Redington Shores Triplex
638 180TH E AVENUE Redington Shores, FL 33708
638 180TH E AVENUE, Redington Shores, FL, 33708
$399,000
For Sale
$399,000
Triplex in desirable beach community, hurricane damaged, sold as-is.
Property Size1,339 SF
Lot Size0.09 Acres
Price / SF$297.98
Days on Market553
Property Features for 638 180TH E AVENUE
General Information
- Standard status
- Active
- Size
- 1,339 SF
- Lot size
- 0.09 Acres
- Property subtype
- Multi Family
Building Details
- Year Built
- 1952
Listing Agency
SMITH & ASSOCIATES REAL ESTATE
(727) 542-9933
Listed by
Chris Calhoon · License #3293399
(727) 542-9933
Source
Exitrealty
Added: Jan 11, 2025 Checked: Apr 6 at 12:27 am
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 SMITH & ASSOCIATES REAL ESTATE
Investment Insights
Based on property information with market context.
This multifamily property, located in the desirable Redington Shores beach community, presents an opportunity to purchase a lot with an existing triplex. The property has been licensed and operated as a triplex for many years, with each of the three units featuring one bedroom and one bathroom. Constructed in 1952, the building has a total square footage of approximately 1,339 square feet and features block construction. The lot measures approximately 47 feet by 90 feet and is situated within a short walking distance of the Gulf of Mexico beaches. The building sustained heavy damage during a recent hurricane and is being sold in its current 'as is' condition. Zoned RS10 Medium Low Density, Redington Shores may allow for the construction of up to three new units, subject to grandfather status, with a maximum height of 30 feet. Prospective buyers are encouraged to thoroughly investigate the property's condition and the requirements for restoration with the relevant municipal authorities due to recent storm damage.
Key Highlights
- Prime location in desirable Redington Shores beach community.
- Potential to build up to 3 units due to grandfather status (subject to verification).
- Short walking distance to Gulf of Mexico beaches.
Local 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 | $23.9k | $17.88 |
| − Vacancy | −$1.6k | −$1.21 |
| EGI | $22.3k | $16.67 |
| − OpEx | −$6.7k | −$5.00 |
| NOI | $15.6k | $11.67 |
1,339 SF · lease $17.88/SF/yr · vacancy 6.74% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$223.3K
$195.4K – $260.5K
NOI $15,629 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$175.9K
$153.9K – $205.3K
NOI $12,315 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$348.3K
$304.8K – $406.3K
NOI $24,380 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Triplex in desirable beach community, hurricane damaged, sold as-is.
Where is this triplex located?
The property is located at 638 180TH E AVENUE Redington Shores, FL.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Prime location in desirable Redington Shores beach community.; Potential to build up to 3 units due to grandfather status (subject to verification).; Short walking distance to Gulf of Mexico beaches.
