Tarpon Springs Condo with
For Sale
$199,995
1354 SHADY PINE WAY E2, Tarpon Springs, FL 34688
Move-in ready condo with updated kitchen and community amenities.
Property Size1,041 SF
Price / SF$192.12
Days on Market536
Property Features for 1354 SHADY PINE WAY E2
General Information
Standard status
Active
Size
1,041 SF
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$2,467
Building Details
Year Built
1985
Listing Agency:
CENTURY 21 INTEGRA
(267) 469-1437
Listed By:
Cornelia Sorbala · License #3605839
(267) 469-1437
Source:
Exitrealty
Added: Feb 22, 2025
Changed: Aug 8
Last Checked: Aug 12 at 3:25AM
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 INTEGRA
Investment Insights
Based on property information with market context.
Located in Tarpon Springs, this second-floor condo features 2 bedrooms and 2 bathrooms. The master bedroom includes a walk-in closet and an en-suite bathroom with a built-in closet. A private balcony provides an outdoor space. The kitchen features freshly painted cabinets and stainless steel appliances, updated in 2022. Community amenities include a heated pool, Jacuzzi, tennis court, playground, and a scenic trail. The unit has a new AC. The property size is 1041 square feet.
Key Highlights
- Move‑in ready condition with new AC and updated stainless steel kitchen appliances (2022).
- Enjoy community amenities including a heated pool, Jacuzzi, tennis court, playground, and scenic trail.
- Two bedrooms and two bathrooms, including a master suite with walk‑in closet and en‑suite bathroom.
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
$9,574
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
4.79%
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%
$191,480
$191.5K
Cap Rate 7%
$136,771
$136.8K
Cap Rate 9%
$106,378
$106.4K
Market Conditions
NOI Build-Up for 1,041 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
$18.7K $18.00/SF
− Vacancy
−$1.3K −$1.28/SF
EGI
$17.4K $16.72/SF
− OpEx
−$7.8K −$7.52/SF
NOI
$9.6K $9.20/SF
Area
Pasco 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%
$191,480
Cap Rate 7%
$136,771
Cap Rate 9%
$106,378
Alternative Uses
Best Use
Apartment 5plus
$136.8K
$119.7K – $159.6K
NOI $9,574 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$237.1K
$207.5K – $276.7K
NOI $16,599 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 34688, FL
8,090
Population
3,522
Households
2.3
Avg Household Size
51
Median Age
47%
College-Educated
96%
High-School Grad
15.8 sq mi
ZIP Area
512
Density / Sq Mi
$111,090
Median Household Income
$46,290
Median Earnings
$1,397
Median Rent
$477,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Move-in ready condo with updated kitchen and community amenities.
Where is this residential income property located?
The property is located at 1354 SHADY PINE WAY E2 Tarpon Springs, FL.
What is the asking price?
The asking price for this property is $199,995.
What are key features of this property?
This property features: Move‑in ready condition with **new AC and updated stainless steel kitchen appliances (2022)**.; Enjoy community amenities including a heated pool, Jacuzzi, tennis court, playground, and scenic trail.; Two bedrooms and two bathrooms, including a **master suite with walk‑in closet and en‑suite bathroom**.
