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    Waterfront Condo Short-Term Rental OK Title is generated by Realmo AI

    1515 PINELLAS BAYWAY S 70, Tierra Verde, FL 33715

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    For Sale
    $489,900

    Remodeled waterfront condo allowing short-term rentals in Tierra Verde.

    Type:Condo/Townhome
    Property size:
    830 SF
    Lot size:
    4.85 Acres
    Price / SF:
    $590/SF
    Added:
    Jan 12, 2025
    Days on Market:
    506
    Last Refresh:
    May 19 at 8:51 pm

    Property Features for 1515 PINELLAS BAYWAY S 70

    General Information

    Standard status
    Active
    Size
    830 SF
    Lot size
    4.85 Acres
    Property subtype
    Condo/Townhome

    Building Details

    Year Built
    1990

    We can help!

    Listing Contact
    Crystal Bannar, PA

    Listing agent Crystal Bannar, PA License #487403

    Listing office RE/MAX METRO

    Listing date Jan 12, 2025

    Source Exitrealty

    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 RE/MAX METRO

    HighLights

    • Direct waterfront condo with unobstructed Tampa Bay and Sunshine Skyway Bridge views.
    • Permitted short‑term rentals (minimum 3 days), a rare opportunity on the island.
    • Fully renovated with high‑end finishes, including a gourmet kitchen with Quartz countertops and stainless steel KitchenAid appliances.
    • Impact windows and doors provide security and energy efficiency; property withstood recent hurricanes without damage.
    • Located minutes from Fort De Soto Park and St. Pete Beach, with walkable access to restaurants.
    • Top‑floor, end‑unit condo with a 22' balcony.

    Overview

    Located in Tierra Verde, this waterfront condo offers unobstructed views of Tampa Bay and the Sunshine Skyway Bridge. The property is situated in a complex that permits short-term rentals with a minimum of 3 days. The top-floor, end-unit condo has been remodeled with modern luxury and coastal charm. The open-concept design includes a gourmet kitchen featuring Quartz countertops, a matching backsplash, and IKEA cabinetry. High-end appliances include a THOR wine fridge, a 4-way Bosch refrigerator, and stainless steel KitchenAid microwave, dishwasher, range, and hood. The dining area features a custom wine cabinet and direct water views. The expansive 22-foot balcony provides views of the bay and local wildlife. The living room includes a recessed wall for a TV and soundbar system. The primary bedroom features floor-to-ceiling windows and an ensuite bath with a floating vanity, a spa-inspired shower with a rain head and wand, a dual-flush toilet, new flooring, and a custom closet design. The guest bedroom also has a custom closet design and is located next to an updated bathroom with high-end finishes. Additional upgrades include modern ceiling fans, motorized blinds, solid-core interior doors, and modern hardware. The home is equipped with impact windows and doors and a new water heater installed in January 2022. The property is located minutes from Fort De Soto Park and St. Pete Beach. Nearby are restaurants offering French, Italian, and seafood cuisines, as well as waterfront dining and live music. Downtown St. Petersburg is a 15-minute drive away. The property is suitable for year-round waterfront living or rental income. Furnishings are negotiable.
    Property Profile Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tierra Verde
    County
    Pinellas
    State
    Florida
    Longitude
    -82.7245532
    Latitude
    27.6715048

    FAQs

    What type of property is this?
    Short term rental property - Remodeled waterfront condo allowing short-term rentals in Tierra Verde.
    Where is this short term rental property located?
    The property is located at 1515 PINELLAS BAYWAY S 70 Tierra Verde, FL.
    What is the asking price?
    The asking price for this property is $489,900.
    What are key features of this property?
    This property features: Direct waterfront condo with unobstructed Tampa Bay and Sunshine Skyway Bridge views.; Permitted short‑term rentals (minimum 3 days), a rare opportunity on the island.; **Fully renovated with high‑end finishes, including a gourmet kitchen with Quartz countertops and stainless steel KitchenAid appliances.**
    (727) 252-3199
    We can help!
    Listing Contact
    Crystal Bannar, PA
    Real Estate License ID: 487403
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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