit.
Property Size2,016 SF
Days on Market2
Property Features for 106 E BAY
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Investment
Property Condition
Severity
Major
Evidence
The property sustained flood damage during Hurricane Helene and wind damage during Hurricane Milton and is currently vacant and in disrepair.
Taxes and HOA fees
Annual Taxes
$6,040
Building Details
Building Size
2,016 SF
Year Built
1938
Listing Agency:
(813) 451-9201
Listed By:
Tamara Perez
(813) 451-9201
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 5:06AM
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 Tamara Perez
Investment Insights
Based on property information with market context.
This 1938-built triplex includes two apartments within the primary building and a detached efficiency unit. The property is vacant and in disrepair after flood damage from Hurricane Helene and wind damage from Hurricane Milton. Existing structures are positioned for renovation, replacement, or a new coastal development plan, subject to local approvals and building requirements.
The property is located at 106 E BAY in Treasure Island, within Sunset Beach and approximately a 2-minute walk from the beach. Restaurants, coffee shops, bars, live music, and other beach-oriented amenities are identified nearby. The property was previously operated as a short-term rental. Conceptual renderings showing elevated structures are included for inspiration only and do not depict existing conditions.
The property is located at 106 E BAY in Treasure Island, within Sunset Beach and approximately a 2-minute walk from the beach. Restaurants, coffee shops, bars, live music, and other beach-oriented amenities are identified nearby. The property was previously operated as a short-term rental. Conceptual renderings showing elevated structures are included for inspiration only and do not depict existing conditions.
Key Highlights
- Three‑unit configuration with two apartments in the main building and a detached efficiency unit
- 1938 construction year
- Approximately a 2‑minute walk to Sunset Beach
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
$23,532
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
3.49%
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%
$470,640
$470.6K
Cap Rate 7%
$336,171
$336.2K
Cap Rate 9%
$261,467
$261.5K
Market Conditions
NOI Build-Up for 2,016 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
$33.6K $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%
$470,640
Cap Rate 7%
$336,171
Cap Rate 9%
$261,467
Alternative Uses
Best Use
Multifamily LT 5
$336.2K
$294.2K – $392.2K
NOI $23,532 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$264.9K
$231.8K – $309.0K
NOI $18,541 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$524.4K
$458.8K – $611.8K
NOI $36,706 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
369
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit beach property with two apartments in the main structure and a separate efficiency unit.
Where is this triplex located?
The property is located at 106 E BAY Treasure Island, FL.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three‑unit configuration with two apartments in the main building and a detached efficiency unit; 1938 construction year; Approximately a 2‑minute walk to Sunset Beach
