Sunset Beach Multi-Unit Income
40 77TH Ave Treasure Island, FL 33706
For Sale
$1,399,000
Steps from the beach, multi-unit property with income potential.
Property Size6,650 SF
Lot Size0.13 Acres
Price / SF$210.38
Days on Market80
Property Features for 40 77TH Ave
General Information
Standard status
Active
Size
6,650 SF
Lot size
0.13 Acres
Property subtype
Commercial
Building Details
Year Built
1951
Listing Agency:
Compass
(727) 687-2522
Listed By:
Dawn Fader · License #3112950
(727) 687-2522
Source:
Elliman
Added: May 10
Changed: Jul 10
Last Checked: Jul 27 at 8:59AM
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 Compass
Investment Insights
Based on property information with market context.
Located on the south end of Sunset Beach, this property offers proximity to the beach and Blind Pass Waterway. The top floor features over 2700 square feet of living space, currently configured as one 3-bedroom, 2-bath unit and one 2-bedroom, 1-bath unit, with the potential for reconfiguration. This floor includes real wood floors, vaulted ceilings, an open floor plan, and an abundance of windows. A covered porch provides over 900 square feet of space with Gulf views and hurricane shutters. The ground floor contains four 1-bedroom, 1-bath units and one efficiency unit, along with a common area laundry/storage room and a 1-car garage. The property has a total square footage of 6650, with 5168 heated square feet on a 57x100 lot. The ground floor was impacted by Hurricane Helene and has not been remediated. The property is to be sold As Is. This property has been used for multi-generational living plus income for many years and offers an opportunity to bring this special property back to life or re-imagine its next chapter in this beautiful setting on Sunset Beach.
Key Highlights
- Steps from the Beach & Blind Pass Waterway on Sunset Beach.
- Large top floor with over 2700 sq. ft., configurable as one 3 Bed/2 Bath and one 2 Bed/1 Bath unit.
- Income‑producing potential with existing ground floor units (Four 1 Bed/1 Bath and One Efficiency).
Financial Insights For Apartment 5plus
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 | $119.7k | $18.00 |
| − Vacancy | −$8.5k | −$1.28 |
| EGI | $111.2k | $16.72 |
| − OpEx | −$50.0k | −$7.52 |
| NOI | $61.2k | $9.20 |
6,650 SF · lease $18.00/SF/yr · vacancy 7.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$873.7K
$764.5K – $1.02M
NOI $61,161 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,080 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Steps from the beach, multi-unit property with income potential.
Where is this apartment building located?
The property is located at 40 77TH Ave Treasure Island, FL.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Steps from the Beach & Blind Pass Waterway on Sunset Beach.; Large top floor with over 2700 sq. ft., configurable as one 3 Bed/2 Bath and one 2 Bed/1 Bath unit.; Income‑producing potential with existing ground floor units (Four 1 Bed/1 Bath and One Efficiency).
