Belleair Bluffs Multifamily Investment
For Sale
$2,400,000
187 BEL FOREST DRIVE, Belleair Bluffs, FL 33770
Four triplexes near Belleair Bluffs Plaza with upside potential.
Property Size11,287 SF
Lot Size0.72 Acres
Price / SF$212.63
Days on Market634
Property Features for 187 BEL FOREST DRIVE
General Information
Standard status
Active
Size
11,287 SF
Lot size
0.72 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1972
Listing Agency:
CENTURY 21 BEGGINS
(800) 541-9923
Listed By:
MICHAEL Reichenbach, LLC · License #3090000
(800) 541-9923
Source:
Exitrealty
Added: Nov 4, 2024
Changed: Jul 6
Last Checked: Jul 31 at 4:09AM
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 CENTURY 21 BEGGINS
Investment Insights
Based on property information with market context.
Located in the heart of Belleair Bluffs, this property features 12 units across four adjacent buildings. The location provides walking distance access to Belleair Bluffs Plaza, Publix, and Walgreens, with convenient access to beaches, Largo, and surrounding communities. The unit mix includes eight 2-bedroom units and four 1-bedroom units, all with central AC. Large parking pads and landscaped yards enhance the property's appeal. Most tenants are month-to-month. The property includes 31,496 square feet of land, 11,287 heated square feet, and 12,389 total square feet of solid block construction. Three of the four buildings have newer roofs (installed in 2019, 2018, and 2016; the fourth in 2004). Tenants are responsible for paying for electric. The property is positioned as an investment opportunity in a sought-after residential area.
Key Highlights
- Prime location in the heart of Belleair Bluffs, walking distance to shopping and amenities.
- 12 units offering a comfortable mix for tenants (8 2‑bedroom, 4 1‑bedroom).
- Significant upside potential through updates, priced to sell as‑is.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $201.8k | $17.88 |
| − Vacancy | −$13.6k | −$1.21 |
| EGI | $188.2k | $16.67 |
| − OpEx | −$56.5k | −$5.00 |
| NOI | $131.7k | $11.67 |
11,287 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.88M
$1.65M – $2.20M
NOI $131,747 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$1.48M
$1.30M – $1.73M
NOI $103,808 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$2.94M
$2.57M – $3.43M
NOI $205,509 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
841
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
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 - Four triplexes near Belleair Bluffs Plaza with upside potential.
Where is this triplex located?
The property is located at 187 BEL FOREST DRIVE Belleair Bluffs, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Prime location in the heart of Belleair Bluffs, walking distance to shopping and amenities.; 12 units offering a comfortable mix for tenants (8 2‑bedroom, 4 1‑bedroom).; Significant upside potential through updates, priced to sell as‑is.
